The Financial Crisis Inquiry Commission's report concludes that ineffective regulators and big banks were the primary causes of the financial meltdown. Next stop: Government and class action lawsuits to recoup some of what we all lost, and (please please please) criminal charges against the worst offenders too.
Bank of America's persistent failure to modify home loans has resulted in the inevitable: a consumer class action lawsuit. Last week, Susan Fraser of Missouri filed suit on behalf of herself and other qualified homeowners whom the bank failed to give permanent loan modifications to.
Right now, millions of Christmas presents are zooming around the country in FedEx trucks -- driven, one might think, by FedEx employees. However, it turns out the employment status of those drivers depends on which state they are working in, and according to a judicial ruling issued Tuesday, most are independent contractors.
A U.S. District Court judge will not dismiss allegations against Toyota for problems related to sudden unintended acceleration in certain car models, as the automaker had hoped.
Toyota is asking a federal court in California to dismiss lawsuits claiming that electronics -- not floor mats or sticky gas pedals -- are the cause of unintended acceleration in its vehicles, saying plaintiffs have not proved there's a design defect in the vehicles' electronic systems.
In a case with wider implications for the financial industry, jurors in a class-action securities fraud suit found that BankAtlantic Bankcorp was liable to shareholders for about $42 million for making false statements about the bank's real estate portfolio and net income.
A Boston-based law firm announced a lawsuit Friday against the Securities and Exchange Commission on behalf of investors conned by Bernie Madoff. The suit brought by Kacheroo Legal Services seeks class-action status, and if it goes forward, it will be the first such suit ever.
Google has been slapped with another privacy lawsuit, this time over its toolbar, Bloomberg reported Tuesday. A New York man alleges the toolbar software transmits users' Internet activity to the company, and misleads people into believing they can prevent that transmission.
A lack of staff in the face of overwhelming volume is the excuse banks give for turning to robo-signers to speed foreclosures, and for their inability to manage the the mortgage modification process. Now, a class action against BofA raises questions about its core business as well.
Lender Processing Services plays a key role in the mortgage foreclosure process as a go-between for banks and lawyers handling foreclosures. But two class actions challenge how LPS and a similar firm do business. At stake: Potentially billions of dollars in attorney's fees.
Toyota may have repaired most of the cars it recalled for unintended acceleration problems, but it hasn't repaired its stock price, and U.S. shareholders have filed a class-action lawsuit against the automaker for failing to disclose what it knew about the defects.
The N.J. Supreme Court gave a win to advocates of truth in advertising this week when it ruled that lawsuits against the maker of dietary supplement Relacore could go forward as a class action. Considering the way such lawsuits work, gaining that status is almost as important as the final verdict.
Labor Day isn't just about rounding out the summer season with a nice three-day weekend, of course. It's a "national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country", notes the Labor Department, and has been a national holiday for over 100 years. In that vein, here's a roundup of recent labor-oriented legal news:
In the settlement of a lawsuit that predates the financial meltdown, AIG has agreed to pay shareholders $725 million for years of fraudulent practices that led to investors loosing money on the stock. But they only get $175 million up front. The rest, they may wind up getting in shares of AIG.