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US court agrees Apple violated antitrust law in e-book entry
Securities Class Action |
2015/06/28 16:01
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Apple violated antitrust laws by colluding with publishers to raise electronic book prices when it entered a market in 2010 that had been dominated by Amazon.com, a federal appeals court said Tuesday. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled 2-to-1 that a lower court judge was right to find Apple Inc. violated the laws to upset Amazon.com Inc.'s control of the market. The appeals court also agreed that U.S. District Judge Denise Cote was right to order injunctive relief to ensure the Cupertino, California-based company didn't commit additional violations of antitrust laws. An Apple lawyer said in an email that comment would be issued soon. Cote ruled against Apple after a civil trial in summer 2013. She ordered the technology giant to modify contracts with publishers to prevent price fixing and appointed a monitor to review the company's antitrust policies. The appeals court weeks ago upheld the appointment of the monitor. |
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McConnell, Cruz urge court to reject gay marriage
Securities Class Action |
2015/04/07 13:48
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Senate Majority Leader Mitch McConnell and presidential candidate Sen. Ted Cruz are among 57 Republicans in Congress who are calling on the Supreme Court to uphold state bans on same-sex marriage.
The congressional Republicans said in a brief filed at the high court Friday that the justices should not impose "a federally mandated redefinition of the ancient institution of marriage" nationwide. The Republicans said the court should let voters and their elected legislatures decide what to do about marriage.
The court will hear arguments on April 28 in cases from McConnell's home state of Kentucky, as well as Michigan, Ohio and Tennessee. Same-sex couples can marry in 37 states.
Last month, 7 Republicans joined 211 Democrats and independents in Congress in support of same-sex marriage nationwide.
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Australian court rules ANZ Bank late fees too high
Securities Class Action |
2014/02/06 16:38
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One of Australia's largest banks faces a multimillion dollar payout to thousands of customers after a judge ruled on Wednesday that late payment fees it charged on credit cards were exorbitant.
ANZ Banking Group Ltd. partially lost a class action law suit in the Australian Federal Court brought by more than 43,000 customers who claimed they had been charged excessive fees for years. In some cases the fees were 70 times the cost to the bank of administering late payments.
Justice Michelle Gordon ruled that the bank had been illegally imposing penalties for late payments on credit cards.
She agreed with lead plaintiff Lucio Paciocco's argument that the fees were "extravagant, exorbitant and unconscionable," and represented a breach of contract.
But she also ruled in ANZ's favor by dismissing claims that other types of bank fees were illegal penalties.
It was not clear how much the bank would have to pay back customers who had been charged too much over six years. Lawyers for the bank and customers have until next week to agree on a proposal for repaying customers that the court can rule on. |
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Court-appointed receiver recovers $312 million
Securities Class Action |
2013/03/03 14:55
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Hundreds of millions of dollars have been recovered so far in a massive North Carolina-based Ponzi scheme that authorities say attracted more than 1 million investors. The case involves Rex Venture Group, which operated several online projects. The Securities and Exchange Commission froze the company's assets in August. Court-appointed receiver Kenneth Bell has filed a document in federal court in Charlotte detailing his expenses. As of Dec. 31, Bell says he has recovered $312 million and has incurred $1.6 million in fees and services for the investigation. The SEC says the company, operated by Paul Burks of Lexington, ran a $600 million Ponzi scam, where money from new investors is used to pay out old ones. Burks is paying a $4 million penalty and cooperating with the SEC. |
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Rosen Law Firm Files First Federal Securities Class Action
Securities Class Action |
2012/07/05 02:07
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The Rosen Law Firm, P.A. announces today that it has filed the first federal class action against Lone Pine Resources, Inc. (LPR) alleging that Lone Pine made false statements of material facts in its prospectus issued in connection with the Company's May 26, 2011 initial public offering. If you wish to serve as lead plaintiff, you must move the Court no later than September 4, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
To join the Lone Pine class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com for information on the class action. The action filed by the Rosen Law Firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that Defendants failed to disclose in its IPO documents that the Company was facing significantly increased costs and disruption in production volumes attributed to a major oil sales pipeline rupture in late April 2011 and a large forest fire in the same area in Mid-May. When the market learned of this adverse information, the price of Lone Pine dropped damaging investors.
www.rosenlegal.com.
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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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