Archive for Settlements, Judgments, & Awards

22 May 2013
Settlements, Judgments, & Awards

Bank of America Settles Investor Class Action for $500 Million

mortgage backed securitiesBank of America has settled another class action lawsuit with another set of investors over the issue of mortgage backed investments that it assumed after it acquired Countrywide Financial. According to news reports, Bank of America has agreed to pay $500 million to the plaintiffs, mostly pension funds, to settle lawsuits over the quality of the mortgages.

The world economy entered a recession in late 2007 mainly because the housing market froze. Lenders who borrowed money at teaser interest rates faced new steeper rates. Lending standards increased and investors stopped buying mortgage backed securities because news about the quality of the mortgages became public. Once investors found out, numerous class action lawsuits were filed against the huge banks, and many of them are still being litigated in court. This settlement is another in what seems to be an endless amount of lawsuits concerning mortgage backed securities.

RD Legal Funding, LLC (“RD Legal”) can provide interim post-settlement financing to plaintiff’s attorneys with Bank of America-Countrywide Financial settlements, which provides immediate capital on slow-paying settled legal fees. Lawsuit funding does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.

To find out more about RD Legal’s law firm funding solutions, please call Joseph Genovesi toll-free at 1-800-565-5177. For more details about RD Legal’s Fee Acceleration program, please visit our attorney fee funding page.

Written by Lulaine Compere

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21 May 2013
Settlements, Judgments, & Awards

RD Legal Offers Funding to Plaintiff’s Attorneys with General Electric Settlements

stock-market-fluctuationsGeneral Electric has agreed to settle a class action lawsuit by its shareholders over allegations it hid its exposure to subprime loans from them. The company is expected to pay $40 million to compensate the shareholders, most of them pension funds, for losses they suffered beginning 2008.

General Electric is one of the most successful companies in the world. Mostly known as a builder of items like air conditioners and light bulbs, its subsidiary, GE Capital, is a huge force in the world of finance. News stories about the settlement detail the plaintiffs’ accusations against GE Capital and their involvement in a 2008 stock offering which threatened the company’s financial position. That move caused them to lose their “AAA” credit rating, resulting in a dividend cut of almost 70%. GE is one of many companies who faced lawsuits because of their exposure to subprime loans.

Plaintiff’s attorneys with General Electric settlements are eligible for post-settlement attorney fee financing from RD Legal Funding, LLC (“RD Legal”) which provides immediate capital on settlements. Lawsuit financing does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, nor are there any upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.

For more information about RD Legal and their cash flow management solutions, please call Joseph Genovesi, Senior Vice President of Business Development and Origination, at 1-800-565-5177, ext. 140. To begin the application process, please fill out our brief online application.

Written by Lulaine Compere

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14 May 2013
Settlements, Judgments, & Awards

Attorney Fee Financing for Living Social Settlements

living socialPlaintiff’s attorneys involved in the Living Social settlement suffered a huge blow from United States District Judge Ellen Segal Huvelle after she slashed their attorney fees in half. According to various news reports, the attorneys were awarded $3 million initially, but Huvelle awarded them $1.35 million instead. That amount is to be divided between 12 law firms. In light of this recent development, RD Legal is ready to provide post-settlement attorney fee financing to help plaintiff’s attorneys better manage their cash flow.

Living Social was a company that successfully bridged the gap between social media, retail establishments, and consumer wants and needs. In 2011, the company was hit with a series of class action lawsuits over the expired deals consumers purchased on the website. Living Social settled the lawsuits for $4.5 million which was slated to go towards compensating the consumers. The attorneys were going to get $3 million but Huvelle found issues with the award, including how the case was staffed with a large number of attorneys. Eventually, Huvelle in her opinion found the initial attorney fee amount and process of calculating the fees to be incorrect and decided to change it.

For plaintiff’s attorneys with Living Social settlements, RD Legal can provide post-settlement funding, which provides quick capital on settlements. Lawsuit funding does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.

For more information about RD Legal’s post-settlement funding solutions, please call Joseph Genovesi, SVP of Business Development and Origination, at 1-800-565-5177, ext. 140. To begin the application process, visit http://www.legalfunding.com/apply-now/.

Written by Lulaine Compere.

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14 May 2013
Settlements, Judgments, & Awards

Settlements, Judgments, and Awards: $400 Million Urethane Price Fixing Settlement

urethane price fixingDow Chemical suffers a loss to the tune of $400 million after a Kansas jury returned a guilty verdict accusing the company of colluding with competitors to fix the price of urethane products. According to Bloomberg, plaintiffs accused the company of having an informal agreement to fix the prices of urethane-containing products. Urethane is used in the construction, appliance, furniture, and automotive industries. The plaintiffs requested an award of $1.125 billion but the jury discounted claims before the year 2000 which decreased the award amount.

