Settlement

News & Analysis as of

UPDATE-Second Bite of Apple, Court Approves $415 million High-Tech Giants Wage-Fixing Settlement

As discussed in my initial blog post on the topic, Google, Apple, Intel and Adobe stand accused of conspiring not to poach one another’s employees in order to keep wages down. And as discussed in my update, the Court rejected...more

Goodyear Rolls Out $16 M Settlement With SEC, Putting Brakes on FCPA Charges

On February 24, 2015, the SEC announced that it had reached an agreement with Goodyear Tire & Rubber Co. (“Goodyear”) for Goodyear to disgorge more than $16 million to settle FCPA charges stemming from its Kenyan and Angolan...more

Goodyear Settles SEC’s FCPA Charges for $16M – Investigation Underscores Importance of Pre-Acquisition Due Diligence and Oversight...

On February 24, 2015, the Securities and Exchange Commission (SEC) announced that it had settled its Foreign Corrupt Practices Act (FCPA) investigation of payments made by two subsidiaries of The Goodyear Tire & Rubber...more

Goodyear FCPA Fine Highlights Benefits of Cooperation and Robust Compliance Controls

The Goodyear Tire & Rubber Company (“Goodyear”), one of the world’s largest tire companies, reached a significant settlement with the U.S. Securities & Exchange Commission (“SEC”) in connection with charges that two of its...more

The Rosenbaum Law Firm Review - March 2015

In This Issue: - It's The Plan Sponsor's Responsibility, Just Because. - Reasons When A Plan Sponsor Should Change Their Plan Providers. - What Retirement Plan Sponsors Have To Fear. - A great Retirement Plan?...more

Can a Receiver’s Appointment Be Declared Void by Another Court?

QUESTION: I am a receiver appointed pursuant to stipulation in an action pending in superior court between a husband and a wife over the operation of a business they own. After operating the business for many months, I agreed...more

It's Not Just A Delaware Thing: Other Courts Are Also Questioning Disclosure-Only Settlements In M&A Litigation

In an age when overburdened courts with reduced budgets often approve class action settlements without significant oversight, Delaware courts have frequently bucked that trend in the merger litigation context: rejecting...more

The Danger of Settling Disputes: Novation

Resolving business disputes before filing a lawsuit is efficient, cost effective – and sometimes dangerous. At least that’s what an architect learned when he tried to settle a pay dispute with the owner of a luxury...more

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Lockhead Martin and the Trickle Down Effect

Lockhead Martin settled their excess fee lawsuit concerning their 401(k) plan by making a $62 million settlement with plan participants. That is probably the highest excess fee settlement on record. I know how people think...more

DOJ and North Carolina AG Settle First-Ever Federal Discrimination Suit Involving Auto Lending

On February 10, the DOJ, along with the U.S. Attorney’s Office for the Western District of North Carolina and the North Carolina AG, announced the settlement of the federal government’s discrimination suit involving two “buy...more

Illinois Supreme Court Agrees to Decide When Tender Will Moot Putative Class Claim

The plaintiff files a skeletal class certification motion the same day as his putative class complaint. Subsequently, the defendant tenders a check to the plaintiff representing everything the plaintiff could recover for his...more

A Win for Nonsettling Defendants Facing Securities Act Claims

Nonsettling defendants that faced Securities Act claims were protected from disproportionate liability following a partial settlement. On February 3, Judge William H. Orrick of the U.S. District Court for the Northern...more

Make the Most of Your Mediation: Seal the Deal

It sometimes happens that, despite the best efforts of all participants, negotiations grind to a stubborn halt and disappointment sets in. Before packing your bags, ask yourself these five questions. Your answer might be just...more

Wal-Mart to Pay $150,000 to Settle EEOC Age and Disability Discrimination Suit

Keller Store Manager Was Harassed and Fired Because of His Age and Denied Accommodation for His Diabetes, Federal Agency Charged - DALLAS - Wal-Mart Stores of Texas, L.L.C. (Wal-Mart) has agreed to pay $150,000 and...more

DOJ Reaches Agreement With Leading Mortgage Servicers Over Servicemember Foreclosures

On February 9, the DOJ announced a $123 million settlement with five national mortgage servicers for allegedly violating sections of the SCRA. Specifically, the DOJ alleges that the mortgage servicers subjected over 900...more

DOJ Settles False Claims Act Allegations Against Pharmaceutical Manufacturer

On February 11, the DOJ announced a $7.9 million settlement with a Delaware-based pharmaceutical manufacturer for allegedly violating the False Claims Act by engaging in a kickback scheme with a pharmacy benefits manager...more

Settlement Between Parties Does Not Affect Final Written Decision - Salesforce.com, Inc. v. VirtualAgility, Inc.

Addressing the issues of vacating a final written decision and terminating a trial proceeding, the Patent Trial and Appeal Board (PTAB or Board) denied the patent owner’s request for authorization to file a motion to vacate...more

Device Manufacturer Settles False Claims Act Allegations with DOJ for $1.25 Million

The Department of Justice (DOJ) recently announced that ev3 Inc. (which acquired Fox Hollow Technologies, Inc. (“Fox Hollow”), a medical device manufacturer, in late 2007) agreed to pay $1.25 million to resolve allegations...more

Goldman Sachs Settles RMBS Suit

On February 6, 2015, plaintiffs Union Central Life Insurance, Ameritas Life Insurance, and Acacia Life Insurance filed a letter with the court stating that they had reached an agreement with Goldman Sachs to settle claims...more

Large Global Bank Settles Legacy Claims Surrounding Mortgage-Backed Securities

On February 2, a major bank agreed to a $500 million settlement to resolve years of litigation surrounding the sale of mortgage securities by Bear Stearns, which the company acquired. In re: Bear Stearns Mortgage Pass-Through...more

Bridging the Week - February 2015 #3

CFTC Chairman Calls for Increased Funding and Discusses Priorities During Congressional Testimony - Timothy Massad, Chairman of the Commodity Futures Trading Commission, appeared before members of the House of...more

Payday Lender Agrees to Refund $8 Million in Settlement with Pennsylvania AG

On February 11, the Pennsylvania AG announced a settlement with a national payday lender that will pay $8 million in restitution to consumers who were allegedly provided illegal payday loans. According to the state AG, the...more

Justice Department Settles Sexual Harassment and Retaliation Suit Against the State of Maryland, Queen Anne’s County, and the...

WASHINGTON - The Justice Department announced today that it has entered into a consent decree with the state of Maryland and the Queen Anne's County Sheriff. If approved by the court, the settlement will resolve Murphy-Taylor...more

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