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September 2018 Archives

SEC Sues Elon Musk Over his Tweets to Take Tesla Private

On September 27, 2018, the U.S. Securities and Exchange Commission ("SEC") sued Tesla CEO, Elon Musk ("Musk"), alleging his August tweets about being prepared to take his Tesla private at a much higher price than its stock at the time were baseless assertions and violated federal securities laws.

Port Authority Announces $19 Minimum Wage for Airport Workers by 2023

On September 27, 2018, the Port Authority of New York and New Jersey ("Port Authority") announced a board-approved plan to increase the minimum wage of workers at John F. Kennedy International ("JFK") and LaGuardia airports in New York and Newark Liberty International Airport ("Newark") in New Jersey to $19 per hour by the year 2023.

HP to Settle Cartridge Monopoly Class Action For $1.5 Million

In a settlement proposed on September 18, 2018, in the United States District Court for the Northern District of California, Hewlett Packard Co. ("HP" or the "Company") agreed to pay a class of printer consumers $1.5 million to resolve claims that HP caused phony error messages to pop up when consumers used third-party ink cartridges.

Trade Joe's Agrees to $1.3 Million Settlement in Tuna Can Suit

On September 14, 2018, the proposed class in a suit against Trader Joe's asked the United States District Court for the Central District of California to give preliminary approval to a $1.3 million settlement. The proposed class action alleged the grocery store chain under-filled five-ounce cans of tuna, and class members say the payout, which comes to $29 per claim, is adequate and fair when compared to the price of the cans of tuna.

A look at Finra-overseen securities arbitration

As an investor, how do you resolve a material dispute with your financial adviser and/or securities brokerage? Where do you turn for help if you reasonably suspect that one or more professsionals you justifiably rely upon have defrauded you through illegal behavior?

OSHA to Hold Public Forum Regarding Whistleblowing

The Occupational Safety and Health Administration (OSHA) will continue its series of open meetings in which members of the public can provide comments, express concerns and recommend suggestions regarding whistleblower issues. Specifically, OSHA wishes to solicit public opinion on whistleblower regulations in the finance industry within the administration’s jurisdiction.

Class of Muscle Milk Consumers Wins Partial Certification In Misleading Label Case

On September 7, 2018, California federal District Court Judge M. James Lorenz granted partial certification to a nationwide class and subclasses of Muscle Milk purchasers in California, Florida, and Michigan who alleged the product's label exaggerates the nutritional benefit of the protein supplement.

SEC Alleges Two Brokers Made $4.6 Million Through High-Frequency Trading Fraud

On September 7, 2018, the U.S. Securities and Exchange Commission ("SEC") filed two federal lawsuits on accusing New York-based brokers, Emil Botvinnik ("Botvinnik") and Jovannie Aquino ("Aquino"), of violating the anti-fraud provisions of the federal securities law and earning a combined $4.6 million through excessive high-frequency trading.

Dismissal of Suit Against Bayer's "One A Day" Gummies Reversed

On September 7, 2018, a California appellate court unanimously reversed the dismissal of a putative class action suit against Bayer Corp. ("Bayer") regarding the "One A Day" gummy vitamins that deceptively have a recommended dosage of twice per day.

Consumers of Kona Beer Request Class Certification In False Advertising Suit

During a hearing on September 6, 2018, counsel for California consumers of Kona Brewing Co. ("Kona" or the "Company") beer accused the Company of misleading purchasers into believing its beer is made in Hawaii, when it is actually brewed on the mainland in Colorado, Oregon, and Tennessee.