Although it might have reasonably seemed to many plaintiffs involved in a tough and protracted litigation battle that their lawsuit alleging wrongdoing on the part of a major global company would never end, it finally did.
Many people across the country do not fully understand what is meant by the term "whistleblower" in the employment law context.
A class action lawsuit is readily identifiable as litigation where the common interests of a large number of plaintiffs are implicated and where it would both inconvenient and prohibitively costly for a single individual or entity to commence a claim for damages. Product liability cases are frequently pointed to as typical class action examples, as are securities cases alleging wrongdoing that has harmed many investors.
Securities law -- its rules, processes, enforcement mechanisms and related tangents -- is understandably complex.
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.
What might most people reasonably think when they consider securities law and what it encompasses?
From 1999 to 2005, cycling and sports enthusiasts around the world marveled at the physical abilities of the seemingly unbeatable Lance Armstrong. During these seven years, Armstrong and his cycling team dominated the sport and earned millions of dollars in prize money and endorsement deals. However, during the early 2000s, serious accusations and questions were raised about whether Armstrong and members of his "U.S. Postal Team used performance enhancing drugs during the 2000 Tour de France."
According to USAspending.org, during 2015 the U.S. government will pay contractors more than $286 billion dollars. While many private U.S. companies that do business with the government are honest and law-abiding in their practices, others attempt to defraud the government, and taxpayers, out of millions of dollars by overcharging for goods and services or failing to reimburse for overages.
Serving as the home of Wall Street, the New York Stock Exchange and several successful investment firms; New York City is widely considered the country's financial epicenter. Given this title, it's no surprise that the state's U.S. Court of Appeals has been referred to by Supreme Court Justice Harry Blackmun as the "'Mother Court' for securities law."
A former managing director for private equity firm TPG Capital has filed a whistleblower lawsuit against his ex-employer. According to the suit, rather than using investor fees for their intended purpose -- to pay for the services of consultants and advisers -- TPG regularly used the fees to pay its own employees. This practice allows for double-billing by private equity employees, who bill once as a firm employee and again as a consultant to the companies in which the firm has invested.