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Those newly filed Merrill-related securities class actions aren't at the top of B of A's legal to-do list. First, the bank wants Robbins, Russell to erase that stinging asset-backed securities verdict.
The folks left out of the money in Washington Mutual Inc.'s proposed reorganization plan tried to exclude huge chunks of the testimony supporting a $7 billion settlement between WMI, JPMorgan, and the FDIC, arguing that it was based on privileged materials they weren't allowed to see. They get credit for trying--but not for succeeding.
Defendants Score in First Test of Texas Health Care Liability Act
A San Angelo, Texas, jury handed down the first verdict in a managed-care medical-malpractice suit brought under Texas' 1997 Health Care Liability Act as the federal debate over a patients' rights bill continues in Washington, D.C. As governor of Texas, President Bush allowed the Act to become law, but he has threatened to veto a patients' rights bill approved by the U.S. Senate on June 29.It was inevitable that the collapse of the $300 billion auction-rate securities market in 2008 would trigger securities litigation. But the ARS freeze also spawned a massive antitrust case, after a trio of plaintiffs firms cooked up a theory that the market's demise was triggered by an illegal boycott on the part of major banks.
Plaintiffs lawyers don't like an opt-in feature of the $160 million settlement between UBS and states attorneys general, concerned it may unfairly siphon claimants out of their antitrust class action. A lawyer for New York state accuses those lawyers of "fabricating reasons" to oppose the settlement.
Toyota to Pay Record $16.4 Mil. Fine in Run Up to Litigation
Toyota Motor Corp. agreed on Monday to pay a record $16.4 million fine that the National Highway Traffic Safety Administration, or NHTSA, imposed earlier this month after finding that Toyota waited four months to report sudden acceleration defects in its vehicles.A consolidated antitrust class action against four Chinese vitamin C makers case got smaller--but no less interesting--when one of the defendants agreed to a $10.5 million settlement. "This is the first shoe to drop in a Chinese cartel case, and it's a $10 million shoe," said William Isaacson of Boies Schiller, co-lead counsel for the direct purchaser class.
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