Refco Inc.’s former CEO, Philip Bennett, has asked a Manhattan district court judge to throw out a $245 million criminal fraud class action suit brought against him by three funds managed by Thomas H. Lee Partners, a private equity firm that facilitated the commodity brokerage’s initial public offering last year.
In one of the largest securities class action settlements in history, mortgage lender Freddie Mac will pay $410 million to end a shareholder lawsuit over accounting mistakes that led the company to restate earnings from 2000 to 2002.
A $1.2 billion class action antitrust suit filed against numerous investment banks may finally be coming to an end, after a judge’s ruling on class certification and presumed injury dealt a serious blow to plaintiffs.
J.P. Morgan Chase & Co. has agreed to fork over $425 million to settle a securities class action lawsuit that accused the investment bank, and many of its competitors, of manipulating the value of initial public offerings during the so-called Internet bubble.
A group of investors has filed a proposed securities class action against PHH Corp., a Cendant Corp. spin-off, saying the company’s top executives engaged in a fraudulent scheme to improperly inflate its reported deferred tax assets by tens of millions of dollars.
Microsoft Corporation won an important legal battle Tuesday when the U.S. Court of Appeals for the Fourth Circuit held that consumers who did not purchase programs directly from Microsoft cannot claim that the software giant overcharged them.
Northfield Laboratories Inc. has been pinned down with two securities class action lawsuits after allegedly issuing false statements concerning the safety and history of its blood substitute PolyHeme.
An antitrust lawsuit filed against Micron Technology Inc. last month over alleged price-fixing for its dynamic random access memory (DRAM) products has triggered a securities class action against the company, with shareholders claiming that Micron’s alleged anticompetitive conduct led to inflated stock prices.
A hedge fund is suing a slew of top brokerage firms, saying they used secret insider agreements to cheat their customers.
Eleven of the country’s largest investment banks have been slapped with a suit alleging that for the past six years they have colluded to collect fees from naked short selling.
Medical device maker St. Jude Medical Inc. has been hit with a shareholder lawsuit alleging that the company misrepresented the sales of one of its products in order to boost earnings, causing the stock to trade at an inflated price.
A class action lawsuit has been filed against American International Group's mutual fund Advisor Group alleging that its broker/dealers purposely pushed and sold funds to individuals under the AIM mutual fund family so they would receive certain kickbacks.
“Fair, reasonable and adequate” is how a federal judge described the whopping $2.6 billion settlement reached between AOL Time Warner and several disgruntled shareholders.
In a practice that is becoming more and more common, a pension fund representing New York schoolteachers has opted out of Qwest Communications Inc.’s $400-million shareholder settlement proposed in the wake of the telecommunications giant’s massive accounting scandal.
A diverse group of plaintiffs, including Cingular Wireless, Tyson Foods Inc., and Unicom Corp., has filed a lawsuit against the biggest players in the insurance industry, accusing the companies of illegally conspiring to set prices.
The two largest funeral home chains in the United States have announced plans to merge this week, drawing fire from industry professionals who fear the deal will kill off already rare competition in the funeral business.
Commodities broker Refco and its CEO Philip Bennett hid losses of nearly half a billion dollars from investors and bondholders, aided by the oversight of numerous underwriters, auditors and company officers, according to the consolidated class action complaint filed yesterday in a district court in Manhattan.
GlaxoSmithKline PLC will fork over $14 million to U.S. states in order to settle allegations that the drug giant forced government health plans to pay inflated prices for its widely-used antidepressant Paxil in a fraudulent scheme to block generic versions of the drug from being made.
Fed up with what they consider a “hidden tax” for merchants and consumers by credit card companies and their banks, merchants have decided to fight back with a large-scale antitrust class-action lawsuit against the major credit card companies. But past court decisions that have sided with the credit card companies could prove a significant challenge for the merchants as they fight their way through court.
A federal judge threw out a class action lawsuit alleging that Goodyear Tire & Rubber Co. deliberately released inaccurate financial results in order to inflate its stock prices.