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Usually private plaintiffs have reason to celebrate DOJ results in parallel antitrust litigation. But what happens when the government decides not to pursue some of the claims made by those private plaintiffs?
Reed Smith Disputes Claims of Growing Pains
In only a five-year span, Reed Smith has nearly doubled in size and profitability while making big splashes into the California and London markets with large mergers. The firm is now led by the dynamic Gregory Jordan, a 45-year-old Reed Smith lifer from the Pittsburgh home base who has accepted the mission of taking the firm to the next level. But changes such as these create casualties.The already heated battle over the proposed $7 billion credit card "swipe fee" settlement is about to get even more contentious. On Friday, the law firms representing a proposed nationwide class of seven million merchants filed a motion for preliminary approval of the settlement. The numerous trade groups and retailers that have criticized the deal will now 30 days to voice their objections.
Judge Dismisses Charitable Donors' RICO Suit Against Hospital
A federal judge dismissed a proposed class action civil RICO suit against former officers and directors of Pittsburgh, Pa.-based Allegheny Health Education and Research Foundation. The suit was brought by charitable donors and recipients who said their money was squandered before the hospital chain went bankrupt. The judge found neither group had a legally protectable property interest in the money.Plaintiffs lawyers were awarded $30 million for helping secure a settlement with Volkswagen and Audi drivers whose cars turned their engine oil to sludge. But the car makers want the award slashed, claiming it's two-thirds the size of the settlement itself.
Four years after regulators began investigating alleged collusion by the banks controlling the CDS market, private antitrust litigation is finally starting to take shape.
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