News & Analysis as of

Class Action Disgorgement

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
The Wagner Law Group

Pension Risk Transfers and the Continuing Concern About Buying a Pig in a Poke

The Wagner Law Group on

Pension risk transfers (“PRTs”) continue to make the news. And well they should. Last year alone, over $100 billion in liabilities were transferred from defined benefit pension plans to insurance companies. And the trend...more

Venable LLP

Keeping Up with Disclosures: SEC Punishes Kim Kardashian for Crypto Promotion

Venable LLP on

​​​​​​​On Monday the U.S. Securities and Exchange Commission issued a cease-and-desist order to Kim Kardashian for failing to disclose that she received $250,000 to promote EthereumMax’s digital tokens, “EMAX tokens,” on...more

Goodwin

Delaware Chancery Court Dismisses Cigna Derivative Suit Over Failed Anthem Merger

Goodwin on

Delaware Chancery Court Dismisses Cigna Derivative Suit Over Failed Anthem Merger; The PCAOB Sanctions Former KPMG Vice Chair Of Audit For Failure To Supervise Senior Members Of KPMG's Audit Practice; Ninth Circuit Affirms...more

Bennett Jones LLP

The Alberta Court of Appeal Provides Guidance on the Test for Certification in Overturning Goodyear

Bennett Jones LLP on

On May 17, 2021, the Alberta Court of Appeal released its decision in Spring v Goodyear Canada Inc., 2021 ABCA 182. This case is the latest Alberta consideration of the test for certification of a class action. At issue was...more

Proskauer - Advertising Law

2020 Advertising Law Year in Review

While 2020 was an eventful year in the world of advertising law, it feels wrong to begin any type of “year in review” without acknowledging the global events of this year, and the challenges they have brought to every...more

ArentFox Schiff

Class-Action Filed Against Anheuser-Busch Alleges ‘Rita’ Malt Beverage Products Mislead Consumers

ArentFox Schiff on

A new class-action lawsuit alleges that packaging for Anheuser-Busch’s “Rita” beverage products deceives consumers by implying that the products contain wine or distilled spirits when in fact they are flavored malt beverage...more

Manatt, Phelps & Phillips, LLP

Not So Powerful: When a Compensatory Damages Award Becomes an Excluded Disgorgement

Insurance coverage often turns on strange questions. The Eleventh Circuit’s decision this summer in AEGIS Electric & Gas International Services Limited v. ECI Management LLC, 967 F.3d 1216 (11th Cir. 2020), is one of those...more

King & Spalding

Seventh Circuit Holds Class Action Objectors Can Be Required to Disgorge Private Settlements

King & Spalding on

On August 6, the Seventh Circuit held that it is inequitable for a class action objector to settle her objection for an amount in excess of her share as a class member and that disgorgement is the most appropriate remedy. ...more

Seyfarth Shaw LLP

The Seventh Circuit Provides District Courts Ammunition To Deal With “Objector Blackmail” In Proposed Class Settlements

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Seyfarth Synopsis: “Objector blackmail” occurs in the class settlement approval process when a few class members object to a proposed settlement and, after the district court has overruled their objections, pursue appeals...more

Carlton Fields

Eleventh Circuit Explicitly Adopts Distinction Following Hoover to Confirm That Coverage Cannot Be Created Through Waiver or...

Carlton Fields on

On July 30, 2020, the Eleventh Circuit Court of Appeals in AEGIS Electric & Gas International Services Ltd. v. ECI Management LLC reversed the trial court’s grant of summary judgment in favor of an insurer, AEGIS Electric &...more

Seyfarth Shaw LLP

Seventh Circuit Orders Disgorgement of Settlement Proceeds Paid to Bad-Faith Objectors to Class Action Settlements, Ending...

