NEW YORK - Shareholders and an electronic manufacturing services provider and certain of its executive officers have agreed to a $30 million settlement on claims that the defendants misrepresented the company's earnings, profitability and financial outlook in violation of federal securities laws, according to documents filed in New York federal court on April 17 (In re Celestica Inc. Securities Litigation, No. 07-312, S.D. N.Y.).
NEW YORK - The federal judge overseeing the multidistrict ignition switch litigation against General Motors LLC (GM) entered an order April 17 requiring GM to produce documents already turned over to governmental agencies and Congress but allowing the automaker to retrieve any documents that were inadvertently produced (In re: General Motors LLC Ignition Switch Litigation, No. 14-md-2543, S.D. N.Y.).
ATLANTA - After finding that several of a borrower's claims were federal and that she failed to property state her claims, the 11th Circuit U.S. Court of Appeals on April 20 affirmed a decision refusing to remand and dismissed the case (Christine Stone v. Bank of New York Mellon, N.A., f.k.a. Bank of New York Trust Company N.A., et al., No. 13-15433, 11th Cir.; 2015 U.S. App. LEXIS 6449).
NEW YORK - A New York federal judge on April 15 denied an insurer's motion for reconsideration on the basis that the insurer failed to offer any new evidence or point to any changes in controlling law that would support reviewing the federal court's earlier decision in favor of a reinsurer (Global Reinsurance Corporation of America v. Century Indemnity Company, No. 13-cv-06577, S.D. N.Y.; 2015 U.S. Dist. LEXIS 50236).
NEW YORK - A tile company has not satisfied the prima facie standard for summary judgment, the recently appointed New York justice overseeing asbestos litigation in the city held in an opinion posted April 16 (Richard R. Lefrak v. Aerco International Inc., et al., No. 190033/14, N.Y. Sup., New York Co.).
NEW YORK - A divided Second Circuit U.S. Court of Appeals panel on April 15 affirmed a federal district court's dismissal of a securities class action lawsuit, ruling that shareholders failed to state a claim for relief (IBEW Local Union No. 58 Pension Trust Fund and Annuity Fund v. The Royal Bank of Scotland Group PLC, et al., No. 13-3289, 2nd Cir.).
BROOKLYN, N.Y. - Because a policy clearly provides for a maximum of $100,000 in coverage for cleanup and removal of the discharge of a pollutant caused by a "peril" that occurs during a policy period, the maximum amount of coverage available to an insured seeking coverage for the release of gasoline from an underground storage tank at its service station is $100,000, the Second Department Appellate Division of the New York Supreme Court said April 15 (L & D Service Station, Inc., v. Utica First Insurance Co., et al., No. 2013-05805, N.Y. Sup., App. Div., 2nd Dept.; 2015 N.Y. App. Div. LEXIS 3084).
NEW YORK - A sale order and injunction issued pursuant to Section 363 of the U.S. Bankruptcy Code shields General Motors LLC (New GM) from liability for the majority of ignition-switch suits stemming from conduct on the part of General Motors Corp. (Old GM), a bankruptcy judge in New York held April 15 (In re: Chapter 11 Motors Liquidation Co., et al., f/k/a General Motors Corp., et al., No. 09-50026, S.D. N.Y. Bkcy.).
NEW YORK - A couple lacks evidence that a defendant purchased the asbestos-containing products in question or that it knew of the dangers of the products in question, a New York justice held in an opinion posted April 13 (John P. Carroll and Mary Carroll v. CBS Corp., et al., No. 190262/12, N.Y. Sup., New York Co.; 2015 N.Y. Misc. LEXIS 1131).
WHITE PLAINS, N.Y. - A plaintiff who lost an unintended acceleration suit in 2011 should not be allowed a "do over" by asserting a different product defect theory in a new complaint stemming from the same accident, Toyota Motor Sales USA Inc. argues in a motion to dismiss April 10 (Amir Sitafalwalla v. Toyota Motor Sales USA Inc., et al., No. 15-807, E.D. N.Y.).
NEW YORK - A New York federal judge on April 14 adopted a federal magistrate's recommendation that an insurer pay its insureds almost $9 million for attorney fees incurred as a result of the insurer's breach of its duty to defend the insureds against underlying asbestos and silica claims (Danaher Corp. v. Travelers Indemnity Co., et al., No. 10-0121, S.D. N.Y.; 2015 U.S. Dist. LEXIS 48769).
NEW YORK - Evidence that all Iowa-class ships contained a company's products in 1982 is not sufficient to establish a man's exposure to asbestos in the 1940s, a New York justice held in an opinion posted April 13 (John Pendolino and Nancy Pendolino v. Air & Liquid Systems Corp., et al., No. 190320/13, N.Y. Sup., New York Co.; 2015 N.Y. Misc. LEXIS 1130).
NEW YORK - The U.S. Supreme Court's ruling in Halliburton v. Erica P. John Fund (134 S. Ct. 2398 ) had little effect on securities class action litigation in 2014 "in terms of number and types of cases being filed," according to a report released on April 10 by PricewaterhouseCoopers LLP.
NEW YORK - A New York justice on April 13 rejected expert causation testimony and set aside an $11 million friction-products asbestos verdict against Ford Motor Co., finding the "every exposure" theory incompatible with science and state law (Arthur H. Juni Jr. and Mary Juni v. A.O. Smith Water Products Co., et al., No. 190315/12, N.Y. Sup., New York Co.).
PHILADELPHIA - The Pennsylvania federal judge overseeing the Avandia multidistrict litigation on April 10 said claims that a patient's heart injuries were caused by the diabetes drug are barred by the applicable New York statutes of limitations (In Re: Avandia Marketing, Sales Practices and Products Liability Litigation, MDL Docket No. 1871, No. 07-md-1871, Yheison Bautista, et al. v. GlaxoSmithKline LLC, No. 13-5125, E.D. Pa.; 2015 U.S. Dist. LEXIS 47934).