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Case ID: 2994 | Stocks | 07/28/2004
A class action has been filed against funding trustees Northwestern Trust and Investors Advisory Company and U.S. Bank, NA, by all persons who purchased securities in the form of promissory notes issued by Partners Mortgage Corporation (PMC) between November 7, 1997, and September 1, 2003. The action alleges that the trustees violated Washington-state securities laws by breaching their fiduciary duties to investors and allowing Partners to violate its own contracts. The investors seek to recover compensatory damages for the loss of value of their stock.
PMC was incorporated in Washington in 1995 to engage in the business of real estate investment. PMC Owner Gary L. Craig and his associates allegedly solicited purchasers and sold promissory notes pursuant to a private placement memorandum signed by the parties to the sale. Investors’ checks were made payable either to Northwestern Trust or U.S. Bank, NA. Investors were specifically assured in the memorandum that funds invested with PMC would be placed in trust and invested in real estate only if the investment properties in question met specific requirements. The action alleges that the money was not invested in real estate that met the strict specifications of the memorandum. Instead, the funds were invested in highly speculative and high-risk real estate transactions which failed to perform. Northwestern Trust and U.S. Bank provided material assistance to Craig and his associates by allowing him access to the funds even though they allegedly knew that the investments he and his associates were making violated the memorandum’s specifications. The trustees allegedly allowed Craig to continue to sell promissory notes even though they were aware that he was making damaging breaches of investment promises and conditions. On September 26, 2003, PMC filed for bankruptcy prior to the filing of this action. The action alleges that investors lost approximately $25 million, with individual losses ranging anywhere from a few thousand dollars to more than $1 million. 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 NEW ORLEANS, LA--(MARKET WIRE)—October 24, 2006 -- Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Xethanol Corp. ("Xethanol” or the "Company'') (AMEX: XNL) between January 31, 2006 and August 8, 2006 (the “Class Period”).
Lowrance Electronics, Inc. announced that Lowrance and the members of its board of directors have entered into an agreement to settle the stockholder class action lawsuit brought against Lowrance and the members of its board in opposition of the offer and merger transaction with Simrad Yachting AS and Simrad Yachting's wholly owned subsidiary, Navico Acquisition Corporation. A class action has been filed against Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 2004. The action claims 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. If you are looking for an electronic technology gadget, Best Buy probably has it. Several class actions have been filed against technology store operator Best Buy Company, Inc. (NYSE: BBY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2002, and August 7, 2002. 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. A class action has been filed in the Northern District Court of Illinois against Office Max Inc, (NYSE:OMX) a multinational contract and retail distributor of office supplies, paper, technology products and office furniture, and certain of its officers and directors by stockholders who purchased the company's common stock between November 9, 2004 and January 11, 2005. The action claims 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $6.9 million settlement of a class action filed against Ramp Networks, Inc. (formerly Nasdaq: RAMP) and certain of its officers and directors by stockholders who purchased the company's common stock between January 24 and September 29, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 20, 2004, must be mailed to the claims administrator. |
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