DALLAS - A federal judge in Texas on July 25 granted in part an investor's motion for class certification in a securities class action lawsuit, ruling that the investor has properly pleaded a corrective disclosure that led to a price impact on the part of Halliburton Co. and its former CEO with regard to statements made in a Dec. 7, 2001, announcement regarding a jury verdict against Halliburton's subsidiary and others (The Erica P. John Fund Inc., et al. v. Halliburton Co., et al., No. 02-1152, N.D. Texas; 2015 U.S. Dist. LEXIS 97464).
NEW YORK - PricewaterhouseCoopers LLP's cash balance pension plan violates the Employee Retirement Income Security Act because it defines "normal retirement age" as five years of service, which "bears no plausible relation to 'normal retirement,'" the Second Circuit U.S. Court of Appeals ruled July 23 (Timothy D. Laurent, et al. v. PricewaterhouseCoopers, et al., No. 14-1179, 2nd Cir.; 2015 U.S. App. LEXIS 12678).
MURRAY HILL, N.J. - Pelvic mesh manufacturer C.R. Bard said July 24 that it has agreed to pay Medtronic Inc. $121 million to settle supplier claims, Bard said in a Form 10-Q report filed with the U.S. Securities and Exchange Commission.
EAST ST. LOUIS, Ill. - A federal judge in Illinois on July 17 awarded $20.6 million in fees and $1.6 million in costs and, on July 20, granted final approval to a $62 million settlement of claims by participants in two of Lockheed Martin Corp.'s 401(k) plans that the plans' fiduciaries breached their duties under the Employee Retirement Income Security Act by causing the plans to pay excessive administrative expenses, by investing in a stable-value fund (SVF) that did not result in a rate of return that was sufficient for a retirement asset and by mismanaging the plan's company stock funds (CSFs) (Anthony Abbott, et al. v. Lockheed Martin Corp., et al., No. 06-cv-701, S.D. Ill.; 2015 U.S. Dist. LEXIS 93206).
NEW YORK - J.P. Morgan Chase & Co. on July 17 agreed pay $388 million to settle claims that it violated provisions of federal securities law by misrepresenting the investment quality of certain mortgage-backed securities it sold to investors, according to court documents filed in New York federal court (Forth Worth Employees' Retirement Fund v. J.P. Morgan Chase & Co., et al., No. 09-3701, S.D. N.Y.).
NEW YORK - A federal judge in New York on July 16 granted the motion of a group of union pension funds for appointment as lead plaintiffs and for appointment of lead counsel in a securities class action, accepting a magistrate judge's report and recommendation (R&R) calling for the motion to be granted (Brian Ford v. VOXX International Corp., et al., No. 14-4183, E.D. N.Y.; 2015 U.S. Dist. LEXIS 92646).
ATLANTA - A federal district court did not abuse its discretion by holding that a disability plan's claims administrator and plan administrator are not liable for penalties and attorney fees under the Employee Retirement Income Security Act for failure to provide plan documents to a plan participant, the 11th Circuit U.S. Court of Appeals ruled July 17 in an unpublished opinion (Allena Burge Smiley, D.M.D. v. Hartford Life and Accident Insurance Company, No. 15-10056, 11th Cir.; 2015 U.S. App. LEXIS 12334).
NEW YORK - Health care providers are not beneficiaries of their patients' health insurance plans and, therefore, do not have standing to assert anti-retaliation protections under the Employee Retirement Income Security Act, the Second Circuit U.S. Court of Appeals affirmed July 15 (Henry L. Rojas, M.D., et al. v. Cigna Health and Life Insurance Company, et al., No. 14-3455, 2nd Cir.; 2015 U.S. App. LEXIS 12210).
NEW YORK - A medical center's severance policy that had been maintained for almost 25 years and had not been modified for 15 years was an employee welfare benefit plan within the meaning of the Employee Retirement Income Security Act, the Second Circuit U.S. Court of Appeals ruled July 17 (Alexander Okun, MD, v. Montefiore Medical Center, No. 13-3928-cv, 2nd Cir.; 2015 U.S App. LEXIS 12361).
WASHINGTON, D.C. - Citing the presumption against subpoenaing high-ranking government officials and the plaintiffs' failure to establish that they cannot obtain the information sought from other sources, a District of Columbia federal judge on July 16 granted the government's motion to quash a subpoena seeking testimony from the secretary of the Department of Homeland Security (DHS) in a lawsuit alleging privacy violations by the government's retention, search and use of the plaintiffs' emails (Gilberte Jill Kelley, et al. v. Federal Bureau of Investigation, et al., No. 1:13-cv-00825, D. D.C.).
AUSTIN, Texas - Efforts by Samsung Austin Semiconductor (SAS) LLC to quash a subpoena by Rembrandt Secure Computing LP in Rembrandt's patent lawsuit against Apple Inc. were largely successful on July 15 (Rembrandt Secure Computing LP v. Apple Inc. et al., No. 15-438, W.D. Texas; 2015 U.S. Dist. LEXIS 91756).
CHICAGO - A federal judge in Illinois on July 10 substantially dismissed a shareholder class action lawsuit against Navistar International Corp. and certain of its officers and directors, ruling that the lead plaintiff in the action failed to plead an actionable misrepresentation or scienter (Construction Workers Pension Trust Fund, et al. v. Navistar International Corp., et al., No. 13-2111, N.D. Ill.; 2015 U.S. Dist. LEXIS 90152).
NASHVILLE, Tenn. - A federal judge in Tennessee on July 10 substantially denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action properly pleaded the elements of his federal securities law claims (William E. Burges, et al. v. BancorpSouth Inc., et al., No. 14-1564, M.D. Tenn.; 2015 U.S. Dist. LEXIS 89822).
NEW YORK - A federal judge in New York on July 9 granted in part and denied in part a motion to dismiss filed by defendants in a securities class action, ruling that shareholders failed to properly plead particular claims and that another claim was barred by the statute of repose (In re Petrobas Securities Litigation, No. 14-9662, S.D. N.Y.).