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Nvidia settles Bumpgate class action lawsuit
Intellectual Property | 2010/10/04 04:09

Nvidia has reached a settlement in the class action lawsuit that was brought against it by owners of laptops affected by Bumpgate.

The dodgy engineering in a number of the firm's mobile Geforce processors resulted in Nvidia forking out $200 million to replace chips all over the world. Now it has reached a settlement in a class action lawsuit brought by owners of laptops that were brought down by Bumpgate chips. This chould mean more financial pain for the Green Goblin, given that Bumpgate affected just about all of the largest laptop manufacturers including Dell, HP and Apple.

Nvidia and the plaintiffs reached a settlement on 12 August, when the firm said, "Nvidia has denied, and continues to deny, all allegations of wrongdoing or liability whatsoever" and is only agreeing to the settlement "solely because it will eliminate burden, expense, management distraction and uncertainties of further litigation."

What it has agreed to do is pay $13 million for the plaintiffs' legal fees, deposit $2 million into a reimbursement fund in an interest bearing bank account, and undertake a programme of chip replacement remedy, or basically replace any faulty GPUs.



Class Claims MetLife Did Them Wrong
Corporate Governance | 2010/10/04 03:07
MetLife Insurance defrauded investors, including elderly people, by guaranteeing them 9 to 12 to percent annual returns on real estate investments, a class action claims in Superior Court. Also sued were New England Life Insurance, two of its wholly owned subsidiaries, and Tony Russon and Russon Financial Services, of Woodland, Calif., who was, or held himself out as, a MetLife regional manager.
   
Named plaintiffs Lawrence Cantor and Larry Stilley say they invested $1.95 million with "an authorized 'agent' with Met Life," who used it to enter contracts with nonparty Diversified Lending Group (DLG). The "funds invested in DLG contracts were ultimately not repaid," the men say.
   
According to the complaint, the SEC sued DLG and Bruce Friedman in Federal Court, accusing them of selling $216 million in securities to investors, many of them elderly. The SEC says the defendants diverted "a substantial amount" of the money to Friedman's businesses unrelated to real estate or mortgage lending, and that Friedman snitched "a minimum of $17 million to support his lavish lifestyle, including purchases of a luxury home, cars, vacations, jewelry and designer clothing and accessories," and that he grabbed $275,000 "for the personal use of his girlfriend."
   
Friedman consented to judgment, then fled to France, where he was arrested and is awaiting extradition, according to the complaint.


Hagens Berman Announces Securities Fraud Class Action
Class Action | 2010/10/04 03:07

Hagens Berman announced today that a securities fraud class action lawsuit has been filed against Green Mountain Coffee Roasters Inc. in U.S. District Court in Vermont.

Investors who purchased Green Mountain common stock between July 28, 2010 and September 28, 2010, and who wish to move to be a lead plaintiff, must file a motion by November 29, 2010. You may contact our attorneys below to discuss this matter.

Green Mountain and certain of its Officers are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. The Complaint alleges that Green Mountain artificially inflated the Company's stock price during the Class Period by issuing inaccurate and unreliable financial statements, which were not prepared in accordance with Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission rules.

The Complaint also alleges that Green Mountain completed a sale of 8,566,649 shares of its common stock to Luigi Lavazza on August 28, 2010, for an aggregate purchase price of $250 million, despite the fact that the Company knew its reported financial statements were untrue and that it lacked adequate internal operational and financial control systems.

Following the close of trading on September 28, 2010, shareholders learned that the SEC had launched an inquiry into Green Mountain's revenue recognition, that it had been notified by the SEC of this investigation as early as September 20, 2010, and that the Company was expected to take a restatement charge in the near term -- rendering the Company's prior reported financial statements and reports unreliable, false and materially misleading.




Amaranth Case Becomes Class-Action Suit
Court Watch | 2010/10/04 01:10

A U.S. judge has awarded class-action status to a lawsuit filed by traders against Amaranth Advisors over the firm’s 2006 collapse following bad bets on natural gas prices, according to Reuters. On Monday, New York district judge Shira Scheindlin ruled that futures traders who bought, sold, or held natural gas futures or options with the $6.4 billion hedge fund between Feb. 16 and Sept. 28, 2006, could sue as a group in order to lower litigation costs and possibly increase their settlements.

