You do not need a Lexis or Westlaw subscription to know that major cases and significant judgments have sometimes hinged on the meaning of a single word, or the placement of a single Oxford comma. We have a recent case to add to the list: Weinberg v. Waystar, Inc., et al., which was an
Settlements
Settlement Reached in Stock-Drop Case
By Joseph Clark on
A class of former LandAmerica Financial Group employees agreed to a $5 million settlement of stock-drop claims arising from LandAmerica’s 2008 bankruptcy, and have submitted the agreement for court approval. LandAmerica filed for bankruptcy following the 2008 collapse of its title insurance subsidiary.
Ameriprise Agrees to Pay $27.5 Million to Settle Fiduciary Breach and Prohibited Transaction Claims
By Joseph Clark on
Defendants Ameriprise Financial, Inc., the fiduciary committees of the Ameriprise 401(k) plan, and individual committee members agreed to settle a lawsuit brought by a class of participants in the Ameriprise 401(k) plan for $27.5 million.
Court Approves USERRA Class Action Settlement Over Pension Contributions
By Joseph Clark on
A federal district court in Colorado recently approved a settlement agreement resolving class action claims brought under the Uniformed Services Employment and Reemployment Rights Act (USERRA). The documents filed in support of approval of the settlement stated that United Airlines agreed to pay $6.15 million to a class of pilots who alleged that United’s method…
Regions Financial Agrees to Pay $22.5 Million to Settle ERISA Stock-Drop Litigation
By Joseph Clark on
According to a December 18, 2013 motion for preliminary approval, Regions Financial Corp. has agreed to pay $22.5 million to settle an ERISA stock-drop litigation pending in the Western District of Tennessee. Plaintiffs alleged that defendants, which included members of the plan investment committees, among others, imprudently retained Regions Financial stock as an employee retirement…
Rule 23 Requirements are “Heightened” for Proposed Class Settlements
By Brian Neulander on
In Rodriguez v. Nat’l City Bank, — F.3d —, 2013 WL 4046385 (3d Cir. Aug. 12, 2013), the Third Circuit refused to certify a proposed class for settlement purposes to amicably resolve mortgage discrimination claims because those claims failed to satisfy Rule 23 under the Supreme Court’s recent ruling in Dukes v. Wal-Mart. …
Nortel Reaches Settlement with Retirees
In In re: Nortel Networks Inc., No. 1:09-bk-10138 (Bankr. D. Del. 2013), Nortel Networks Inc. reached a settlement with over 3,000 of its retired employees for nearly $67 million. Nortel, a former telecom equipment maker, filed for bankruptcy in 2009. In the subsequent four years, Nortel sold off nearly all of its assets, but…