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Coca-Cola settles lawsuit for $137.5 million
Securities |
2008/07/07 08:50
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| The Coca-Cola Co., the world's largest beverage maker, has agreed to pay $137.5 million to settle a shareholder lawsuit that claimed company officials misrepresented or omitted information in public statements, causing the company's stock price to be inflated. The Atlanta-based company did not admit any wrongdoing in settling the suit filed in U.S. District Court in Atlanta, according to the agreement dated June 26 and entered July 3. The court has preliminarily approved the settlement and scheduled a settlement fairness hearing for Oct. 20. The lead plaintiffs in the suit were the Carpenters Health & Welfare Fund of Philadelphia & Vicinity and Local 144 Nursing Home Pension Fund, now called 1199 SEIU Greater New York Pension Fund. The class represented by the plaintiffs included all persons who bought Coca-Cola stock between Oct. 21, 1999 and March 6, 2000. |
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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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