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Case ID: 4467 | Credit / Debt | 10/07/2005
KPMG and Sidley, Austin, Brown & Wood have reached a $225 million settlement with plaintiffs in a class action suit that charges the firms with having sold bogus tax shelters.
The settlement hearing in Simon v. KPMG LLP, is subject to approval by U.S. District Judge Dennis Cavanaugh in Newark, N.J., is scheduled for October 7, 2005. It would end litigation lodged by KPMG clients who, in the late 1990s, bought tax shelters that R.J. Ruble, a partner for Sidley Austin's predecessor firm, Brown & Wood, helped develop. Ruble wrote more than 600 letters to clients declaring the shelters would withstand Internal Revenue Service scrutiny. But even while the shelters were being sold, KPMG officials wrote memos expressing doubts about their validity, the plaintiffs claim. Sale of the shelters was discontinued after the IRS disallowed them. The parties reached the agreement after a year of mediation with former U.S. District Judges Nicholas Politan of New Jersey and Daniel Weinstein of California. Plaintiffs counsel asked Judge Cavanaugh to give preliminary approval to the settlement Sept. 27. Weiss said in a declaration that the pact, which provides $195 million for the class and $30 million in plaintiffs counsel fees and costs, would give claimants more than the payouts in settlements of individual suits filed against the two firms. 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 Credit / Debt Cases of Interest A statewide class action has been filed in Indiana against Capital Recovery Associates, Inc. who operate under the name CRA Security Systems. The action is brought on behalf of all Indiana residents who received a form type collection letter demanding immediate payment of the consumers’ alleged debt. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. A national class action has been filed in New York against Central Credit Services, Inc. The action is brought on behalf of all U.S. residents who have been contacted via telephone by Central Credit and who have been allegedly harassed by Central's collection associates. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. A class action lawsuit has been filed in the Northern District Court of Illinois against Dr. Mark Weinberg for violations of the Fair Debt Collection Practices Act (FDCPA). Class members seek declaratory relief, damages, attorney's fees and costs of the litigation.
A class action has been filed against Experian Information Solutions, Inc., a credit reporting agency, by Steven and Melody Millett after Steven's Social Security number was stolen and used by another individual over the course of 13 years. The Milletts claim that Experian should have known that the Social Security Number was being used by more than one person and that upon being notified of the error, should have corrected their error. The lawsuit alleges negligent misrepresentation, fraud and failure to comply with the Fair Credit Reporting Act and seeks damages and injunctive relief. Free should mean that you don't have to pay, right? A nationwide class action has been filed against The Musicland Group, Inc.; Musicland Retail, Inc.; Suncoast Group, Inc.; and Media Play, Inc. on behalf of consumers who allege that the companies' music and media stores deceived thousands of customers by failing to disclose credit card charges associated with a supposedly free offer to receive Entertainment Weekly magazine.
A statewide class action has been filed in Illinois against credit giant Experian Information Services as a result of allegedly fraudulent activities revolving around Experian's offer of free credit reports through its consumerinfo.com website. According to consumers, the offer of a "free" credit report is, in fact, a scam to get consumers to sign up for Experian's $79.95 CreditCheck service. The action is brought on behalf of all residents of the state of Illinois who, since November 5, 2000, utilized Experian's offer for a free credit report by entering their credit card or debit card information, and who were charged for Experian's CreditCheck service as a result and have not received a full refund of charges for this service. The action is brought under Illinois consumer protection statutes and seeks unspecified compensatory damages, injunctive and declaratory relief as well as disgorgement of all profits and compensation obtained by the defendants through their alleged fraudulent activities. |
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