SEC Policies Spark Debate Over Investor Rights and Arbitration
The SEC has permitted public companies to prevent investors from participating in class-action lawsuits, a move that could impact investor rights and corporate legal strategies.
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Class Action Lawsuits
All articles tagged with #class action lawsuits
Key Highlights from the Supreme Court's Landmark Rulings on Citizenship and Judicial Power
The US Supreme Court's recent ruling clarifies that lower courts cannot issue nationwide injunctions to block federal policies, impacting future immigration cases and potentially leading to more class-action lawsuits, but it does not directly change the current policy of birthright citizenship, which remains in effect for now.
"Norfolk Southern Reaches $600M Settlement for Ohio Train Derailment"
Norfolk Southern has reached a $600 million settlement to resolve all class-action lawsuits within 20 miles of its 2023 East Palestine, Ohio, derailment that spilled hazardous chemicals. The settlement, if approved, will provide compensation for individuals and businesses affected by the spill, with additional compensation for residents within 10 miles of the derailment. Despite the settlement, some residents still report health problems, and several class-action lawsuits claim the company has not done enough to remediate the area. Norfolk Southern's shares fell 2% in premarket trading following the news.
"Apple's iPhone Monopoly: New Class Action Lawsuits and Government Antitrust Suit"
Following the US Department of Justice's lawsuit against Apple for monopolizing the smartphone market, the tech giant faces additional legal trouble with new class action lawsuits from consumers alleging anticompetitive conduct and inflated product costs. These lawsuits, filed in New Jersey and California, echo the DOJ's claims and could represent millions of consumers. Apple's tactics around messaging, digital wallets, and the App Store are cited as suppressing competition. Hagens Berman Sobol Shapiro, known for previous successful class action lawsuits against Apple, is representing one of the new cases. The outcome of these lawsuits remains uncertain, but private antitrust class actions have been known to make significant progress.
"UFC Agrees to $335 Million Settlement in Athlete Class-Action Lawsuits"
TKO Group Holdings, the parent company of UFC, has agreed to pay $335 million to settle two class-action lawsuits filed by former UFC fighters alleging antitrust law violations. The lawsuits claimed that UFC paid fighters less than they were entitled to and engaged in anticompetitive actions. The settlement will be paid in installments over time and is subject to court approval.
Revolutionizing Home Buying in 2024: A Better Way to Find Your Dream Home
The US housing market is facing a wave of class-action lawsuits accusing the National Association of Realtors and major real-estate brokerages of keeping agent commissions unfairly high. These lawsuits, expected to reach major milestones in 2024, could result in billions of dollars in damages and significant changes to the way homes are bought and sold. The traditional commission model, where agents are paid a percentage of the sale price, may be replaced by decoupling, where buyers and sellers pay their agents separately. This could lead to more flexibility in negotiating agent fees and experimenting with different compensation models. While this could benefit consumers by potentially lowering fees and increasing transparency, it may also pose challenges for buyers who may need to pay agents out of pocket. The outcome of these lawsuits and the subsequent changes in the real estate industry will be closely watched in the coming year.
Coinbase emerges victorious in US Supreme Court arbitration dispute.
The US Supreme Court has ruled in favor of Coinbase in its first-ever opinion on a cryptocurrency case, halting court proceedings against the company in two California cases. The cases alleged that Coinbase failed to provide proper relief after users lost money and engaged in deceptive advertising. The court's decision grants Coinbase the same legal treatment typically given to all companies under the US Federal Arbitration Act of 1925, and affords the company the right to handle disputes through arbitration in lieu of lawsuits.
Elon Musk warns of impending lawsuits against Target over controversial products.
Elon Musk predicts that Target could face class-action lawsuits from investors after the company's value dropped by more than $15 billion following the controversy over its Pride collection, including a 'tuck-friendly' women's swimsuit. Conservative commentator Charlie Kirk shared how JP Morgan had downgraded Target's stock due to concerns and particular over the retailer's association with millennials. Musk responded saying he believes Target will likely face class-action lawsuits from investors after the company's value dropped by more than $15 billion.
Elon Musk Warns of Legal Troubles for Target Amidst Boycott and Financial Losses
Elon Musk predicts that Target will face class-action lawsuits from shareholders due to the company's loss of over $15 billion in market value since the controversy surrounding its LGBTQ-friendly "PRIDE" collection. Conservative commentator Charlie Kirk tweeted about JP Morgan's decision to downgrade Target's stock, to which Musk responded by suggesting that lawsuits against the company and its board of directors for destruction of shareholder value are imminent. Target has faced backlash over its support for the LGBTQ community, including calls for boycotts and removal of certain items from stores. The company's shares have fallen by nearly 17% in the last month.
U.S. Supreme Court to Rule on Crypto Case.
The US Supreme Court will hear arguments on Tuesday in a case involving San Francisco-based crypto exchange Coinbase, which is attempting to pause a pair of class-action lawsuits against it. The case is a procedural argument over whether a lawsuit can proceed in federal court while one party is attempting to send the dispute to arbitration. Coinbase is appealing an earlier decision by a federal court in California allowing the two lawsuits to continue, in contrast with Coinbase’s user agreement, which requires disputes to be sent to arbitration. The decision could have a significant impact on the emerging litigation landscape in the crypto sphere and other crypto companies that have increasingly been targeted by class-action lawsuits.