E*TRADE Announces $79 Million Settlement Of Subprime Claims In Securities Lawsuit

NEW YORK - (Mealey's) E*TRADE Financial Corp. has agreed to a $79 million settlement with investors to settle claims that it misrepresented the risk associated with its investment in subprime mortgage-backed securities in violation of federal securities laws, according to a Securities and Exchange...

Hung Jury Results In Mistrial In New Jersey Accutane Case Alleging Bowel Injury

ATLANTIC CITY, N.J. - A New Jersey state court Accutane trial ended Dec. 22 with a hung jury, a source told Mealey Publications ( Chetan P. Tanna, et al. v. Hoffman-La Roche Inc. , No. ATL-L-3366-04, N.J. Super., Atlantic Co.). The source said that Judge Carol E. Higbee of the Atlantic County Superior...

Credit Act's Silence On Arbitration Means Claims Must Be Arbitrated, High Court Rules

WASHINGTON, D.C. - (Mealey's) Because the Credit Repair Organizations Act (CROA) does not specifically state whether claims brought pursuant to the act are eligible for arbitration, the Federal Arbitration Act (FAA) requires an arbitration agreement in a credit card agreement "to be enforced...

U.S. Supreme Court Denies Insurer's Motion To Stay Reinstated $92.9 Million Judgment

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Jan. 31 denied an insurer's motion to stay pending the filing and disposition of a petition for a writ of certiorari of a $92.9 million judgment that was reinstated against it in a class action lawsuit arising from hurricanes Katrina and...

Citigroup Inc. To Pay $158 Million To Settle Mortgage Lending Lawsuit

NEW YORK - (Mealey's) Citigroup Inc. on Feb. 15 agreed to pay $158.3 million to resolve a lawsuit brought by the federal government accusing the bank of failing to comply with Housing and Urban Development and Federal Housing Administration regulations when approving residential mortgage loans (...

Split U.S. High Court Grants Officers Immunity In Defective Warrant Lawsuit

WASHINGTON, D.C. - (Mealey's) Police officers who executed a search warrant that was later found to be defective are nonetheless entitled to qualified immunity in a lawsuit filed by the individuals who were the subject of the search, a split U.S. Supreme Court ruled Feb. 22 ( Curt Messerschmidt,...

Duane Morris LLP: Motion For Sanctions Granted For Failure To Comply With Discovery Obligations To Designate Witness Under FRCP 30(B)6

Duane Morris recently obtained an order 1 from U.S. Magistrate Judge Jonathan Goodman in the U.S. District Court for the Southern District of Florida granting a motion for sanctions against QBE Insurance Corporation ("QBE") for failure to comply with a corporation's discovery obligations...

High Court Says Couple Can Seek Review Of EPA's Compliance Order

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on March 21 unanimously found that an Idaho couple could file a lawsuit challenging a compliance order issued by the U.S. Environmental Protection Agency under the Clean Water Act (CWA) because the order was a final agency action that could be...

JPMorgan Settles Lawsuit Over Alleged Misuse Of Lehman Funds For $20 Million

By Michael J. Lello WASHINGTON, D.C. - (Mealey's) JPMorgan Chase Bank NA on April 3 agreed to pay $20 million to settle a U.S. Commodity Futures Trading Commission (CFTC) suit alleging that it mishandled Lehman Brothers Inc. customers' funds during Lehman's collapse ( In re: JPMorgan Chase...

Department of Justice Sues Apple, 5 Publishers Over Alleged E-Books Price-Fixing Scheme

NEW YORK - (Mealey's) The U.S Department of Justice, Antitrust Division, sued Apple Inc. and five book publishers in federal court in New York on April 11, alleging that Apple and the publishers engaged in a conspiracy to fix prices of digital books in violation of federal antitrust laws; three of...

$137.5 Million Settlement Announced In Citizens Bank Overdraft Fee Class Action

CORAL GABLES, Fla. - Citizens Bank has agreed to pay $137.5 million to settle a class action lawsuit which accused the bank of manipulating its customers' debit card and ATM transactions in order to generate excess overdraft fee revenues for the bank, the Miami law firm Grossman Roth said in an April...

Football Hall Of Famers, Dallas Ring Of Honor Recipients Bring Lawsuit Against NFL

Lawsuit States Multiple Concussions Cause Dementia, Permanent Brain Injuries HOUSTON - Twenty-eight former NFL players on April 24 filed a personal injury lawsuit in Houston, home of the Houston Texans, claiming the NFL has purposefully attempted to hide a well-known link between concussions and permanent...

