Whether it might come in the next few days or next few months isn't clear, but according to unnamed sources cited by The New York Times it's looking like a major consumer fraud case against bond rating giant Standard & Poor's may be in the offing.
The app-based transportation network Uber continues to face legal troubles, as three lawsuits have been brought in the last month on behalf of Uber passengers. The San Francisco-based company is also facing a class action lawsuit in which a class of drivers says the company failed to pay them as employees. Jillian Boyce, of Shepherd, Finkelman, Miller & Shah, discussed the drivers' lawsuit in a previous post.
In October we discussed a New Jersey bill that, if passed into law, would reduce penalties for some companies that commit technical violations of the state's Consumer Fraud Act. One aspect of the bill, which you can read more about in our previous post, allows companies to avoid having to pay plaintiffs' legal fees and other costs if the violation in question did not result in loss to the consumer.
New Jersey's Assembly Consumer Affairs Committee recently approved a bill meant to reduce penalties for companies that are found by a court to have committed only a technical violation of the state Consumer Fraud Act. Currently, an individual who wins a consumer fraud lawsuit against a New Jersey company is entitled to compensation for the costs of litigation, including attorney fees, even if no damages were suffered by the plaintiff.
When an investor or consumer decides to sue a business, the case may have merits as a class action, but not every case does. After the lawsuit has been filed, the court will consider the case and determine whether it meets the requirements of a class action. If the issues common to members of the class outweigh the issues specific to each member, then a class action can be certified as such.