Class Actions

Hagens Berman Law Firm Appointed Lead Counsel in Charles Schwab Securities Class Action

On August 18, 2008, United States District Judge William Alsup appointed Hagens Berman Sobol Shapiro lead counsel in the securities class action litigation against Charles Schwab Corporation (SCHW) involving Schwab YieldPlus Funds Investor Shares (SWYSX) and Schwab YieldPlus Funds Select Shares (SWYPX). The lawsuit alleges that that Schwab deceived investors about the underlying risk in the funds, and claims that while…

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Class Action Against Medis Technologies Dismissed

On August 18, 2008, United States District Judge Paul Crotty granted Medis Technologies motion to dismiss the securities class action filed against it and its CEO, Robert Lifton, in the Southern District of New York. Medis was represented by Deborah Hilarie Renner, Abigail Delette Lauer and Benito Delfin, Jr. of Sonnenschein Nath & Rosenthal in New York. Read the Medis Technologies press release Read Judge Crotty’s…

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GM, Deloitte Agree to Settle Securities Class Action for Combined $303 Million

 General Motors and Deloitte & Touche agreed last week to pay a total of $303 million to settle a securities class action settlement alleging that GM made material misstatements in its financials dating back to 2000. Under the agreement, GM will pay $277 million in cash to a class of its shareholders, and Deloitte, GM’s outside auditor, will contribute an additional $26 million…

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Qwest Securities Class Action Settlement Fund May Rise to $445 Million

  Qwest Communications (Q) second quarter report filed with the Securities and Exchange Commission reveals that Qwest has agreed to pay an additional $40 million to settle a lingering securities class action lawsuit.  Under the revised terms, which still need approval by the federal court, former Qwest CEO Joe Nacchio and former CFO Robert Woodruff would also contribute a total of…

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Bernstein Liebhard & Lifshitz Appointed Lead Counsel in Technical Olympics USA Securities Class Action

Bernstein Liebhard & Lifshitz announced on Friday that on July 14, 2008, Judge Kenneth Marra of the United States District Court for the Southern District of Florida appointed the firm to act as sole lead counsel in Durgin v. Technical Olympics USA, Inc., et al.  The firm represents the Bricklayers & Trowel Trades International Pension Fund, which the Court appointed as lead…

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State of Michigan Retirement Systems Seeks Lead Plaintiff Status in AIG Case

The State of Michigan Retirement Systems, represented by the law firm of Bernstein Liebhard & Lifshitz, as well as Barrack, Rodos & Bacine and The Miller Law Firm of Rochester, Mich., filed a motion on seeking to become lead plaintiff in the securities class action against American International Group.  The suit alleges that AIG misled investors as to the value of its…

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Court Grants Class Cert. in Monster Worldwide Backdating Case

Judge Rakoff of the SDNY has granted a motion for class certification in a shareholder lawsuit against Monster Worldwide (MNST.O) alleging securities fraud.  According to the Washington Post, the suit filed by two pension funds — the Middlesex County Retirement System in Massachusetts and the pension fund of the Steamship Trade Association-International Longshoreman’s Association–alleged Monster backdated stock options that were handed out to…

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Proposed Revisions to FASB 5 Spark Concerns of More Securities Class Actions

The Recorder reports that changes proposed by the Financial Accounting Standards Board that would force public companies to disclose more about the risks of litigation have caused a howl of protest among general counsel and corporate and defense lawyers. Under the revised rules for FASB Statement No. 5 (pdf), the threshold for reporting the potential loss from a lawsuit would…

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