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Part 7: Securities Fraud: When "good" Investments Disappear
The nest egg stories
Cases of investment and securities fraud come in many sizes. It is hard not to feel for middle aged and older individuals who have seen their life savings and pension investments shrivel or disappear while under the supposedly watchful eye of some third party.
Latest Lawsuit News & Legal Information
Johnson & Johnson Settles Deceptive Hip Implant Marketing Lawsuits for $120 MillionWashington, DC
Johnson & Johnson (“J&J”) has agreed
to pay $120 million to the attorneys general of 46 states and Washington, D.C. to settle claims that the company made unfair and deceptive statements in the promotion of its ASR XL and Pinnacle Ultamet hip implant systems. A separate agreement
is expected to resolve most of the thousands of consumer-driven defective hip implant lawsuits against J&J and its DePuy unit.
Discrepancies in Emergency Room Overcharges Cause Frustration and Financial WoesScottsdale, AZ
: Emergency room care in the US is the highest-priced care a patient can receive. Even a minor condition can set you back thousands of dollars, which in itself can cause health issues—financial problems are stressful. It can get worse: one patient dinged with outrageous emergency room overcharges later discovered that another patient with similar treatment paid a lot less.
Trouble ahead for California trucker wage lawsuits? Los Angeles, CA
The California Labor Commissioner awarded
24 truck port drivers a total of $6 million for unpaid wages and benefits. The underpayment arose from NFI/California Cartage Express’s practice of intentionally misclassifying the drivers as independent contractors, rather than as employees. Since the 2018 California Supreme Court decision in Dynamex Operations West, Inc. v. Superior Court
, many California unpaid wage lawsuits that deal with misclassification problem have gone for workers. Dynamex
is under legal assault, however, particularly in the trucking industry.
Underground Economy Keeping California’s Field Enforcers BusySan Diego, CA:
The Labor Commissioner’s Office is cracking down on California’s underground economy. Daniel Yu, Assistant Chief with the Bureau of Field Enforcement is charged with making sure employers comply with California labor laws, and that every worker, including illegals, is entitled to full protection.
Credit Unions – A Case of Shutdown Shame?Washington, DC
This is a good news/bad news story. The good news is that many banks and credit unions are offering financial relief to workers affected by the US government shutdown. The bad news is that the relief is designed to be temporary and limited. It also fails to address the widespread problem of excessive checking account overdraft charges that has been exposed through excessive overdraft fees lawsuits. These fees, like payday loan interest charges, cause great harm to the most vulnerable consumers.
2018 Busy Year for HealthCare WhistleblowersWashington, DC:
Of more than $ 2.8 billion that the Department of Justice (DOJ)obtained in settlements and judgments from fraudsters in 2018, $2.5 billion involved the health care industry, and the largest recoveries came from drug and medical device manufacturers. And 2018 was a very good year for most all Whistleblowers (three whistleblower fraudsters were also busted last year.)
Tests and Studies For and Against J&J Talc - Jury Still OutSanta Clara, CA:
Despite a number of asbestos-talc lawsuits and studies to the contrary, Johnson & Johnson still stands by its talcum powder, asserting it doesn’t cause mesothelioma or ovarian cancer because their product sold to consumers never contained asbestos. J&J says plaintiffs are using attorney-driven science along with faulty studies. On the other hand, plaintiffs have brought scientific evidence showing studies linking talc exposure to cancer, adding that the giant pharma company knew the link for decades. As for the FDA, it’s still on the fence.
Employee 401(k) Lawsuit Claims GE Inflated Stock ValueAlbany, NY
On December 14, 2018, Adele Vargas filed a class action ERISA lawsuit against General Electric Company (“GE”) and Jeffrey Immelt, its former CEO. She alleges
that GE improperly manipulated its earnings and inflated its stock price.
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