Tuesday, May 09, 2006

Class Action Lawsuit in aviation lawsuit

A Class Action Lawsuit has been filed by Motley Rice one of the largest aviation litigation firms in the U.S. The lawsuit has been filed against several defendants on behalf of Gary Cancelliere, the guardian of 15 year-old Justin Cancelliere, son of Robin Kraut and brother to Avery (8), Jessica (6) and April Kraut (2) - victims in the fatal February 2006 crash of a Beech King Air 200, which took place in North Myrtle Beach, S.C.

Wednesday, May 03, 2006

Newly filed class action lawsuits

Among the newly filed class actions:

Sony BMG - A class action lawsuit claims that Sony Music underpaid its artists for digital music transactions. The lawsuit also claims Sony is violating contractual obligations to share 50% of the net licensing revenue from digital music transactions with artists. Sony is allegedly paying artists 4.5 cents for every song but should be paying approximately 30 cents for every 70 cents the company receives.

Payday - The Florida Supreme Court reinstated a consumer lawsuit claiming that Payday advances made by check cashing companies were illegal loans. The suit is seeking class action status on behalf of customers who obtained cash advances before the payday loan law went into affect on Oct 1, 2001. For a fee in excess of the 18 percent legal limit, businesses practiced deferred presentment transaction where cash was advanced in exchange for checks that were not deposited to the bank until a later date.

Modine Manufacturing Co., Rohm and Haas Co., and Huntsman - Two lawsuits filed in state and federal court claim that three chemical companies, Modine, Rohm and Hass, and Huntsman, spilled enormous quantities of highly toxic chemicals that contaminated the air, soil and groundwater. The chemical plants, based in Philadelphia, manufacture plastics, adhesives and sealants.

United States Government - A class action lawsuit claims the Army Corps of Engineers is to blame for flooding that destroyed homes after Hurricane Katrina. The lawsuit alleges the government and several companies affected the flooding by many years of dredging the waterway thereby damaging man-made and natural flood protection systems around Orleans and St. Bernard parishes.

BBB Group - A class action lawsuit filed against developer Kenneth Baboun and his company BBB Group claims fraud and breach of contract. Dozens of buyers were returned deposits on a condo development which totaled 20 percent of their purchase price. They seek interest from 2003 on their condos and the value of the condo if it had been built. As well, the lawsuit claims the purchasers were fraudulently persuaded to remain as purchasers.

General Motors Canada Ltd. A class action lawsuit filed in the Ontario Superior Court against General Motors Canada Limited alleges the manufacturer sold vehicles between 1995 and 2003 with faulty intake manifold gaskets. The suit further alleges that GM knew the engines were defective and over one million vehicles with the faulty part should have been recalled.

Monday, May 01, 2006

Class action lawsuit taken against Lipman Electronic Engineering

A class action lawsuit against Lipman Electronic Engineering ltd alleges breaches of securities laws by making materially false or misleading public statements concerning its acquisition of Dione, Plc. On September 28, 2005, Lipman admitted that the "weaker than expected performance of Dione" caused Lipman to lower its 2005 earnings guidance from $1.39 - $1.42 per share, to $0.88 - $0.98 per share.

The class action lawsuit has been taken by Stull Stull & Brady.

Saturday, April 29, 2006

Class action lawsuit taken over Russian telco deal

A class action lawsuit has been commenced by Sarraf Gentile LLP on behalf of those investors who acquired the securities of GlobeTel Communications Corp. (AMEX: GTE) during the period December 30, 2005 to April 11, 2006.

According to the complaint, the Defendants issued several statements during the Class Period which touted the consummation of a $600 million deal with a Moscow-based company named LLC Internafta to install wireless networks in Russia's 30 largest cities. The complaint alleges, however, that the Russian deal, like so many of GTE's other business ventures, was in reality a sham.

Thursday, April 27, 2006

Class action lawsuit against Nature's Sunshine Products

A class action lawsuit has been taken by
Cohen Milstein against Nature's Sunshine Products Inc alleging that the defendants issued materially false and misleading statements regarding the Company's business and financial results.

