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Goldman agrees to settle mortgage debt class action
Class Action |
2012/07/20 11:23
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Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.
Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.
Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.
A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.
The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.
The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates. |
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Class-action lawsuit filed against Mountain State
Class Action |
2012/07/18 15:23
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Three students are suing Mountain State University, former President Charles Polk and the Board of Trustees over the school's revoked accreditation, saying it renders their degrees worthless.
Dale Burger and his two children, Amanda and Jeff Burger, are seeking class-action status for their case, filed late Wednesday in Kanawha County Circuit Court.
Some 3,000 students were enrolled as of April, the lawsuit says. But the plaintiffs contend that the class should cover anyone who enrolled since July 10, 2008. That's when the school first learned it might be in trouble.
The lawsuit says Mountain State told students it was in sound shape when it knew otherwise.
A spokesman declined comment on the lawsuit Thursday.
The private Beckley-based school has campuses in West Virginia, Florida, North Carolina and Pennsylvania.
Mountain State is appealing the Higher Learning Commission's decision to withdraw general accreditation.
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Law Offices of Howard G. Smith Announces Class Action
Class Action |
2012/07/05 05:53
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of all persons or entities who purchased or otherwise acquired the common stock of Tibet Pharmaceuticals, Inc. pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering, including all those who purchased Tibet stock after December 28, 2010.
Tibet focuses on the research, development, manufacturing, marketing and selling of modernized traditional Tibetan medicines in China. The Complaint asserts violations of the federal securities laws against Tibet, its officers and directors, and underwriters of the IPO for issuing allegedly inaccurate statements of material fact about the Company’s financial and business condition, which ultimately caused trading of Tibet’s stock to be halted and delisted by the NASDAQ, causing investors to lose nearly their entire investment. The Complaint alleges that defendants misrepresented and failed to disclose the Company’s material internal control deficiencies, which rendered the Registration Statement and Prospectus 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. If you purchased Tibet common stock pursuant or traceable to the Company’s IPO and/or after December 28, 2010, you have certain rights, and have until July 25, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
http://www.howardsmithlaw.com.
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Settlement Announced In U.S. Bank Overdraft Fee Class Action
Class Action |
2012/07/02 10:59
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U.S. Bank has agreed to pay $55 million to settle class action lawsuits that accused the bank of improperly manipulating its customers' debit card transactions in order to generate excess overdraft fee revenues. The lawsuits, part of multidistrict litigation involving more than 30 different banks entitled In re Checking Account Overdraft Litigation, are pending before U.S. District Judge James Lawrence King in Miami.
The lawsuits claim that U.S. Bank's internal computer system re-sequenced the actual order of its customers' debit card and ATM transactions, by posting them in highest-to-lowest dollar amount rather than in the actual order in which they were initiated by customers and authorized by the bank. According to the lawsuits, U.S. Bank's practice resulted in its customers being charged substantially more in overdraft fees than if the debit card and ATM transactions had been posted in the order in which they were initiated and authorized.
"We are pleased to have achieved this result for U.S. Bank customers who were adversely affected by this anti-consumer practice," said Robert C. Gilbert, Plaintiffs' Coordinating Counsel, who oversees and manages this multidistrict litigation with Co-Lead Counsel Aaron S. Podhurst and Bruce S. Rogow.
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The Rosen Law Firm Files Class Action
Class Action |
2012/05/15 21:31
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The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Houston American Energy Corp. between March 29, 2010 and April 18, 2012.
To join the Houston American class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Laurence Rosen, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action.
The Complaint asserts violations of the federal securities laws against Houston American for failing to adequately disclose problems with its Tamandua #1 well, and the well's C7 and C9 formations. Namely, that the Company failed to disclose that: (i) the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
www.rosenlegal.com
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Court turns away PR congressional vote lawsuit
Class Action |
2012/05/14 21:30
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The Supreme Court won't hear an appeal from residents of Puerto Rico seeking to gain a voting representative in Congress.
The high court turned away the appeal from Gregorio Igartua and other Puerto Ricans on Monday.
Territorial status grants residents of Puerto Rico U.S. citizenship, but they pay no federal income taxes and cannot vote in presidential elections. Their congressional representative also cannot vote in Congress.
A federal judge threw out the lawsuit, and the 1st U.S. Circuit Court of Appeals upheld that decision, saying that since Puerto Rico was not a state, it could not have a voting member of Congress.
The high court refused to hear the appeal.
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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action |
2012/05/08 11:17
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired the common stock of Groupon, Inc. pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with Groupon’s November 4, 2011 initial public offering, including purchasers of Groupon common stock between February 8, 2012 and March 30, 2012.
Groupon operates an e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company materially understated refund reserves for fourth quarter 2011 due to a failure to properly account for coupon refunds; (b) as a result, the Company materially misstated its previously reported fourth-quarter and full-year 2011 financial results; and (c), the Company lacked adequate internal and financial controls.
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. If you purchased Groupon common stock pursuant or traceable to the Company’s November 4, 2011 initial public offering, and/or during the Class Period described above, you have certain rights, and have until June 4, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
www.glancylaw.com
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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 and help you redesign your existing law firm site to secure your place in the internet. |
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