PHILADELPHIA - The Third U.S. Circuit Court of Appeals on July 24 affirmed summary judgment for the defendants in a medical malpractice case, agreeing that the trial court properly applied New York law in a case involving testing and implanting of an embryo containing a mutation for a genetic disorder (Chaya Grossbaum, et al. v. Genesis Genetics Institute LLC, et al., No. 11-3455, 3rd Cir.; 2012 U.S. App. LEXIS 15212).
NEW YORK - A federal judge in New York on July 25 granted an insurer's petition to confirm a reinsurance arbitration panel's final award under the Federal Arbitration Act (FAA) Federal Arbitration Act (FAA) 9 U.S.C.S. § 1, et seq. (Ace Property & Casualty Insurance Company as Successor in interest to Central National Insurance Company of Omaha, formerly known as Cigna Property & Casualty Insurance Company v. Global Reinsurance Corporation of American, U.S. Branch formerly known as Gerling Global Reinsurance Corporation, No. 11-cv-06945, S.D. N.Y.).
BROOKLYN, N.Y. - A New York federal judge on July 23 preliminarily approved a $15 million refund class settlement for consumers who purchased Bayer Aspirin with Heart Advantage and Bayer Women's Low Dose Aspirin + Calcium (In Re: Bayer Combination Aspirin Products Marketing and Sales Practices Litigation, No. 09-md-2023, E.D. N.Y.). Subscribers may view the order available within the full article.
TAMPA, Fla. - The Florida federal judge overseeing the Accutane multidistrict litigation on July 24 granted summary judgment in one case after finding that the warnings about inflammatory bowel disease (IBD) that were on the acne drug's label at the time the plaintiff was prescribed the drug were adequate under New York state law (In Re: Accutane Products Liability Litigation, MDL Docket No. 1626, No. 8:04-md-2523, Michelle Colli v. Hoffman-La Roche Inc., No. 11-1621, M.D. Fla., Tampa Div.). View related prior history, 2012 U.S. Dist. LEXIS 9550.
NEW YORK - The National Association of Convenience Stores (NACS), a named plaintiff and class representative in the payment card interchange fee and merchant discount antitrust litigation, on July 24 opposed class counsel's motion to withdraw as counsel for NACS, disputing class counsel's characterization that NACS "refuses" to consent to their withdrawal related to NACS's opposition to the $6.05 billion settlement agreement between merchants and Visa, MasterCard and a large number of banks in the price-fixing class action (In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (All Cases), No. 05-MD-1720, E.D. N.Y.). View related prior history, 2010 U.S. Dist. LEXIS 89275.
NEW YORK - Federal securities class action lawsuits continue to be filed at a record pace in 2012, based in large part on a continued high level of merger objection case filings, according to a mid-year report issued July 24 by NERA Economic Consulting.
NEW YORK - The contacts of a manufacturer of Vitamin C that is accused of participating in an illegal cartel to fix prices and limit supply for exports of vitamin C to the United States may be imputed to its holding company, a federal judge in New York held in an opinion and order filed July 18 denying the corporation's motions to dismiss state and federal antitrust claims for lack of jurisdiction and for summary judgment (In re: Vitamin C Antitrust Litigation, No. 06-MD-1738, E.D. N.Y. (Animal Science Products, Inc., et al. v. Hebei Welcome Pharmaceutical Co., Ltd., et al., No. 05-CV-453, E.D. N.Y.; Dennis Audette v. Hebei Welcome Pharmaceutical Co., Ltd., et al., No. 06-CV-099, E.D. N.Y.; Linda Philion, et al. v. Hebei Welcome Pharmaceutical Co., Ltd., et al., No. 06-CV-987, E.D. N.Y.; Richard Keane, et al. v. Hebei Welcome Pharmaceutical Co., Ltd., et al., No. 06-CV-149, E.D. N.Y.); 2012 U.S. Dist. LEXIS 100075).
NEW YORK - A commodities broker that had a credit agreement with bankrupt MF Global Inc. (MFGI) filed an adversary proceeding against the liquidating trustee of MFGI in the U.S. Bankruptcy Court for the Southern District of New York, seeking declaratory judgment that the company has no liability related to MFGI's bankruptcy (Koch Supply & Trading & Supply v. James W. Giddens $(In Re: MF Global Inc.$), No. 11-2790, Chapter 11, S.D. N.Y. Bkcy.). Subscribers may view the complaint available within the full Mealey's article.
NEW YORK - 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 judge in New York overseeing the lawsuit (Public Employees' Retirement System of Mississippi v. Goldman Sachs Group, Inc., et al., No. 09-1110, S.D. N.Y.).
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NEW YORK - Several of a health plan participant's claims under the Employee Retirement Income Security Act, 29 U.S.C.S. § 1001 et seq., against the plan and the plan's claims administrator related to calculations of benefits for members who are eligible for Medicare were dismissed by a federal judge in New York on July 16 for being asserted against an improper defendant and for failure to state a claim (Marianne Gates v. United Health Group Inc., et al., No. 11 Civ. 3487, S.D. N.Y.).
NEW YORK - The federal bankruptcy judge presiding over the Chapter 11 proceeding of Eastman Kodak Co. on July 18 appointed a separate committee under 11 U.S.C.S. § 1114 to oversee the rights of retirees with respect to their benefits and ruled that Kodak preserved its right to "unilaterally" modify the benefits it pays to retired employees (In Re: Eastman Kodak Company, No. 12-10202, Chapter 11, S.D. N.Y. Bkcy.). View related prior history, 2012 Bankr. LEXIS 2944.
