Feeder Funds To Pay Nearly $220 Million To Settle Madoff Ponzi Scheme Fraud Claims

NEW YORK - (Mealey's) Four Bernard L. Madoff Investment Securities LLC feeder funds and several of their current and former owners and officers have agreed to pay nearly $220 million to settle claims that they breached their fiduciary duties under the Employee Retirement Income Security Act by "recommending...

Former IndyMac CEO Agrees To $12 Million Settlement With FDIC

LOS ANGELES - (Mealey's) Former IndyMac FSB CEO Michael Perry on Dec. 14 agreed to a $12 million settlement to resolve the Federal Deposit Insurance Corp.'s $600 million suit over his alleged role in the bank's failure, according to a stipulation of dismissal with prejudice filed in a California...

So Sorry You Just Spent A Decade In Jail For A Crime You Didn't Commit. Can We Make It Up With A Million Or So Dollars?

We'd like to believe that everyone who ends up in jail deserves it. After all, there are safeguards in place - a professional police force to investigate, an impartial judge to oversee the case, and a jury of peers to review the evidence. Unfortunately, sometimes the accused's protestations of...

Toyota Agrees To Fund Settlement Of Unintended Acceleration Cases Worth Up To $1.4 Billion

Attorney representing Toyota owners calls settlement "extraordinarily hard-fought, exceptionally far-reaching" LOS ANGELES - The attorneys representing Toyota owners who claim that their vehicles are prone to sudden, unexplained acceleration on Dec. 26 announced that Toyota has agreed to...

Federal Judge Issues Order Approving 5 Defective Drywall Settlements

NEW ORLEANS - (Mealey's) The federal judge in Louisiana presiding over the massive Chinese-manufactured defective drywall litigation issued an order Feb. 7 approving five class action settlements with manufacturers, builders, suppliers and installers of Chinese drywall and their various insurers...

Yasmin, Yaz Gallbladder Cases Settled For $24 Million By Bayer; Payouts Are $2,000-$3,000

EAST ST. LOUIS, Ill. — (Mealey’s) Bayer HealthCare Pharmaceuticals Inc. will pay $24 million to resolve claims of plaintiffs who allege that they developed gallbladder disease or underwent gallbladder surgery as a result of using Yasmin or Yaz drospirenone-containing birth control pills,...

Florida Federal Judge Approves TD Bank's $62 Million Settlement In MDL Overdraft Fees Litigation

MIAMI - (Mealey's) A federal judge in Florida on March 18 approved TD Bank NA's $62 million settlement that will allow the bank to exit a multidistrict litigation in which class members allege that several banks manipulated the order of debit card transactions to maximize checking account overdraft...

Final Approval Of $2.4Billion Settlement Granted In Bank Of America Securities Suit

NEW YORK - (Mealey's) A federal judge in New York on April 5 granted final approval of a $2.4 billion settlement between shareholders and Bank of America Corp. (BoA) to settle claims that it and certain of its executive officers and directors misrepresented the company's business and financial...

Countrywide Financial Corp. Reaches $500 Million Settlement In 3 Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...

Fifth Third Agrees To Pay $16M To Settle Federal Securities Law Claims

CINCINNATI - (Mealey's) Fifth Third Bancorp and a number of other defendants agreed to pay $16 million to settle claims that Fifth Third misrepresented its involvement in the subprime securities market in violation of federal securities laws, according to documents filed April 16 in Ohio federal...

The Week In Securities Litigation: $600 Million Insider Trading Settlement Reached

The Second Circuit's pending decision in the Commission's Citigroup market crisis case continues to loom as Judge Marreno approved the over $600 million insider trading settlement involving SAC Capital - conditioned on the outcome of Citigroup. New Chairman Mary Jo White's former partner...

U.S. Bank Agrees To Pay $55 Million To Settle Overdraft Fees Litigation

MIAMI — (Mealey’s) U.S. Bank NA on July 24 agreed to pay $55 million to exit a multidistrict litigation in which class members allege that several banks manipulated the order of debit card transactions to maximize checking account overdraft fees ( In Re: Checking Account Overdraft Litigation...

GSK To Pay $229 Million To Settle Avandia, Drug Lawsuits By 8 State Attorneys General

LONDON — (Mealey's) GlaxoSmithKline plc (GSK) on July 24 said it has reached an agreement in principle with the attorneys general of seven states to pay $229 million to resolve lawsuits relating to the development and marketing of the diabetes drug Avandia, along with a lawsuit by the Louisiana...

