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Case ID: 2641 | Stocks | 12/27/2004
The parties have reached a proposed $5 million settlement in a class action against First Union National Bank on behalf of investors in Cyprus Funds, a company that ran a multimillion-dollar securities investment scheme. First Union was accused of aiding and abetting the fraud.
Cyprus, which called itself an offshore mutual fund, was sued in a 1999 civil action by the Securities and Exchange Commission, along with its Miami-based investment adviser, Latin American Services Co. Ltd., and four Cyprus directors for defrauding investors. The SEC said Cyprus actually was an elaborate Ponzi scheme, in which money was raised from new investors and used to pay old ones until the company collapsed. Regulators said most of the money raised was misappropriated and used to buy property, other businesses such as a sheep farm and luxury items that included jewelry and cars. Michael I. Goldberg, the court-appointed receiver who is responsible for gathering and selling the Cyprus Funds' remaining assets and returning the money to investors, has been able to recover about $7 million for the investors, which will be added to the $5 million from the First Union settlement. The settlement will not be effective until the court has granted it final approval. The court has scheduled a hearing on the matter for October 24, 2003.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against software company BEA Systems, Inc., (Nasdaq:BEAS) and certain of its officers and directors by stockholders who purchased the company's common stock between November 13, 2003, and May 13, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. On March 03, 2008, a stipulation and order was entered. Just as quickly, a motion to consolidate cases and to appoint certain groups as lead plaintiffs and counsels was filed on March 18, 2008. However, on March 20, 2008, a stipulation and order substituting counsels was entered. Hence, on April 04, 2008, several responses in regards to the different motions of appointing lead plaintiffs and counsels were filed. As a result, an order granting and denying the appointment of certain groups as lead plaintiffs and counsels was entered on May 05, 2008.
According to a law firm press release, a class action was filed against real estate developer Perini Corporation. The complaint charges Perini and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Perini and its subsidiaries offer general contracting, construction management, and design-build services to private clients and public agencies worldwide.
A class action lawsuit was filed on behalf of all purchasers of the common stock of ChoicePoint, Inc. (CPS: NYSE).
The complaint charges ChoicePoint and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants, during the Class Period, issued a series of material misrepresentations to the market concerning the Company's financial condition thereby artificially inflating the price of ChoicePoint's common stock.
According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. Several class actions have been filed against agricultural manufacturer AGCO Corporation (NYSE: AG) and certain of its officers and directors by stockholders who purchased the company's common stock between February 6, 2003, and February 5, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. |
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