The number of class-action plaintiffs opting out of settlements to pursue their own litigation has risen in recent years, according to a report issued Wednesday by Cornerstone Research. Pension funds, which previously appeared in almost half of the pre-2014 class-action cases, appeared in just four class-action cases between 2014 and 2018 in which parties were able to be identified, according …
The Federal Republic of Nigeria filed a motion in federal court Monday to join approximately 40 Nigerian students in a lawsuit against Alabama State University. The motion is the latest movement in a lawsuit filed in Aug. 2016 that initially listed the Nigerian government as a defendant, a decision Julian McPhillips, attorney for the students, said was a formality at the time. The lawsuit claims that throughout the students’ expected four-year tenure, ASU erroneously charged …
Thousands of workers who invested their retirement savings in JPMorgan’s stable value funds got approval to sue the company as a certified class (In re JPMorgan Stable Value Fund ERISA Litig., S.D.N.Y., No. 1:12-cv-02548-VSB, order unsealed 4/17/17 ). The lawsuit accuses JPMorgan Chase & Co. of mismanaging its stable value funds—which are meant to be conservative, low-risk options that protect …
The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that: (1) Citizens’ brokers and pitchbooks falsely claimed that most of the funds from its insurance policies were directly invested …
Principal Financial Group Inc. accused the managers of Liongate Capital Management LLP of hiding investments with Bernie Madoff while negotiating to sell half of their London hedge fund to Principal. Founders Randall Dillard and Jeff Holland, and Head of Research Benjamin Funk sold the stake in March 2013 without disclosing secret investments in the largest of several Madoff “feeder funds,” …
Heads I win, tails you lose… and then you lose some more. That seems to be the story surrounding Bill Ackman’s disastrous near $4 billion loss in Valeant Pharmaceuticals. Ackman’s pharmaceutical foray is mostly over after his hedge fund Pershing Square dumped all of its Valeant shares in mid-March at $11 apiece, or an over 90% loss, cementing one of Wall Street’s biggest-ever investment …
Last week, the Trump administration issued its first policy on student loans. As a result, loan guarantee agencies that collect on defaulted debt can charge borrowers …
Pennsylvania’s auditor general says a Harrisburg-based abortion alternative provider is suing his office to cover-up how it spent $906,000 in state funds. Real Alternatives filed the lawsuit Wednesday in Commonwealth Court. The nonprofit has a $30.2 million grant through a Department of Human Services program that provides pregnancy testing, counseling and other …
New York Life Insurance Co. has agreed to settle a lawsuit alleging the firm engaged in self-dealing in its 401(k) plans for the sum of $3 million. Plaintiffs brought the excessive-fee suit against New York Life in July 2016, seeking relief for alleged damages caused by fiduciary breach in two company retirement plans. New York Life neither admitted nor denied wrongdoing as part of the …
While jury duty is a civic responsibility, it can sometimes be an expensive inconvenience: A new lawsuit says jurors in D.C.’s Superior Court face exorbitant fees charged by a bank that deprives them of the maximum payment of $34 per day. Attorneys for William Mark Scott, a lawyer himself, have filed a class action suit against JPMorgan Chase & Co. in D.C. federal court for unjust …