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Part 7: Securities Fraud: When "good" Investments Disappear The nest egg stories Cases of investment and securities fraud come in many sizes. It is hard not to feel for middle aged and older individuals who have seen their life savings and pension investments shrivel or disappear while under the supposedly watchful eye of some third party.
Latest Lawsuit News & Legal Information
Supreme Court Sends IBM Stock Drop ERISA Lawsuit Back to Second CircuitWashington, DC On January 14, the Supreme Court sent
Retirement Plans Committee of IBM v. Jander, a much-watched ERISA lawsuit, back to the Second Circuit for further consideration of defensive arguments raised by the plan administrators. The decision is a setback, although perhaps not a fatal one, for participants in employee stock ownership plans (ESOPs) who claim that they have been injured because of corporate financial fraud. These “stock drop” lawsuits are one of several different kinds of 401k fiduciary mismanagement lawsuits.
Follow-up with California Labor Commissioner’s Office after Wage Theft FinesPasadena, CA After an employee at the Chapala Bakery complained about California labor violations, specifically wage theft, a joint investigation with Pasadena officials and the California Department of Industrial Relations (DIR) followed by several meetings held with Pasadena officials and the bakery business owner, the bakery was fined more than $80,000.
Uber Steering around AB40San Fransicso In an effort to steer its way around the definition of independent contractor and avoid regulation under Assembly Bill 5 and the California labor law, Uber is re-introducing features it once considered untenable.
More 3M Earplug Lawsuits Filed by Veterans NationwideSanta Clara From Minnesota to Texas to California, about 2,000 defective earplug lawsuits made by the 3M company and Aero Technologies (bought by 3M) have been filed by U.S. veterans, many of whom suffer tinnitus and permanent hearing loss. These lawsuits have been pouring in since 3M agreed in the summer of 2018 to pay U.S. military branches $9.1 million to settle government allegations that the Maplewood-based company supplied defective earplugs.
Ninth Circuit Affirms $54.6 Wage Award for Walmart TruckersSan Francisco, CA On January 6, the Ninth Circuit affirmed a $54.6 million jury award for Wal-mart's truck drivers under the provisions of California labor law. Wal-mart had challenged the 2016 District Court decision in
Ridgeway v. Walmart, Inc. on a variety of grounds, including lack of jurisdiction, the certification of a class of similarly situated plaintiffs and the applicability of the Federal Aviation Administration Authorization Act of 1994.
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