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Bank of America settles mortgage suit for $315 mln
Class Action News |
2011/12/06 18:42
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Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.
The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.
U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.
Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors. |
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Federman & Sherwood Announces Class Action
Class Action News |
2011/12/06 16:43
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On December 2, 2011, a class action lawsuit was filed in the United States District Court for the Middle District of North Carolina against Primo Water Corporation. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from November 4, 2010 through August 10, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Tuesday, January 31, 2012, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: www.federmanlaw.com |
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Farmers Insurance Settles Class Action Lawsuit
Class Action News |
2011/12/01 11:29
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Farmers Insurance entered into a settlement of a nationwide class action lawsuit, In Re Farmers Med-Pay Litigation, pending in the District Court of Canadian County, Oklahoma. The settlement includes Farmers Insurance Company, Inc., Farmers Insurance Exchange, Truck Insurance Exchange, Fire Insurance Exchange, Mid-Century Insurance Company, Farmers Group, Inc., Illinois Farmers Insurance Company, and certain related entities. The Court entered a final order approving the settlement on November 29, 2011.
Plaintiffs alleged that Farmers failed to pay reasonable expenses for necessary medical services related to automobile accidents under Medical Payments and Personal Injury Protection ("PIP") coverage in automobile policies based on Farmers' use of certain claim adjustment systems and procedures. Farmers denies all of Plaintiffs' claims in the lawsuit. However, Farmers agreed to resolve the lawsuit to avoid the burden and expense of continued litigation.
The Settlement Class includes all persons who submitted claims for payment of medical bills related to an automobile accident under Med-pay or PIP coverage if (a) the claim was adjusted from January 1, 2001 to February 9, 2009 based upon a recommended reduction from Zurich Services Corporation ("ZSC"), (b) the claim was paid at less than the amount billed, and (c) total Med-pay or PIP payments were less than the respective limits of coverage. The Class also includes medical providers who were assigned the right to assert these claims.
Those affected by this settlement must complete and submit a valid claim form postmarked no later than December 29, 2011. Further information and claim forms can be obtained by visiting www.MedpayClaimsAdministration.com. |
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Scott+Scott LLP Announces Securities Class Action
Class Action News |
2011/11/29 17:37
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On November 28, 2011, Scott+Scott LLP filed a class action complaint against The Cooper Companies, Inc. and certain of the Company's senior officers and directors in the U.S. District Court for the Northern District of California. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of Cooper between March 4, 2011 and November 15, 2011, inclusive.
If you purchased the common stock of Cooper during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott at (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website http://www.scott-scott.com/cases/coopercos.html for more information. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, Cooper issued false and misleading statements concealing known quality control problems and process defects at the Company's new overseas contact lens manufacturing facilities.
The complaint alleges that following the announcement of a small voluntary recall, the significance of which Cooper and its senior executives intentionally downplayed, on November 15, 2011, Cooper was forced to disclose a much larger product recall and to finally disclose the seriousness of the potential injuries. As the market learned the true extent of the Company's production issues, product safety defects and the harm to Cooper's reputation and product marketability, the Company's stock price declined precipitously. The class action seeks recovery under the federal securities laws for those who purchased Cooper's common stock between March 4, 2011 and November 15, 2011.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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Federal Court of Canada Certifies Class Action
Class Action News |
2011/11/27 17:03
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Branch MacMaster LLP and Hordo Bennett Mounteer LLP report that the Federal Court of Canada has certified the BIM Class Action against Business in Motion International Corporation and Alan Kippax. By order dated November 10, 2011 , Mr. Justice Rennie of the Federal Court officially certified the action on behalf of the national class, as represented by the Plaintiff, Mr. Mark Cuzzetto .
The lawsuit was initiated in May, 2010 against BIM and its principal, Alan Kippax. BIM operated a plan called the "Time Leverage System", recruiting representatives to sell "Perpetual Motion Products". The lawsuit alleges that the Defendants have been engaged in the operation of an unlawful multi-level marketing scheme and/or pyramid scheme contrary to the Competition Act. The class members seek damages for the money they paid to the Defendants.
Persons who have purchased the product and who wish to participate in the action do not need to do anything at this time. Persons who do not want to participate in the action must opt out by January 18, 2012 by completing the online form on the website.
Bim CLASS ACTION
DID YOU PURCHASE A PERPETUAL MOTION PRODUCT FROM OR THROUGH BUSINESS IN MOTION INTERNATIONAL CORPORATION? IF SO, PLEASE READ THIS CAREFULLY AS IT MAY AFFECT YOUR RIGHTS.
WHAT IS THIS CASE ABOUT?
A class action lawsuit has been certified in the Federal Court of Canada claiming that Business in Motion International Corporation and Alex Kippax ("BIM") ran an illegal pyramid scheme and an illegal multi-level marketing scheme. A copy of the Statement of Claim and Order certifying the action as a class proceeding can be found at www.BIMclassaction.com.
HOW WILL THE LAWSUIT PROCEED?
A trial will be held to determine the common issues in the action. If these issues are determine in favor of the class members, there might still need to be individual hearings to determine the entitlement of each class member to a refund.
WHAT DO I HAVE TO DO TO PARTICIPATE?
There is nothing you have to do right now. Unless you opt out, you will be bound by the result of the common issues trial. However, in order to make sure you are notified of any important developments in the action, we recommend you register on our website at www.BIMclassaction.com.
WHAT IF I DO NOT WANT TO PARTICIPATE IN THIS LAWSUIT?
If you do not want to be part of the class action, you must complete the online form at www.BIMclassaction.com. If you do not have access to the internet, please contact Ulla Herlev at Branch MacMaster LLP. You must complete the online form by no later than January 18, 2012 .
DO I NEED TO PAY ANYTHING?
You will only need to pay legal fees if the action is successful in obtaining you a refund of some of the monies you paid. Those legal fees will be paid directly from the refund you receive. You will not need to pay any legal fees out of your own pocket.
Any fee paid to the lawyers must be approved by the Court as being fair and reasonable. The fee agreement entered into by the representative plaintiff provides for the lawyers to be paid up to 1/3 of any amounts recovered or any benefit obtained from the class action. If and when this occurs, the lawyers will apply to Court for approval of that percentage or some lesser amount.
If the class action is unsuccessful at the common issues trial, you will not pay any legal fees.
WHO ARE THE LAWYERS FOR THE CLASS?
The lawyers for the class are:
BRANCH MACMASTER LLP
Barristers and Solicitors
1410 - 777 Hornby Street
Vancouver , BC V6Z 1S4
HORDO BENNETT MOUNTEER LLP
Barristers and Solicitors
1400 - 128 West Pender St.
Vancouver , BC V6B 1R8
Mark Cuzzetto (the representative plaintiff) has been appointed by the Court to instruct the lawyers for the common issues stage. The lawyers must act in the interest of all class members. |
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Federman & Sherwood Announces Class Action Lawsuit
Class Action News |
2011/11/20 17:17
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On November 16, 2011, a class action lawsuit was filed in the United States District Court for the Central District of California against Keyuan Petrochemicals, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from August 16, 2010 through October 7, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Tuesday, January 17, 2012, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: www.federmanlaw.com |
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