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Justices ask lower court to reconsider class action case
Headline Legal News |
2016/12/18 09:56
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The Supreme Court is asking a lower court to take another look at a class action lawsuit brought by nearly 300 cable technicians that alleges their company encouraged workers to underreport overtime hours.
The justices said Monday that a federal appeals court should reconsider its decision allowing the lawsuit to proceed against cable installation firm FTS USA and its parent company, UniTek USA.
The companies argue that the district court should not have calculated damages for hundreds of workers by averaging the experiences of only 17 workers who testified.
A federal judge awarded the technicians $3.8 million after a jury found the company at fault. A federal appeals court said that award was too high, but rejected arguments that a single class action lawsuit was improper.
The Supreme Court won't hear an appeal from two former American International Group executives seeking to avoid civil fraud claims on charges they hid hundreds of millions of dollars in losses from investors.
The justices on Monday let stand a lower court ruling that said former chief executive officer Maurice Greenberg and former chief financial officer Howard Smith must stand trial.
New York state has accused the former executives of manipulating AIG's accounting records to hide hundreds of millions of dollars in losses from investors.
The state seeks an order banning Greenberg from working in the securities industry or as an executive for any public company. It also is seeking $53 million, including bonuses Greenberg received during the period he is alleged to have manipulated the company's finances. |
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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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