Tag Archive | "class action"

Judge: Goldman must face class-action suit over CDOs.

  The Wall Street Journal (1/24, Chaudhuri, Subscription Publication, 5.91M) reports that a Federal judge ruled Goldman Sachs must face a class-action lawsuit accusing the bank of defrauding investors who bought over $2 billion in CDOs linked to subprime mortgages. Hedge fund Dodona I LLC, which leads the group suing the firm, argues Goldman bet subprime mortgages […]

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Attorney General’s Lawsuit Not Stopped by Federal Class Action Fairness Act

The Wall Street Journal (1/15, Kendall, 5.91M) reports that the Supreme Court on Tuesday held that lawsuits by state attorneys general seeking damages for alleged corporate wrongdoing are not limited by the Federal Class Action Fairness Act. In the type of lawsuit known as a parens patriae action, a state attorney general sues a firm for damages or penalties […]

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Apple agrees to pay in excess of 100 million to parents whose children downloaded apps from iTunes

  Apple has agreed to pay out more than $100 million to parents whose children downloaded applications from its online iTunes store without permission, according to a settlement in a class-action lawsuit. Under the settlement Apple will provide $5 iTunes credit to as many as 23 million customers whose children purchased apps unbeknown to them. […]

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UBS settles Libor-fixing probe with US, UK, Switzerland for $1.5 billion

The Wall Street Journal (12/19, Enrich, Revill, Subscription Publication, 2.29M) reports that UBS AG has reached a settlement with US, UK and Swiss authorities over allegations that the bank manipulated the Libor benchmark interest rate. Under the terms of the settlement, UBS will pay about $1.5 billion to several countries.         Reuters (12/19, Bart, Miles) […]

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Class Action Fairness? Be Careful What You Ask For

The 7th circuit court of appeals issued a decision of caution to plaintiffs in mass tort cases around the country seeking consolidated proceedings in state court. Any time a request is made to consolidate cases in state court Plaintiff’s counsel better make clear it is not seeking consolidation for trial where more than 100 cases […]

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Higher One agrees to $11 million in restitution to college students for overcharges.

  The AP (8/9, Gordon, Writer) reports that “Higher One Holdings Inc. has agreed to make restitution for about $11 million to college students for overcharging them for fees on its debit cards and other practices.” The FDIC said the company is also paying a $110,000 civil fine and agreed to change the way it […]

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