Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of shareholders of Green Bankshares, Inc. ("Green Bankshares" or the "Company") /quotes/comstock/15*!grnb/quotes/nls/grnb (GRNB 2.56, -0.07, -2.66%) .

The complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Green Bankshares' business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company was overvaluing the collateral of certain loans; (ii) that, as such, Green Bankshares was failing to timely take impairment charges to reduce the carrying values of certain loans to appropriate market values; (iii) that the Company lacked adequate internal and financial controls; and (iv) that, as a result, the Green Bankshares' financial results were materially false and misleading at all relevant times.

On October 20, 2010, Green Bankshares announced its financial results for the 2010 fiscal Q3 and disclosed that the Company's net charge-offs increased on a sequential basis from $4.9 million in the prior quarter to $36.5 million. Furthermore, Green Bankshares indicated that it had engaged a third-party loan reviewer, which contributed to the asset quality-impact reflected in its Q3 results. As a result of this news, shares of the Company declined more than 43% to close at $3.68 per share on October 21, 2010.

On November 9, 2010, Green Bankshares announced that in consultation with the Federal Reserve Bank of Atlanta, the Company had given notice to the U.S. Treasury Department that Green Bankshares was suspending the payment of regular quarterly cash dividends on the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury Department. Moreover, Green Bankshares disclosed that two large relationships totaling approximately $31.4 million had defaulted during Q3. On this news, shares of Green Bankshares declined more than 29.5% to close at $2.57 per share on November 10, 2010.

If you purchased Green Bankshares common stock between January 19, 2010 and November 19, 2010 and you have lost in excess of $100,000.00, please request more information now by clicking here: www.faruqilaw.com/GRNB

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.

If you purchased Green Bankshares common stock between January 19, 2010, and November 19, 2010 and wish to obtain additional information, please visit us at www.faruqilaw.com/GRNB or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.

A $450 million class action is being launched on behalf of National Australia Bank shareholders who lost money during the global financial crisis because of NAB's exposure to toxic debt.

Legal firm Maurice Blackburn will lodge the claim in a Victorian court tomorrow.

The firm says NAB had bought $1.2 billion in collateralised debt obligations (CDO) in 2006 which had a heavy exposure to the US sub-prime housing market.

It will allege that between early January and late July that year, NAB failed to properly disclose to shareholders all material information relating to its CDO exposure.

Several Union City residents have filed a class action lawsuit against United Water on allegations that the company cheated customers by selling them useless warranties that do not cover repairs.

The warranties, which cost about $150 a year, are supposed to cover the repair of broken water pipes, sewer pipes and other items, the attorneys for three 18th Street plaintiffs, said. Although the application says "Guaranteed Acceptance" in large print, there are actually many exclusions, the attorneys said.

Multi-unit dwellings are actually excluded from the warranty, but that has not stopped United Water from marketing and selling the policies to the owners of multi-unit buildings, the lawsuit says.

The suit was recently filed in Bergen County Superior Court in Hackensack, where United Water is based.

Attorneys Carl Mayer and Bruce Afran held a press conference Tuesday at the courthouse. Afran estimated that if all New Jersey residents in a situation similar to the plaintiffs were to join the suit, and the suit was successful, it could cost United Water as much as $50 million.

St. Clair County Circuit Judge Robert LeChien agreed on Nov. 9 to substitute attorney Jeffrey Millar's former law firm, Brent Coon & Associates, with his new employer Saville and Flint of Glen Carbon, in a proposed class action against Redbox DVD rental kiosks.

Millar, who used to be employed by the Lakin Law Firm in Wood River (now LakinChapman) before he left to join Coon's firm, is among a group of lawyers that represents Redbox lead plaintiff Laurie Piechur.

Piechur proposes to lead a class of DVD renters who claim that Redbox Automated Retail Inc. charged inappropriate late charges to customers using its kiosks.

The suit seeks damages in excess of $350,000, costs and other relief.

If certified, Piechur's suit would be a nationwide class action.

Redbox denies the claims in the suit.

The company has tried unsuccessfully to have the case dismissed.

The last filing in the case was a move by Redbox asking to be allowed to file additional defenses based on information gathered in the suit's ongoing discovery.

That motion was filed in September.

A move by the owner of Blockbuster Video, a third party in the suit's discovery, is also moving to quash Piechur's discovery requests.

Eric Brandfonbrener of Perkins Coie of Chicago and Robert Sprague represent Redbox.

Millar, Thomas Maag and others represent Piechur and the proposed class.

St. Clair County Circuit Judge Patrick Young presides until his retirement Nov. 30.

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of shareholders of Green Bankshares, Inc. ("Green Bankshares” or the "Company”)

The complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Green Bankshares’ business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company was overvaluing the collateral of certain loans; (ii) that, as such, Green Bankshares was failing to timely take impairment charges to reduce the carrying values of certain loans to appropriate market values; (iii) that the Company lacked adequate internal and financial controls; and (iv) that, as a result, the Green Bankshares’ financial results were materially false and misleading at all relevant times.
On October 20, 2010, Green Bankshares announced its financial results for the 2010 fiscal Q3 and disclosed that the Company’s net charge-offs increased on a sequential basis from $4.9 million in the prior quarter to $36.5 million. Furthermore, Green Bankshares indicated that it had engaged a third-party loan reviewer, which contributed to the asset quality-impact reflected in its Q3 results. As a result of this news, shares of the Company declined more than 43% to close at $3.68 per share on October 21, 2010.