Seyfarth Shaw LLP on

When a class action settlement is proposed for approval, the class members have three options, (1) they can remain in the settlement class, (2) opt-out of the settlement to preserve their individual claims, or (3) they can...more

Pierce Atwood LLP

The Seventh Circuit Clears a Roadblock to Settlement

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As I have discussed in earlier posts, there are multiple stakeholders to class action settlements, including named plaintiffs, absent class members, class counsel, defendants, and the courts. Conflicts can arise within some...more

Foley & Lardner LLP

Blackmailer Beware: Seventh Circuit Disgorges Class Objectors' Inequitable Settlement Proceeds

Foley & Lardner LLP on

The Seventh Circuit held last Thursday that individuals who object to a class action settlement voluntarily assume a limited fiduciary duty to other class members, which they can breach by settling their classwide objections...more

Faegre Drinker Biddle & Reath LLP

No Damages? No Tort, Says the Supreme Court of Canada

Consider this: What if plaintiffs could assert a cause of action for negligence without proving, or even pleading, any actual damages? And what if the remedy for this damage-free tort claim were disgorgement of profits...more

Seyfarth Shaw LLP

Universities Prevail On Technicality In First Ruling Testing Viability Of COVID-19 Room And Board Refund Class Actions

Seyfarth Shaw LLP on

Seyfarth Synopsis: In the first ruling in response to the slew of room and board refund class actions filed in the wake of COVID-19, on July 29, 2020, in Rosenkrantz v. Arizona Board of Regents, No. 2:20-CV-01203 (D. Ariz.),...more

White and Williams LLP

11th Circuit Holds Potential Attorneys’ Fee Award Alone Constitutes Potential “Loss” Triggering Duty to Defend under Professional...

Highlighted by a decision this past week in the 11th Circuit, a small divide may be beginning to emerge in the treatment of coverage for underlying plaintiff’s attorneys’ fees under professional liability policies, a split...more

McGlinchey Stafford

Florida Real Property & Business Litigation Report, Volume 13, Issue 26

McGlinchey Stafford on

Liu v. Securities And Exchange Commission, Case No. 18–1501 (2020). Equitable relief, including disgorgement, is permissible under the Securities Act of 1933, 15 U. S. C. §77a et seq., so long as it does not exceed a...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

McDermott Will & Emery

California Attorney General Announces Historic $575 Million Settlement of Antitrust Suit Against Sutter Health

McDermott Will & Emery on

California Attorney General Xavier Becerra (AG Becerra) announced on Friday, December 20, 2019, the terms of a comprehensive settlement agreement reached with Sutter Health (Sutter), the largest hospital system in Northern...more

Moore & Van Allen PLLC

Latest DOJ Spoofing Settlement

Moore & Van Allen PLLC on

On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation...more

Sheppard Mullin Richter & Hampton LLP

CBD Industry Beware: The False Labeling Class Action Has Arrived

Last week, in what may be the first of its kind, a putative class of Massachusetts consumers filed a false labeling class action complaint against Global Widget LLC, d/b/a Hemp Bombs (“Hemp Bombs”) (Ahumada v. Global Widget...more

Thomas Fox - Compliance Evangelist

Juniper Networks FCPA Enforcement Action-Speak Sternly and Enhance Controls

Last week Juniper Networks, Inc. (JNPR) resolved their long-standing Foreign Corruption Practices Act (FCPA) enforcement action by settling with the Securities and Exchange Commission (SEC) via a Cease and Desist Order...more

White and Williams LLP

California Federal Court Rules Excess Policy Not Triggered by Underlying Insurers’ Payment of Uncovered Loss

White and Williams LLP on

On Monday, November 16, 2018, in AXIS Reinsurance Company v. Northrop Grumman Corporation, Case No. 17-8660 (C.D. Cal.), a federal district court in California ruled that an excess fiduciary liability insurer did not owe...more

Mintz - Securities Litigation Viewpoints

Special Master Recommends Return of $10.6 Million in Attorneys’ Fees to Class Members

Former U.S. District Judge Gerald Rosen, the Special Master appointed to investigate alleged improper billing by class plaintiffs’ firms in Arkansas Teacher Retirement System v. State Street Bank and Trust Company,...more

Dechert LLP

Southern District Deals Blow to FCPA-Based Securities Class Actions

Dechert LLP on

When a public company resolves a Foreign Corrupt Practices Act (FCPA) investigation by either the U.S. Department of Justice (DOJ) or Securities and Exchange Commission (SEC), private litigation by investors under the...more

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