There have been many price fixing lawsuits in the news recently, including the vitamin-C antitrust litigation and the LCD case. There may be some cause for the Federal Trade Commission to look into several industries with monopolistic behavior.

Patricia Cornwell, famous mystery author, is going to be writing the praises of her attorney Joan Lukey and the praises of a Boston jury after they awarded her $50.9 million in damages. According to The Boston Globe, the judge can increase the award. She sued her former accounting firm, Anchin, Block & Anchin, LLP, after she investigated her finances and discovered she was worth significantly less money than she thought she was. After having to subpoena her own financial records, she sued the company for the improprieties and won. The company still has the option to appeal the jury verdict.

NBC News reported the family of Kasey McKenzie, who was killed by a driver behind a monster truck, was awarded over $10 million from a Dallas jury. The driver, Eric Crutchfield, ran over Ms. McKenzie in March 2011 after leaving a Texas club. According to the story, he was drinking and his blood alcohol level was way over the legal limit. Videos were shown of Crutchfield drinking outside of the club. He is currently serving a nine-year prison sentence for the crime.

Written by Lulaine Compere

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08 Apr 2013
Settlements, Judgments, & Awards

Settlement Funding to Plaintiff’s Attorneys with BAR/BRI Bar Review Settlements

BAR/BRI Bar Review SettlementsA new settlement has been announced for plaintiffs who sued West Publishing Corporation and Kaplan Inc. for conspiring to monopolize the market over their BAR/BRI bar review preparatory course materials. The plaintiffs, who claimed they overpaid for course materials, are slated to receive $9.5 million in this new deal. This differs from a $49 million settlement approved in 2007, alleging similar claims against both companies. According to the 2007 settlement, students who qualified were to receive $125.

Prospective lawyers usually spend many months preparing for the bar exam. The materials they use are very important, as the quality of the information is likely to influence whether or not they pass. The plaintiffs in the case claimed that West Publishing Corporation and Kaplan Inc. violated federal antitrust laws by colluding with each other to prevent competition in the bar review courses market.

According to news reports, a preliminary deal was rejected because Kaplan planned to pay their portion of the settlement in coupons, while West would have paid over $5 million in cash. Under this new deal, both companies will be paying a combined total of $9.5 million in cash. The settlement covers anyone who bought BAR/BRI bar review preparatory course materials between August 1997 and July 2006. An article in law.com estimates the size of the potential class to be approximately 120,000.

RD Legal can provide post-settlement funding to plaintiff’s attorneys with BAR/BRI bar review preparatory course settlements, which provides immediate capital on settlements. For further details, call Joseph Genovesi, SVP of Business Development and Origination, at 201-568-9007, ext. 140.

For the official BAR/BRI antitrust lawsuit website, visit http://www.barbri-classaction.com.

Written by Lulaine Compere.

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28 Mar 2013
Settlements, Judgments, & Awards

$162 Million Judgment in Vitamin C Antitrust Litigation

Vitamin C Antitrust LitigationA federal jury in Brooklyn awarded $162 million to plaintiffs suing the North China Pharmaceutical Group and its subsidiary Hebei Welcome Pharmaceutical Corporation for price-fixing the market on vitamin C drugs. This is a significant case, as approximately 80% of the world’s supply of vitamin C is produced in China.

The plaintiffs alleged the companies formed an illegal price-fixing cartel to limit vitamin C production and increase prices between December 2001 and June 2006. In addition they say raw vitamins were used in products that were sold in the United States.

The companies say they formed the price-fixing cartel at the behest of the Chinese government, an interesting defense tactic that the jury dismissed. People who have followed the case say this verdict serves as a warning that companies in China must follow the same rules as everyone else.

The official name of this case is In re Vitamin C Antitrust Litigation, U.S. District Court for the Eastern District of New York, No. 06-md-1738. For more information about the litigation, visit http://vitamincantitrust.com.

Written by Lulaine Compere.

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28 Mar 2013
Settlements, Judgments, & Awards

Horace Mann Settles Six Cases of Sexual Abuse

post-settlement funding solutionsThe Wall Street Journal reported officials at Horace Mann, a private school based in the Bronx, New York, recently reached settlements with six former students claiming to be sexual abuse victims. Specific terms of the settlement were not disclosed.

The Horace Mann sex abuse scandal first broke in 2012. Since then there has been a steady stream of accusations from victims accusing teachers and school officials of inappropriate acts and school administration of hiding their activities.