NEW YORK - The U.S. trustee appointed in the Chapter 11 bankruptcy of law firm Dewey & Leboeuf on July 18 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York opposing the firm's motion seeking approval of its plan to pay bonuses to its employees (In Re: Dewey & Leboeuf LLP, No. 12-12321, Chapter 11, S.D. N.Y. Bkcy.). Subscribers may view the available within the full Mealey's article.
NEW YORK - Bank of America Corp. and its Countrywide Home Loans Inc. affiliate will pay $375 million to a financial guarantee insurer to settle claims that Countrywide misrepresented the standards used in underwriting mortgage loans that served as the basis for five securitizations of mortgage-backed securities, according to a press release issued on July 17 (Syncora Guarantee Inc. v. Countrywide Home Loans Inc., No. 650042/2009, N.Y. Sup., New York Co.).
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TRENTON, N.J. - A retrocessional reinsurer is responsible for carrying the burden of proof regarding obligations under certain retrocessional agreements, a federal judge in New Jersey held July 16 in an unpublished opinion, finding for a reinsurer (Munich Reinsurance America, Inc. v. Tower Insurance Company of New York, No. 09-cv-02598, D. N.J.; 2012 U.S. Dist. LEXIS 99034).
BROOKLYN, N.Y. - A financial consulting group that filed trademark complaints against a consumer complaint website failed to establish the necessary components of a claim brought under the Lanham Act, a New York federal judge ruled July 13, granting the defendant's dismissal motion (deVere Group GmbH v. Opinion Corp., et al., No. 1:11-cv-03360, E.D. N.Y.; 2012 U.S. Dist. LEXIS 97812).
NEW YORK - Dismissal of lead plaintiffs' federal securities law claims against a subsidiary of Morgan Stanley and others is not proper because the claims were brought within the statute of limitations, a federal judge in New York ruled July 16 (In re Morgan Stanley Mortgage Pass-Through Certificates Litigation, No. 09-4414, S.D. N.Y.). Subscribers may view the memorandum order available within the full article.
NEW YORK - Although a retirement system has shown that Lockheed Martin Corp. and certain of its executive officers misrepresented the company's business and financial condition in violation of federal securities law, it has failed to plead control person liability, a federal judge in New York ruled July 13 in granting in part and denying in part the defendants' motions to dismiss (City of Pontiac General Employees' Retirement System v. Lockheed Martin Corp., et al., No. 11-5026, S.D. N.Y.; 2012 U.S. Dist. LEXIS 97185).
NEW YORK - The Second Circuit U.S. Court of Appeals on July 13 affirmed a District Court's decision to confirm an arbitration award in favor of two companies and against the government of the Lao People's Democratic Republic, finding that an arbitration panel did not exceed its jurisdiction under a project development agreement (Thai-Lao Lignite [Thailand] Co. Ltd., et al. v. Government of the Lao People's Democratic Republic, No. 11-3536, 2nd Cir.; 2012 U.S. App. LEXIS 14340).
NEW YORK - A Second Circuit U.S. Court of Appeals panel reversed the conviction of a man for the possession and receipt of Internet child pornography on July 12, finding that because the evidence was obtained via a warrant for a nearby apartment, the defendant's Fourth Amendment rights had been violated (United States of America v. Andrei Voustianiouk, No. 10-4420, 2nd Cir.; 2012 U.S. App. LEXIS 14317).
NEW YORK - A New York federal judge on July 12 granted conditional class certification in a wage-and-hour complaint filed on behalf of interns at 19 magazines owned by The Hearst Corp. seeking unpaid compensation (Xuedan Wang, et al. v. The Hearst Corporation, No. 12-793, S.D. N.Y.; 2012 U.S. Dist. LEXIS 97043).
NEW YORK - A federal judge in New York on July 16 remanded a pair of securities lawsuits filed by German Bank Bayerische Landesbank (BayernLB) to state court without offering a written opinion (Bayerische Landesbank, New York Branch, v. Bear Stearns & Co. Inc., et al., No. 12-2804; Bayerische Landesbank, New York Branch, v. Merrill Lynch & Co. Inc., No. 12-3856, S.D. N.Y.).Subscribers may view the order available within the full article.
NEW YORK - Directors and officers of a company on July 16 moved to dismiss a shareholder case against them in a New York federal court, arguing that the shareholders failed to show any particularized facts that individual defendants may be liable for any of the company's alleged actions (In re The Bank of New York Mellon Corporation Shareholder Derivative Litigation, No. 11-cv-08471, S.D. N.Y.).
NEW YORK - Visa, MasterCard and a large number of banks on July 13 entered into a class settlement agreement with merchants who alleged that the defendants fixed the prices of interchange fees paid by merchants when customers use Visa and MasterCard credit cards, for $6.05 billion, an eight-month reduction in interchange fees worth $1.2 billion and modifications of the Visa and MasterCard rules (In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (All Cases), No. 05-MD-1720, E.D. N.Y.). View related prior history, 2008 U.S. Dist. LEXIS 104439.
NEW YORK - A company's purchase of substantially all of an asbestos-containing valve company's assets creates sufficient questions regarding whether the purchase constituted a de facto merger, a New York justice held in an opinion posted July 12 (Robert N. Wexler and Betsy Wexler v. A.O. Smith Water Products Co., No. 190223/11, N.Y. Sup., New York Co.; 2012 N.Y. Misc. LEXIS 3233).
CENTRAL ISLIP, N.Y. - Pursuant to a stipulation by competing online fragrance firms, a New York federal judge on July 12 agreed to dismiss most of the claims in a dispute over allegedly misappropriated pictures and metatags, leaving only a claim for copyright infringement (FragranceNet.com Inc., et al. v. FragranceX.com Inc., No. 2:06-cv-02225, E.D.N.Y.). Subscribers may view the stipulation and order available within the full article.