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Stocks rise ahead of Bernanke, Obama speeches
Stock Market News |
2011/09/08 09:20
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Stocks are gaining steam ahead of speeches on the economy by Federal Reserve Chairman Ben Bernanke and President Barack Obama.
Bernanke will detail his outlook for the economy Thursday afternoon. Obama will lay out his jobs plan at a joint session of Congress tonight.
Stocks drifted between gains and losses in early trading after mixed signs on the economy. New applications for unemployment benefits rose last week. At the same time, U.S. exports rose to an all-time high. That could be a sign the economy is growing.
At 11:45 a.m., the Dow Jones industrial average was up 37 points, or 0.3 percent, to 11,453. The S&P 500 rose 3, or 0.3 percent, to 1,201. The Nasdaq gained 13, or 0.5 percent, to 2,562.
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Wal-Mart Uses Class Action Against Netflix
Court News |
2011/09/08 09:20
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Wal-Mart is using its failed class action lawsuit with Netflix to attract new users to its video streaming service, Vudu.
A federal court in California agreed late last week to allow Wal-Mart to pay $27.5 million to 40 million Netflix subscribers. The kicker? They can make the payment in the form of gift cards for Walmart.com. As a result, this also gives Wal-Mart access to Netflix's customer database.
The class action suit came in response to a dinner meeting in 2005, where the CEOs of Netflix and Wal-Mart allegedly agreed to share the DVD market. According to consumer advocates, under the pact, Wal-Mart agreed not to rent DVDs if Netflix promised not to sell them. Class action suits were filed against both companies in 2009, claiming that this agreement violated antitrust laws.
While Wal-Mart decided to settle the case, Netflix is still fighting the allegations, claiming the suit "has no merit."
Wal-Mart's settlement, which still has to be finalized in February 2012, comes as the discount giant is in the process of aggressively promoting its Vudu service, which it acquired in February 2010. At the same time, Netflix is in dire need of an image cleanup, following several unfriendly consumer moves, including a recent price hike and the falling out of its Liberty Starz deal.
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Judge: AVX Myrtle Beach suit now class action
Court Watch |
2011/09/08 05:21
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As many as 229 property owners in Myrtle Beach could become plaintiffs in a lawsuit against electronics manufacturer AVX Corp. that alleges the company contaminated groundwater.
The Sun News of Myrtle beach reported a state judge this week certified the suit as a class action.
The 4-year-old lawsuit suit says the company polluted groundwater with an industrial degreaser linked to cancer and other health problems. The lawsuit contends the pollution ruined property values in a 12-block area near the old AVX plant. The suit is not expected to be heard until next year.
AVX settled a separate lawsuit with an adjacent property owner earlier this year while a third contamination lawsuit is pending.
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Hundreds in Fla. want out of Chinese drywall deal
Court Watch |
2011/09/07 09:21
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Hundreds of Floridians potentially want to opt out of a proposed $55 million federal settlement over faulty Chinese drywall in hopes of pursuing individual lawsuits in state courts, the attorney for two families said Wednesday.
The lawyer, David Durkee, said a key hearing Friday in Broward County could be a major step in determining whether people dissatisfied with the class-action settlement can take their cases before juries in Florida courts.
"They don't want any part of that settlement," Durkee said. "They have chosen state court. They want to proceed individually and they want their day in court."
The settlement, first announced in June, involves Banner Supply Co., a major distributor of Chinese drywall, and thousands of affected homeowners, builders, installers and others in Florida. U.S. District Judge Eldon Fallon in New Orleans - where lawsuits in several states were consolidated for pretrial purposes - gave the deal preliminary approval in July.
Thousands of homes mainly in the South were affected by installation of Chinese drywall that has a foul odor, can corrode wiring and metal in appliances and cause health problems. The Banner settlement involves mostly Floridians.
Fallon also ordered a temporary halt to drywall lawsuits filed against Banner in state court. The hearing Friday before Broward County Circuit Judge Charles Greene concerns whether cases filed by the families represented by Durkee can proceed despite the federal order and settlement.
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NY pair face judge in deadly pharmacy robbery
Court News |
2011/09/07 09:21
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A New York couple charged in a prescription drug robbery that left four people dead is expected to enter guilty pleas to all charges against them.
A law enforcement official tells The Associated Press that David Laffer and his wife, Melinda Brady, were due to admit their roles in the Father's Day massacre in a Long Island courtroom on Thursday morning. Laffer is charged with first-degree murder in the June 19 holdup at Haven Drugs in Medford. Brady faces robbery charges for allegedly driving the getaway car.
The official is familiar with the case but was not authorized to speak publicly.
Two employees died, along with two customers who walked in on the carnage, which was captured on store video surveillance. Police said Laffer fled with hydrocodone-type painkillers.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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