Horace Mann is one of the most prestigious schools in New York City and one of the most expensive. According to media reports, tuition costs approximately $40,000 a year. When the New York Times first reported the story about the school’s secret history of sexual abuse, it rocked the entire establishment. In addition, there have been similar charges of abuse leveled at Brooklyn’s Poly Prep, another prestigious New York City school.

Since the story broke, victims have been sharing their experiences with various media outlets. An increasing number of victims have sought attorneys to bring charges against the university for the abuse they suffered while at Horace Mann. On a more positive note, there has been a growth of support groups created specifically for abuse victims. One such example is HoraceMannSurvivor.org.

For plaintiffs and attorneys with slow-paying sexual abuse settlements, RD Legal Funding can provide interim post-settlement financing. For more information, call Joseph Genovesi at 1-800-565-5177, ext. 140.

Written by Lulaine Compere.

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08 Mar 2013
Press Releases • Settlements, Judgments, & Awards • Videos

RD Legal Offers Funding to Plaintiffs and Plaintiff’s Attorneys with Police Abuse Settlements

Cresskill, NJ: According to various news reports, the plaintiffs who sued the Chicago Police Department for abuses they suffered are set to receive $32 million as part of a settlement, reached after years of fighting between the two sides. The plaintiffs Alton Logan and Christina Eilman suffered at the hands of the Chicago Police Department for different reasons.

Logan, who previously filed a federal lawsuit, spent over 25 years of his life in prison for a crime he did not commit. He alleged officers covered up evidence that would have proven his innocence. The detectives who handled his case worked under Detective John Burge who is currently in prison for using torture against suspects. Eilman was arrested by the Chicago Police Department and released in a dangerous area where she was raped before she fell from a seventh-story window. Both plaintiffs are set to receive settlements in the millions.

A city council committee in Chicago approved the money for both plaintiffs to receive their settlements. Logan, the victim of the Chicago Police Department torture scandal, is slated to get over $10 million, and Eilman will receive over $22 million. These recent settlements increase the spotlight that is currently on the police department. The city of Chicago is already in the news because of the high crime rate and has recently settled various abuse lawsuits, including one featured on CBS’s 60 Minutes.

For plaintiffs and attorneys involved with police brutality and sexual abuse litigation, RD Legal Funding, LLC (“RD Legal”) is prepared to provide post-settlement advances to accelerate payout of awards and legal fees. For well over a decade, RD Legal has been a leading provider of post-settlement lawsuit funding solutions to both attorneys and plaintiffs.

RD Legal can provide post-settlement funding to plaintiff’s attorneys and their clientele with police brutality and sexual abuse settlements, including Chicago Police abuse settlements. Post-settlement financing provides immediate capital and does not require any kind of payment until the fee is paid. Once RD Legal receives all necessary documentation, they can wire funds within several days.

For more information about RD Legal’s lawsuit funding solutions, please contact Joseph Genovesi toll-free at 1-800-565-5177, ext. 140, or visit http://www.legalfunding.com/apply-now/ to begin the application process.

Written by Lulaine Compere.

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04 Mar 2013
Settlements, Judgments, & Awards

$80 Million Sherwin-Williams Employee Stock Purchase Settlement

Sherwin-Williams Employee Stock Purchase SettlementThe employees of Sherwin-Williams are getting a huge settlement worth $80 million to compensate them for not being involved in the Employee Stock Purchase and Savings Plan. The Department of Labor (DOL) reached the settlement with the company after launching an investigation revealing that Sherwin-Williams improperly managed the plan while seeking to take advantage of tax breaks.

According to Cleveland.com, the DOL launched a nine month investigation into the allegations. They found the company violated its fiduciary duties and the spirit of the transactions. Both parties agreed that the settlement is the best solution to the problem. The $80 million will go to current and former plan participants and their beneficiaries.

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03 Mar 2013
Settlements, Judgments, & Awards

First Transvaginal Mesh Lawsuit Settles for $3.35 Million

scales of justiceLast week marked a huge win for plaintiffs involved in the transvaginal mesh litigation, as a New Jersey jury announced a $3.35 million decision against Johnson & Johnson and its subsidiary Ethicon. According to Bloomberg, the punitive damages as a result of the $3.35 million verdict could exceed $16 million.

The plaintiff in this case got the implant without knowing all the associated risks and needed 18 operations after it was implanted. Years later, the United States Food and Drug Administration investigated vaginal mesh complications and organ damage. They discovered that the mesh caused pain and harm to women. In addition, in September of 2011, an FDA advisory panel recommended the reclassification of vaginal meshes as high risk.

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