Orthofix Pleads Guilty, Pays $42 Million In Fines, Penalties For Medical Device Sales Tactics

BOSTON - (Mealey's) Orthofix Inc. on June 7 pleaded guilty to a federal felony count of obstructing a federal audit and agreed to pay nearly $42 million in criminal fines and civil penalties for illegal promotion of its bone-growth stimulators ( United States of America v. Orthofix, Inc. , No. 1...

Former Bear Stearns Auditor To Pay Nearly $20 Million To Settle Securities Law Claims

NEW YORK - (Mealey's) The former independent outside auditor for The Bear Stearns Cos. Inc. agreed on Monday to pay nearly $20 million to settle shareholder claims that it failed to accurately monitor the financial giant's internal controls with regard to Bear Stearns' issuance of risky subprime...

High Court Agrees To Hear Appeal In Securities Suit Against Drug Maker

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 11 agreed to hear an appeal of a Ninth Circuit U.S. Court of Appeals ruling affirming a federal district court's grant of class certification in a securities class action lawsuit against a drug maker and others ( Amgen Inc., Kevin W...

Lead Plaintiffs In Securities Class Action Lawsuit Against Goldman Sachs Agree To Settlement

NEW YORK - (Mealey's) Lead plaintiffs in a securities class action lawsuit against Goldman Sachs & Co. Inc., certain of its subsidiaries and officers and directors and three ratings agencies have agreed to settle their claims against the defendants, according to a letter sent July 18 to the federal...

$26 Million Settlement Reached In Mortgage-Backed Securities Shareholder Class Action

NEW YORK - (Mealey's) Lead plaintiffs in a securities class action lawsuit against The Goldman Sachs Group Inc. and others have agreed to settle their claims for more than $26 million, according to court documents filed July 31 in a New York federal court ( Public Employees' Retirement System...

E-Discovery Can Be Costly - But Not Doing It Right Can Cost Much More

Say you have a fairly complex piece of litigation and you have a million documents to review. And let's be nostalgic and go with an entirely human solution. You have a group of $150-an-hour attorneys who can review each document in just 30 seconds to determine whether it should be produced. It is...

SAAB Sues General Motors For $3 Billion, Says Interference Resulted In Chapter 11 Bankruptcy

DETRIOT - (Mealey's) SAAB Automobiles AB and its Dutch owner, Spyker NV, on Aug. 6 sued General Motors Co. in the U.S. District Court for the Eastern District of Michigan, seeking $3 billion in damages for allegations that GM took actions that "had the direct and intended" result of driving...

$37 Million Settlement Reached In Tronox Investor Class Action Lawsuit

NEW YORK - (Mealey's) Shareholders and defendants in a securities class action lawsuit against a chemical company, certain of its officers and directors and others have agreed to a $37 million settlement of all federal securities law claims, according to court documents made available on Aug. 7 ...

Vaccine Design Defect, Warning Claims By Parents Are Preempted, 9th Circuit Says

SAN FRANCISCO - (Mealey's) The Ninth Circuit U.S. Court of Appeals on Sept. 25 said design defect and failure-to-warn claims filed by the parents of a child who died after getting vaccinated are preempted by the federal vaccine law, but noted that parents may pursue some state law claims on their...

Boehringer Ingelheim Pays $95 Million To Settle Off-Label, Kickback Claims In Civil Suit

BALTIMORE — Boehringer Ingelheim Pharmaceuticals Inc. will pay $95 million to the federal government to resolve civil allegations that it marketed three drugs for off-label uses, promoted high doses of two drugs and paid kickbacks to health care professionals, according to a settlement agreement...

Merck To Pay $688 Million To Settle 2 Securities Class Action Lawsuits

WHITEHOUSE STATION, N.J. - (Mealey's) Merck and Co. Inc. will pay $688 million to settle two securities class action lawsuits filed in New Jersey federal court alleging that the drug maker and others failed to disclose adverse results of a clinical trial for two cholesterol drugs Merck was developing...

Supreme Court To Hear FLSA Lawsuit Over What Constitutes 'Changing Clothes'

WASHINGTON, D.C.-(Mealey's) The U.S. Supreme Court on Feb. 19 agreed to hear the appeal of a class lawsuit over what constitutes "changing clothes" under Section 203(o) of the Fair Labor Standards Act ( Clifton Sandifer, et al. v. United States Steel Corporation , No. 12-417, U.S. Sup....

Split 6th Circuit: Michigan Drug Shield Law Does Not Apply To Fentanyl Patch

CINCINNATI — (Mealey’s) A split Sixth Circuit U.S. Court of Appeals on Jan. 21 reversed dismissal of a fentanyl patch overdose lawsuit, saying the trial court needs to determine whether the patch is a combination product that is not preempted by Michigan’s drug preemption law ( Beth...