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August 2016 Archives

Report cites material uptick in securities class action litigation

Germane data relevant to class action litigation activity is always notable and of material interest in Connecticut and across the United States, given that it sheds light on alleged corporate malfeasance and the level of plaintiff filings in state and federal courts.

Blackberry Z10 Dismissal Affirmed in Securities Lawsuit

Blackberry Ltd. ("Blackberry" or the "Company") successfully argued for the dismissal of a lawsuit brought by investors, that claimed the Company and its executives had hidden information about the Z10 smartphone. The Z10's release was not successful, and investors claimed that the Company knew that the phone's launch would fail. After the dismissal, the Plaintiffs appealed the decision to the Second Circuit Court of Appeals, but their dismissal was affirmed.

Pennsylvania Hospital Settles FCA Case on Overbilling Government Healthcare Programs

The Lehigh Valley Health Network ("Health Network") has reached an agreement to pay nearly $700,000 to the federal government to settle a qui tam lawsuit alleging that it violated the False Claims Act by overbilling multiple federal healthcare programs. Hospitals and treatment centers within Health Network were allegedly misrepresenting the medical services provided to patients, and billing programs such as Medicare, Federal Employees Health Benefits, and Workers' Compensation in excess of reimbursement policy allowances.

Class Definition in SunTrust ERISA Lawsuit

Between mid-2007 and early 2011, SunTrust Banks ("SunTrust" or the "Company") was accused of improperly handling its employees' 401(k) plan by purchasing its own common stock with the employees' retirement funds. Given the large stake in the subprime housing market (one of the main contributors to the Great Recession), SunTrust's employees filed a lawsuit in mid-2008, alleging that the Company's actions were imprudent and that it breached its Employment Retirement Income Security Act ("ERISA") fiduciary duties, which require SunTrust to act solely in the interests of the 401(k) plan members. The employees further claimed that SunTrust breached its fiduciary duties by failing to disclose how it was using the employees' retirement savings.

U.S. Tax Court cracks open door in IRS whistleblower cases

As we note on our website at the long-tenured and broad-based business law firm of Shepherd, Finkelman, Miller & Shah, LLP, in Connecticut and with multiple offices elsewhere across the country, our lawyers provide knowledgeable and aggressive legal representation in whistleblower matters.

Judge Rules Uber's Arbitration Agreements Unenforceable

In light of the Consumer Financial Protection Bureau's proposal to ban arbitration clauses, U.S. District Judge Jed Rakoff recently denied Uber Technologies Inc.'s ("Uber" or the "Company") push for customers to arbitrate their claims with the Company.