Still stinging from a $25 million class action settlement earlier this month, AOL Time Warner has been slapped with two more class actions in one day, this time on charges of falsifying financial information and inflating stock trading prices at the expense of billion-dollar losses for shareholders.
A group of investment banks that underwrote bankrupt auto parts maker Delphi Corp.’s debt has asked a bankruptcy judge to halt a “distracting” securities-fraud complaint lodged against the company's top executives.
Several companies that were crippled by class action lawsuits over cancer-causing asbestos are preparing to emerge from Chapter 11 bankruptcy protection, as attorneys and creditors committees pushed massive settlements toward approval Monday.
A former securities broker has pled guilty to a criminal charge of defrauding mutual fund investors, just two weeks after he agreed to disgorge $153 million to settle civil charges. The deal, which comes as a virtual warning to players in the mushrooming mutual fund scandal, crowns an aggressive probe by New York Attorney General Eliot Spitzer into illegal trading.
Scan the list of plaintiffs in recently filed shareholder class action suits and you’re likely to spot the names of several state and nationwide pension funds. Over the past five years, pension funds have begun serving as lead plaintiffs in these cases with increased frequency, prompting many to question which are benefiting more: the funds, or the plaintiffs firms that represent them.
Walt Disney Co.’s trouble over ex-President Michael Ovitz’s $130 million severance package isn't over yet. Attorneys representing shareholders in the media and entertainment giant have asked Delaware’s high court to reverse a ruling that cleared the company’s board of directors of any ill intent when they okayed the astronomical payout 10 years ago.
In a singular victory for News Corp., a Delaware district judge has granted the multinational news giant leave to appeal a key lower court ruling that enabled its shareholders to press on with a class action lawsuit stemming from the company’s anti-takeover measure.
U.S. Supreme Court justices appeared skeptical in hearings this week about whether Congress intended to allow class actions to proliferate in state courts while cracking down on those brought in federal courts.
In a defeat for investors trying to jump on the Enron payout bandwagon, a federal appeals court has reaffirmed a lower court’s decision not to hear allegations of securities claims by individual investors against a mutual fund that lost hundreds of millions of dollars in its ill-considered investment in the ill-fated company.
In a blow to shareholders of software company Siebel Systems, a judge has dismissed a class action lawsuit against the company, ruling that the plaintiff’s allegations did not indicate the company intended to defraud investors.
The U.S. Supreme Court heard the opening arguments Wednesday in a case that could set an important precedent for class action lawsuits filed in state courts.
General Motors Corp. and 11 investment banks have become the targets of a class action lawsuit over the sale and distribution of "materially overpriced" SmartNotes, a debt instrument that the automotive giant uses to access the capital of thousands of small investors.
A group of U.S. shareholders in Yukos Oil Company served Russia’s Finance Minister Alexei Kudrin with court papers in a lawsuit accusing the Russian government of scheming to confiscate and renationalize the disgraced oil producer without paying damages to its owners.
Auto parts maker Delphi Corp. has lashed out at a group of pension funds who have subpoenaed four former Delphi executives in the company’s pending bankruptcy case. The funds have asked that the officials discuss the alleged accounting fraud that crippled the company.
Hospital chain Tenet Healthcare Corp. has agreed to pay $215 million to settle securities class action suits that claimed the company filed false and misleading reports regarding its Medicare receipts.
The problems facing drug-testing firm SFBC International expanded this week when the Securities and Exchange Commission issued an informal request for documents related to two executives who recently left the company.
A Dutch pension fund has slammed Shell with a class action suit in New Jersey federal court over claims that the Anglo-Dutch oil company inflated future annual oil reserve figures by billions of barrels.
A founder of what was once the largest debt counseling company in the U.S. has settled with regulators who claimed he diverted funds to a separate company for profit despite advertising his service as a non-profit.
Undeterred in its efforts to create a vast online library of digitized books, Google has asked a judge to toss out the class action copyright infringement suit filed against the company by more than 8,000 published writers.
Shareholders of struggling auto parts maker Delphi Corp. are demanding that the company fire accounting firm Deloitte & Touche for past accounting irregularities.