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Nokia says U.S. court case claims have no merit
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2010/02/08 03:51
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Nokia said on Monday it would defend itself vigorously against a class action complaint filed in the United States that claims the firm and its top executives hid some product delays from investors in 2008. "Nokia has reviewed the allegations contained in the complaint and believes that they are without merit," the company said. The City of Roseville Employees' Retirement System filed the case on Feb 5 against Nokia Corporation, chief executive Olli-Pekka Kallasvuo, then-chief financial officer Rick Simonson and Kai Oistamo, head of Nokia's phone business.
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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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