LYCOS RETRIEVER 
Class Action Lawsuits: Companies
built 214 days ago
A judge in The U.S. District Court in Honolulu ruled that those who lost in annuities cannot bring a class-action suit against the annuity insurer, despite potential misleading and deceptive actions by the insurance firm. [Yokoyama et al. vs. Midland National Life Insurance Company.]
Source:
If you're looking to join the newly minted class action against Cingular, you might want to turn that shredder off. A customer was seeking to replace the billing records he had shredded, in order to prepare to join the suit, and called up the cellphone company. More»
Source:
Subprime fallout has already contributed to a rise in securities fraud class action litigation, which rose 43 percent from 2006 to 2007 according to research released earlier this year from Stanford Law School and Cornerstone Research. This increase was largely due to a surge in the Finance sector filings, which quadrupled from 2006, with over half the filings associated with subprime market disclosure issues.(1) The panel expects pattern litigation in this area, including securities class actions and shareholder derivative litigation, to skyrocket in the coming year with suits similar to the recent filing by the City of Cleveland against 21 banks involved in subprime loans in the city. The U.S. Securities and Exchange Commission has reportedly opened about three dozen cases related to the subprime market collapse, and the FBI has recently announced its investigation into 14 companies suspected of accounting fraud, improperly securing loans and insider trading.
Source:
A Texas judge dismissed a shareholder class action against the directors of energy firm TXU, holding that, under Texas law, shareholders of a company can not sue that company's directors. Thus, shareholders can only sue the company itself, which is really suing themselves. Meanwhile, the company can sue the board members but, since the board members would decide that, what is the likelihood?
Source:
"Typically, a class-action securities fraud lawsuit arises from allegations that the issuer lied about its financial performance," explained Joseph Grundfest, Stanford Law School professor and a former Securities and Exchange Commission commissioner. "This year... allegations relating to insurance industry sales practices at companies such as American International Group and Marsh & McLennan, and concerns about the safety of COX-2 inhibitors marketed by Merck and by Pfizer, triggered some of the year's largest lawsuits."
Source:
MORE ABOUT
Companies