In her ruling, Scheindlin stated that the case “involves more than 1,000 potential claimants who are asserting claims based on common issues,” and the judge noted, “Claimants likely have no interest in pursuing their own claims, which may be prohibitively small.” The traders allege that Amaranth manipulated prices of New York Mercantile Exchange natural gas futures contracts in violation of U.S. law. A lawyer for the firm declined to comment, and Amaranth founder Nicholas Maounis is among the defendants that remains in the case.




Crist donors denied class-action lawsuit
Legal Spotlight | 2010/09/26 20:40

A Florida judge has refused to grant class-action status to a lawsuit by contributors who claim Gov. Charlie Crist cheated them by becoming an independent.

The plaintiffs, Linda Morton of Naples and James Rood of Jacksonville, a former U.S. ambassador to the Bahamas, had also asked the court to freeze $7.5 million in Crist's campaign warchest, the Fort Myers News-Press reported. Senior Circuit Judge Jack Schoonover refused Thursday to convert the lawsuit to a class action and has twice refused to freeze any of Crist's funds.

Tom Grady, a lawyer for the plaintiffs said Crist, who is running as an independent for the U.S. Senate, could be hit with hundreds of small claims cases from individual donors.

Crist dropped his affiliation with the Republican Party several months ago after polls showed him losing the primary to Marco Rubio, a former speaker of the state House of Representatives and Tea Party favorite.





Rosen Law Firm Announces Filing of Securities Class Action
Class Action | 2010/09/26 20:39

The Rosen Law Firm today announced that a class action has been commenced on behalf of all persons or entities who purchased the securities of Duoyuan Printing, Inc. during the period from November 6, 2009 through September 13, 2010 (the "Class Period").

To join the Duoyuan Printing class action, visit the firm's website at http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.

The complaint alleges violations of the federal securities laws by Duoyuan Printing and certain of its present and former officers and directors. Particularly, the complaint asserts that defendants made false or misleading statements and failed to disclose (a) that the legitimacy of certain of the Company's expenses related to advertising and tradeshow costs could not be verified; (b) that Duoyuan Paper had improper relationships with certain vendors and distributors; (c) that, as a result, the Company's financial results were misstated during the Class Period; (d) that the Company lacked adequate internal and financial controls; and (e) that, as a result of the above, the Company's financial statements were materially false and misleading.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

You may access the website at http://www.rosenlegal.com to participate in the proposed class action.

If you wish to serve as lead plaintiff, you must move the Court no later than November 19, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Attorney Advertising. Prior results do not guarantee a similar outcome.

This news release was distributed by GlobeNewswire, www.globenewswire.com



Hyundai recalls 139,500 Sonatas in US on steering
Business | 2010/09/26 10:38

Hyundai Motor Co. said it is voluntarily recalling 139,500 Sonata sedans in the U.S. because of a manufacturing defect that could cause drivers to lose steering control.

The recall affects 2011 models built between Dec. 11, 2009 and Sept. 10, the National Highway Traffic Safety Administration noted on its website Sunday. Some of the cars have steering column shafts with connections that may not have been tightened enough or were improperly assembled. As a result, the steering wheel could become separated from the column or a driver could lose the ability to properly steer the car.

The U.S. government had opened an investigation into possible steering problems in the vehicle in August. Hyundai, South Korea's top automaker, has said there have been no related injuries or crashes reported.

Owners of affected vehicles can go to their dealers for inspection. Dealers also will update power steering software. Owners may also call NHTSA at 888-327-4236 for more information.

The recall comes as automakers ramp up their focus on safety and quality control in the wake of Toyota Motor Corp.'s massive global recall last year over gas pedal and floor mat problems. In February, Hyundai announced a recall of about 47,000 Sonata midsize sedans, mostly sold in South Korea, to replace front door latches following a handful of customer complaints. The company said it had discovered a mechanical problem with the latches which, in rare instances, would not close properly.



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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
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