November 25, 2009 8:55 AM | Posted by Shwayri, Rebecca | Link
Class action lawsuits stemming from banks’ overdraft practices have sprung up across the United States. Complaints against eight banks—including Bank of America, Citibank, JP Morgan Chase, Wachovia, and Wells Fargo—are being consolidated into a single action in the U.S. District Court for the Southern District of Florida. The plaintiffs allege that banks are signing up customers for overdraft protection without their knowledge, realigning transactions to maximize fees, and giving debit card users no warnings when they are overdrawn.
Seven Philadelphia area health systems were sued in a class action case by employees who allege that they were forced to work during their lunch breaks and were not compensated for their work. Federal and state law requires that hourly workers be paid for all time they are working.
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November 20, 2009 5:56 PM | Posted by Shwayri, Rebecca | Link
Marsh & McLennan, one of the world’s largest insurance brokers, has agreed to pay $435 million to settle class action shareholder lawsuits. The plaintiffs have alleged bid-rigging and price-fixing by the company’s insurance brokerage unit. Marsh & McLennan has not admitted wrongdoing.
Three shareholders have filed lawsuits against Burlington Northern Sante Fe Corporation after the company announced that it had agreed to be acquired by billionaire investor Warren Buffet. The plaintiffs, who seek class action status for their lawsuits, allege that Burlington’s management shortchanged stockholders, rushed into a deal for their own benefit, and failed to get the highest price.
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November 13, 2009 6:12 PM | Posted by Shwayri, Rebecca | Link
Plaintiffs are attempting to sue Pfizer, Inc. in a class action case in which Pfizer allegedly concealed evidence that the epilepsy drug Neurotonin did not work for unapproved uses including nerve pain, migraines, and bipolar disorder.
Judges overseeing at least 23 auction rate class action cases have dismissed the cases in recent weeks. Auction rate securities were once peddled as safe by Wall Street. Brokerage firms are refusing to allow their customers to redeem their securities. Filing an arbitration case against the brokerage firm may be more promising than filing a class action suit.
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November 5, 2009 6:01 PM | Posted by Shwayri, Rebecca | Link
Wal-Mart has agreed to pay up to $85 million to settle a class action lawsuit covering 39 class actions in several states. The workers alleged that Wal-Mart prohibited them from taking breaks, failed to pay overtime, or altered their time cards.
In Orange County, California, the toll road agencies have agreed to waive $41 million in commuter penalties and pay $1.4 million in restitution to settle a class action lawsuit brought on behalf of people who claimed they were charged excessive penalties for toll violations.
Adams Golf has settled a stockholder class action lawsuit filed in June 1999. The lawsuit involves allegations that Adams Golf’s initial public offering prospectus was false and misleading. The settlement provides for payment to the class of $16.5 million of which Adams Golf will contribute $5 million.
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