Judge Approves $730 Million Securities Settlement With Citigroup, Shareholders

NEW YORK — (Mealey’s) A federal judge in New York on August 20 granted final approval of a securities class action settlement between investors and Citigroup Inc. and others, ruling that the terms of the settlement meet the statutory guidelines ( In re Citigroup Inc. Bond Litigation , No...

Billion Dollar Verdict Against Nursing Home Continues Law Firm’s Impressive Win Streak

In yet another case against former nursing home giant Trans Healthcare, Inc., Tampa law firm Wilkes & McHugh has obtained its fourth multi-million verdict, this one actually reaching $1.1 billion, including punitive damages, in Polk County Circuit Court. 2013 Jury Verdicts LEXIS 7568 . Wilkes &...

Judge Denies Preliminary Approval Of $760 Million NFL Concussion Settlement

PHILADELPHIA — (Mealey’s) The Pennsylvania federal judge overseeing the National Football League concussion injury multidistrict litigation issued an order Jan. 14 denying a motion seeking preliminary approval of a previously announced proposed $760 million class action settlement ( In re...

Morgan Stanley To Settle Mortgage-Backed Securities Claims For $1.25B

NEW YORK — (Mealey’s) Morgan Stanley will pay $1.25 billion to settle claims that it, certain of its subsidiaries and others misrepresented the investment quality in more than $10.58 billion in certificates in connection with 33 securitizations of residential mortgage-backed securities Morgan...

Merck Settles All NuvaRing Birth Control Injury Cases For $100 Million

HACKENSACK, N.J. — (Mealey’s) Merck & Co. subsidiary Organon has agreed to a $100 million nationwide settlement of all claims alleging blood clot injuries from the NuvaRing contraceptive device, according to a master settlement agreement filed Feb. 7 in a New Jersey and a federal court...

Abbey Spanier LLP: Ontario Court Upholds Amendment to IMAX Canadian ‘Global’ Class Certification Order

As discussed in a post last year, on March 19, 2013, Justice van Rensburg of the Ontario Superior Court of Justice issued an opinion relating to overlapping class action proceedings against IMAX Corporation (“IMAX”) in the United States and Ontario, Canada (the “March 2013 Order”...

Janssen Settles Some Pa. Topamax Birth Defect Cases, Will Appeal $3M Verdict

PHILADELPHIA — (Mealey’s) Topamax manufacturer Janssen Pharmaceuticals on March 10 said it will appeal a $3 million March 7 birth defect verdict in the Philadelphia County Common Pleas Court even though it reached an agreement to resolve a number of similar cases in the state court, including...

Da Vinci Surgical Robot Maker Reserves $67M To Settle Product Liability Claims

SUNNYVALE, Calif. — (Mealey's) Intuitive Surgical Inc. on April 8 announced that it has taken a $67 million charge against 2014 earnings to settle an unspecified number of product liability claims involving the company’s da Vinci surgical robot. In a press release, Intuitive said the...

About 4,000 Pradaxa Lawsuits Settle for $650 Million, Parties Report

EAST ST. LOUIS, Ill. — (Mealey’s) Boehringer Ingelheim and plaintiff lawyers have agreed to settle state and federal lawsuits involving the anticoagulant Pradaxa for $650 million, the parties announced May 28. Boehringer Ingelheim said the comprehensive settlement will resolve state and...

Pfizer To Pay $325M To Settle Neurontin 3rd-Party Payer, Antitrust Class Action

BOSTON — (Mealey’s) Pfizer Inc. has agreed to a $325 million class settlement of claims by third-party payers that allege that the off-label promotion of the epilepsy drug Neurontin violated the Racketeer Influenced and Corrupt Organizations Act and that the drug maker’s efforts to...

Medical Malpractice Caps In Action: What’s A Discarded Kidney Worth?

Picture yourself in the hospital with life threatening renal disease. Doctors tell you that your brother is a perfect match for a kidney transplant. Picture yourself as the brother. You agree to donate a kidney to save your sister. You both go under anesthesia. When you wake up, you learn that the surgery...

2nd Circuit: $5M Contingent Payment Pursuant To Sept. 11 Settlement Not Triggered

NEW YORK — (Mealey’s) The Second Circuit U.S. Court of Appeals on June 9 found that a lower federal court erred in ordering the WTC Captive Insurance Co. Inc. to make a $5 million first contingent payment pursuant to the settlement of personal injury claims filed against the City of New York...