Purdue Pharma’s bankruptcy filing Sunday night may not dramatically affect Summit County’s ongoing lawsuit against Big Pharma, attorneys said. Purdue Pharma, which created OxyContin and has been accused of deceptive marketing that resulted in its increased proliferation, is a defendant in Summit County’s lawsuit. On Sunday, Purdue Pharma filed for bankruptcy as part of a proposed settlement. …
Bondholders filed to sue Puerto Rico on Tuesday in the first legal challenges to hit the U.S. territory after a freeze on litigation that protected it from lawsuits expired amid a deep economic crisis. A group representing those who bought a portion of the $16 billion worth of bonds backed by Puerto Rico’s sales tax said in its lawsuit that a government plan to cut …
A student loan giant has agreed to suspend collection activities on the debt of certain borrowers who filed for bankruptcy, providing at least temporary relief for potentially thousands of people and signaling that there may be a viable path to discharging some student debts in bankruptcy. As part of an ongoing class-action lawsuit filed against student loan servicer Navient, the company has …
Navient, a company that derived from Sallie Mae, has more than 12 million customers and services more than $300 billion of government and private student loans. In January, a lawsuit was filed against the student loan lender where the Consumer Financial Protection Bureau (CFPB) alleged that Navient “systematically and illegally failed borrowers at every stage of …
A Manhattan federal jury has been robbed of its chance to decide whether the collapse of financial firm MF Global was the fault of its CEO Jon Corzine or his accounting firm. MF Global, which was seeking to pin the blame for the firm’s stunning 2011 demise on PriceWaterHouseCoopers, settled the case mid-trial, sources said. The parties reached an agreement on Wednesday and notified the judge …
DOJ’s lawsuit against provider can proceed despite bankruptcy filing A federal lawsuit claiming a Tennessee-based skilled nursing operator provided “grossly substandard care” can proceed despite the provider’s bankruptcy filing, a judge ruled on Monday. Vanguard Healthcare LLC, along with a former director of operations, were named in a lawsuit filed by the U.S. Department of Justice and the …
Investors have agreed to settle a nine-year class-action lawsuit against Kansas City-based NovaStar Mortgage Inc. and three Wall Street banks over investment losses tied to subprime mortgages. The settlement calls for a $165 million cash payment from NovaStar Mortgage, Royal Bank of Scotland, Wells Fargo and Deutsche Bank, according to a statement from the investors’ attorneys. All four had …
A bill that targets the country’s current asbestos injury compensation system has been quietly reintroduced by a Texas federal lawmaker who is hoping President Trump is more receptive than his predecessor. U.S. Rep. Blake Farenthold, a Republican who serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform, re-submitted the …
The U.S. House Judiciary Committee has approved a bill that targets the country’s current asbestos injury compensation system and another that aims to weed out unmeritorious class action claims. Early Wednesday, the committee passed the Furthering Asbestos Claim Transparency, or FACT, Act of 2017 by a vote of 19-11. The panel, in a vote later in the day, passed the Fairness in Class Action Litigation Act of 2017, 19-12. House Judiciary Chairman Bob Goodlatte, R-Va., praised the FACT Act’s approval. …
After almost 50 months of litigation, a short trial, a secret benefactor, a second lawsuit, two separate bankruptcies, a journalist having a nine figure hold placed on his checking account, and who knows what else, it’s over. On Tuesday, federal Judge Stuart Bernstein officially approved the $31 million settlement of Hulk Hogan’s invasion of privacy lawsuit against Gawker Media , company …