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Tobacco Companies Handed a Win; States May Face $1B Loss
A New York appellate panel handed tobacco companies a victory Thursday by ruling that disputes over reductions in their payments to the states under a $206 billion nationwide settlement must go to arbitration. Under the settlement, which compensates states for funds spent treating smoking-related illnesses, the states receive $6.2 billion annually from 45 participating companies. The ruling has enormous fiscal implications for the states as the reduction could amount to more than $1 billion a year.Class action litigation is beginning to take shape over allegations that major banks manipulated Libor, the benchmark rate used to calculate interest on trillions of dollars in securities globally. On Monday the federal district court judge hearing the litigation consolidated 20 class complaints, and appointed interim class counsel.
Employment Arbitration: Courts Safeguard Employee Rights
The law governing arbitration of employment disputes has undergone a remarkable evolution. At the beginning of the 1990's, the Supreme Court in Gilmer v. Interstate/Johnson Lane Corp. endorsed mandatory arbitration to resolve age discrimination claims. Federal courts are now recognizing, however, that arbitration sometimes favors employers unfairly. Judges have started to issue rulings intended to ensure that arbitration is in fact the neutral forum originally contemplated by the Supreme Court.Cite as: Chevron Corp. v. Donziger, 11 Civ. 0691 (LAK), NYLJ 1202493469125, at *1 (SDNY, Decided May 9, 2011)District Judge Lewis A. Kaplanp class="decid
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