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Settlement Announced In U.S. Bank Overdraft Fee Class Action
Class Action |
2012/07/02 10:59
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U.S. Bank has agreed to pay $55 million to settle class action lawsuits that accused the bank of improperly manipulating its customers' debit card transactions in order to generate excess overdraft fee revenues. The lawsuits, part of multidistrict litigation involving more than 30 different banks entitled In re Checking Account Overdraft Litigation, are pending before U.S. District Judge James Lawrence King in Miami.
The lawsuits claim that U.S. Bank's internal computer system re-sequenced the actual order of its customers' debit card and ATM transactions, by posting them in highest-to-lowest dollar amount rather than in the actual order in which they were initiated by customers and authorized by the bank. According to the lawsuits, U.S. Bank's practice resulted in its customers being charged substantially more in overdraft fees than if the debit card and ATM transactions had been posted in the order in which they were initiated and authorized.
"We are pleased to have achieved this result for U.S. Bank customers who were adversely affected by this anti-consumer practice," said Robert C. Gilbert, Plaintiffs' Coordinating Counsel, who oversees and manages this multidistrict litigation with Co-Lead Counsel Aaron S. Podhurst and Bruce S. Rogow.
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The Rosen Law Firm Files Class Action
Class Action |
2012/05/15 21:31
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The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Houston American Energy Corp. between March 29, 2010 and April 18, 2012.
To join the Houston American class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Laurence Rosen, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action.
The Complaint asserts violations of the federal securities laws against Houston American for failing to adequately disclose problems with its Tamandua #1 well, and the well's C7 and C9 formations. Namely, that the Company failed to disclose that: (i) the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
www.rosenlegal.com
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Court turns away PR congressional vote lawsuit
Class Action |
2012/05/14 21:30
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The Supreme Court won't hear an appeal from residents of Puerto Rico seeking to gain a voting representative in Congress.
The high court turned away the appeal from Gregorio Igartua and other Puerto Ricans on Monday.
Territorial status grants residents of Puerto Rico U.S. citizenship, but they pay no federal income taxes and cannot vote in presidential elections. Their congressional representative also cannot vote in Congress.
A federal judge threw out the lawsuit, and the 1st U.S. Circuit Court of Appeals upheld that decision, saying that since Puerto Rico was not a state, it could not have a voting member of Congress.
The high court refused to hear the appeal.
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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action |
2012/05/08 11:17
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired the common stock of Groupon, Inc. pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with Groupon’s November 4, 2011 initial public offering, including purchasers of Groupon common stock between February 8, 2012 and March 30, 2012.
Groupon operates an e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company materially understated refund reserves for fourth quarter 2011 due to a failure to properly account for coupon refunds; (b) as a result, the Company materially misstated its previously reported fourth-quarter and full-year 2011 financial results; and (c), the Company lacked adequate internal and financial controls.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Groupon common stock pursuant or traceable to the Company’s November 4, 2011 initial public offering, and/or during the Class Period described above, you have certain rights, and have until June 4, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
www.glancylaw.com
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Law Offices of Howard G. Smith Announces Class Action Lawsuit
Class Action |
2012/03/19 09:48
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who purchased the securities of First Solar Inc. between April 30, 2008 and February 28, 2012, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934.
First Solar engages in the design, manufacture and sale of thin-film semiconductor solar modules and photovoltaic solar power systems in the United States and internationally. The Complaint alleges that defendants issued false and misleading statements and/or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, Defendants misrepresented or failed to disclose: (1) the full impact of certain solar module manufacturing flaws on the Company’s earnings; (2) that the Company was improperly recognizing revenue concerning certain products in its systems business; (3) that the Company lacked adequate internal and financial controls; and (4), as a result of the foregoing, that the Company's statements were materially false and misleading at all relevant times.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased First Solar securities between March 31, 2011 and February 6, 2012, you have certain rights, and have until May 14, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action |
2012/03/15 09:14
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of Nevsun Resources Ltd. between March 31, 2011 and February 6, 2012, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934. Nevsun, together with its subsidiaries, engages in the acquisition, exploration, development and production of mineral properties, including the Bisha Property, a gold, copper, silver and zinc mine in Eritrea, Africa.
The Complaint alleges that defendants issued materially false and misleading statements and failed to disclose that: (i) Nevsun’s mining activities at the Bisha mine produced a material amount of waste rock, rather than gold ore; (ii) the amounts of gold and gold ore recovered from the Bisha mine were materially less than estimated by the Company's reserve estimate, a situation which defendants knew or had reason to know based on data routinely collected throughout the Class Period from the Bisha mine; (iii) Nevsun was progressing through the ore body at the Bisha mine much more quickly than planned, in order to maintain gold production at a rate that would not reveal to investors that the amount of gold was materially less than the Company’s estimate; (iv) the Company was aware that its resource model was materially defective because the actual amounts of gold mined at Bisha did not reconcile with the Company's reserve estimate previously disseminated to the investing public; and (v), Nevsun materially overstated its gold reserves at the Bisha mine.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Nevsun common stock between March 31, 2011 and February 6, 2012, you have certain rights, and have 60 days from March 13, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
www.glancylaw.com.
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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action |
2012/03/12 10:00
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court, Northern District of Alabama, on behalf of purchasers of the common stock of Walter Energy, Inc. between April 20, 2011 and September 21, 2011, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934. Walter Energy produces and exports metallurgical coal for electric utility and industrial customers in the United States.
The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company’s business and financial prospects, including that: (1) the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced the Company’s coal production; (2) the Company’s commitment to ship more than 700,000 tons of coal in the second quarter, at first quarter sales prices, would result in a material adverse effect on Walter Energy’s second-quarter average sales prices and operating results; (3) the Company was experiencing a significant decline in its margins and profitability; and (4), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s business and financial prospects during the Class Period.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Walter Energy common stock between April 20, 2011 and September 21, 2011, you have certain rights, and have until March 26, 2012 to move for lead plaintiff status.
www.glancylaw.com
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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