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Pimco Settles Class Action for $92 Million
Class Action |
2011/01/04 04:24
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Pacific Investment Management Company is paying $92 million to settle a class-action lawsuit that accuses it of manipulating the price of 10-year Treasuries back in 2005. The lawsuit was filed by two investors that had taken short positions in the futures contracts. Breakwater Trading and the other plantiffs had bet that the market value of the notes would decline. However, they wound up paying prices that were "articially high," according to the plantiffs because Pimco scooped up large amounts of the T-notes, according to a report by the Los Angeles Times "PIMCO's position is that all such trades were properly designed to secure best execution for its clients; that by lending cheapest-to-deliver notes back into the market it eliminated any concerns," PIMCO said in a press release. |
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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 and help you redesign your existing law firm site to secure your place in the internet. |
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