New to the U.S., litigation funding company commits more than $1.5 million to class action against Chevron
According to a copy of the litigation funding agreement, Therium Litigation Funding IC currently has $1.7 million invested in the class action lawsuit against the oil giant. Judge Susan Illston of the U.S. District Court for the Northern District of California granted Chevron Corp.’s motion in August, requiring the agreement be released.
The plaintiffs in the proposed class action, originally filed in a Massachusetts federal court in April, argue they purchased Alere Inc. common stock and suffered damages as a result of the company’s alleged federal securities law violations and false and/or misleading statements and/or material omissions amid a failed merger with Abbott Laboratories Inc.
In August, Judge Susan Illston of the U.S. District Court for the Northern District of California granted Chevron Corp.’s motion requiring plaintiff Natta Iyela Gbarabe to produce his funding agreement. The plaintiff filed a proposed class action against the oil giant over a January 2012 gas explosion off the coast of Nigeria.
Minneapolis-based Thrivent Financial for Lutherans argues the new rule, which, among other things, redefines the term fiduciaries, would subject it to penalties under federal law and would force it to agree contractually with its customers that they could participate in class actions against the organization.
In August, the U.S. Court of Appeals for the D.C. Circuit rejected a petition for review of a 2013 decision by U.S. Securities and Exchange Commission administrative law judges. The judges barred Raymond J. Lucia and his company from associating with a financial adviser, broker or dealer and revoked the company’s investment adviser registrations.
On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.
Sixth Circuit sides with plaintiffs in data breach class actions, says it would be ‘unreasonable’ for customers to wait for misuse
Mohammad Galaria and Anthony Hancox brought their class actions, in the U.S. District Court for the Southern District of Ohio and U.S. District Court for the District of Kansas, respectively, after hackers breached Nationwide Mutual Insurance Company’s computer network in October 2012 and stole their personal information, along with more than 1 million others.
A three-judge panel of the U.S. Court of Appeals for the Eighth Circuit this month affirmed a federal district court’s ruling, holding that the plaintiff’s allegation was, on its own, insufficient to establish Article III standing. Pointing to the U.S. Supreme Court’s ruling in Spokeo v. Robins, the panel said the plaintiff, a former Charter Communications customer, did not allege an injury in fact as required by Article III.
The federal lawmakers, in a letter sent to the head of the Consumer Financial Protection Bureau earlier this month, urged the bureau to consider including a provision in the final rule that allows financial companies to retain class action waivers in their arbitration clauses. Under the CFPB’s current proposal, companies would be prohibited from putting mandatory arbitration clauses in new contracts.
In its brief, the Washington Legal Foundation contends the U.S. District Court for the District of Minnesota erred by holding at the preliminary injunction stage that the plaintiffs’ facial challenge to the Persuader Advice Exemption Rule can succeed only by showing that the rule would be invalid in all of its applications.