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Ohio judge says Ford must pay dealers $2B
Industry News |
2011/06/10 23:52
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Ford Motor Co. must pay nearly $2 billion in damages to thousands of dealerships in a 2002 class-action lawsuit that said the automaker violated dealer agreements, an Ohio judge ruled Friday.
Cuyahoga County Common Pleas Judge Peter Corrigan in Cleveland issued the ruling based on a Feb. 11 jury determination that the company overcharged dealers for commercial trucks over an 11-year period.
The $2 billion award covers more than 3,000 dealerships and about 474,000 trucks. It includes a judgment of about $781 million and about $1.2 billion in interest.
In awarding the dealers the amount of money they overpaid for trucks, the jury verdict places ... the dealers in the financial position contemplated by the terms of the contract, said James Lowe, a Cleveland attorney for Westgate Ford Truck Sales Inc., a dealership in Youngstown that represents the class.
Ford's annual report, filed on Feb. 28, says the class action included all dealers who purchased a 600?series or higher truck from Ford from 1987 to 1997. It says the lawsuit accused the automaker of failing to reveal that price concessions were given to some dealers. |
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Goldman Receives Subpoena Over Financial Crisis
Industry News |
2011/06/02 05:07
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Goldman Sachs has received a subpoena from the office of the Manhattan District Attorney, which is investigating the investment bank's role in the financial crisis.
The inquiry stems from a 650-page Senate report from the Permanent Subcommittee on Investigations that found Goldman had misled its clients about mortgage-linked securities. Senator Carl Levin, the Democrat of Michigan, who headed up the Congressional inquiry, had sent his findings to the Justice Department to figure out whether executives broke the law.
The subpoena come two weeks after lawyers for Goldman met with the Manhattan District Attorney's office for an exploratory meeting about the Senate, the people said.
We don't comment on specific regulatory or legal issues, but subpoenas are a normal part of the information request process and, of course, when we receive them we cooperate fully, said a Goldman spokesperson. |
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Court refuses to reconsider Spector's appeal
Industry News |
2011/05/30 14:14
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An appeals court on Friday refused to reconsider music producer Phil Spector's appeal of his murder conviction, saying there was overwhelming evidence of his guilt.
The California 2nd District Court of Appeal panel acknowledged it did not consider an issue that defense lawyers now say was critical to his conviction.
The panel blamed the lawyers for failing to sufficiently brief the point and said they had no obligation to consider it.
They quoted case law saying, Issues do not have a life of their own: if they are not raised ... we consider the issues waived.
Spector, a legendary rock music producer, was convicted two years ago of fatally shooting actress Lana Clarkson at his Alhambra mansion in 2003. He is serving 19 years to life in prison on a second-degree murder conviction. |
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Gov. Rick Perry signs tort reform bill into law
Industry News |
2011/05/28 13:47
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Gov. Rick Perry signed into law Monday a measure that will limit frivolous lawsuits by levying some fees on plaintiffs and allowing meritless suits to be dismissed early in the process.
Perry designated the loser pays bill a top priority of the legislative session, saying Texas needs to crack down on junk lawsuits.
Some plaintiffs who sue and lose will be required to pay the court costs and attorney fees of those they are suing. The law also creates expedited civil actions for cases less than $100,000. It goes into effect Sept. 1.
Perry said the legislation provides defendants and judges with a variety of tools to expedite justice for those deserving.
Employers will spend less time in court and more time creating jobs, he said.
The law will encourage timely settlements by penalizing parties who turn down reasonable settlement offers to try to get more than they should.
Perry said the changes reduce the cost of litigation while still allowing legitimate cases to proceed. Supporters say the state's business climate will improve because the reforms will make Texas more attractive to employers looking to expand or relocate. |
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