The lawsuit claims that as a result of defendants' false statements, NSPI stock traded at artificially inflated prices during the Class Period, reaching a high of $23.34 per share on September 30, 2005.

Wednesday, April 26, 2006

Class action lawsuit filed against Merge Technologies

A class action lawsuit has been taken by Milberg Weiss against Merge Technologies complaining of misleading statements and press releases because the defendants overstated Merge's reported revenues and understated its tax liabilities, thereby deceiving investors regarding the Company's true results of operations and financial condition.

Latest Class Action Lawsuit News - Where the class actions are

* A class action lawsuit has been filed against Bausch & Lomb Inc for potential violations of the Employee Retirement Income Security Act of 1974. The investigation focuses on investments in BOL stock by the Bausch & Lomb 401k Account Plan.
State of Indiana (alleging inequality by failing to provide enough funding to public schools)

* A class action has been commenced against the state of Indiana is not adequately funding public schools and is not meeting its academic standards and performance mandates.

* A law suit asking for class action status claims the Fort Wayne Neighborhood Housing Partnership sold their clients homes at inflated prices and the non-profit agency set them up for failure.

* A class action lawsuit against Lear Corp for potential violations of the Employee Retirement Income Security Act of 1974. The investigation focuses on investments in Lear stock by the Lear Corp. Salaried Retirement Savings Plan, the Lear Corp. Hourly Retirement Savings Plan, and the Lear Corp. Hourly 401k Savings Plan.

* A class lawsuit filed with the Department of Justice's Office of Special Counsel for Immigration Related Unfair Employment Practices in Washington D.C. over the Sentosa Care Group for breach of contract to a group of Filipino nurses employed by the company.

* A lawsuit against the State of Arizona claims the state of Arizona denies some high school students graduation diplomas due to its inadequate and arbitrary educational funding system.

* A class action lawsuit Toshiba of Canada Limited which allegedly sold defective Satellite Pro 6100 computers

Tuesday, April 25, 2006

Class Action Lawsuit's end run :

"Washington Post"s Carolyn Mayer wrote the other day about consumer actions gainst financial institutions, and the attempts to prevent them.

Alan Kaplinsky is one proud man. For years, the Philadelphia lawyer has been advising financial institutions, leading their defense in class-action lawsuits brought by consumers -- and, more importantly, designing ways to limit such suits by writing arbitration clauses into many credit-card agreements and banking contracts.

These clauses, often found in the fine print, have met with mixed results in court, with some judges upholding them, some not. Now, Kaplinsky has found a way to one-up the courts, at least in Utah, where a new law specifically allows these clauses in all consumer loan contracts, including credit-card agreements.

Over the past decade, the arbitration clause has become increasingly common in almost every consumer contract, whether it's for a credit card, telephone service, pesticide treatment or home construction. The clause is also in many employee contracts. The clause says all disputes must be automatically resolved through binding arbitration, in which a designated third-party (often selected by the company) will review the dispute and resolve it. There will be no judge, no jury, no mediation for a compromise, no right of appeal and usually no public record. These clauses also say the consumer agrees to not be part of any class-action lawsuit.

Businesses say arbitration is a faster and far more efficient way to resolve disputes than court suits. But consumer advocates say arbitration is often stacked against the individual, in favor of the large firm that is automatically protected from large jury verdicts by the ban on class-action lawsuits.

Class action lawsuit filed by over alleged securities fraud from Comverse Technology Inc

The class action lawsuit from Wolf Popper alleges securities fraud that during the Class Period, the defendants recklessly or intentionally, instituted deficient internal controls surrounding the administration of the Company's stock-based compensation plan. The lawsuit alleges that the deficiences let the Company employees enrich themselves by knowingly and fraudulently changing the stock option grant dates to dates on which the Company's stock price was lower than the actual grant date (and thus lower than fair market value on the actual grant date).

As a result of these manipulations, the Company was caused to under report the corresponding compensation expense and over report net income and retained earnings on its financial statements.