A putative consumer class action filed in California state court on Friday the 18th against Petco Animal Supplies Stores Inc. (Petco) and its wholly owned subsidiary PupBox Inc. (PupBox) alleges that between February and August an “unauthorized plugin” on the
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In Memoriam: Paul Spyros Sarbanes (1933-2020)
Senator Paul S. Sarbanes passed away peacefully on the evening of December 6, 2020, according to a statement released by the office of his son, U.S. Representative John Sarbanes (D-Md.).1
Sarbanes will be best remembered by most Americans for the…
Verdict in First SDNY White-Collar Jury Trial Since Start of Pandemic
A recent alert by Jamie Gottlieb Furia in Lowenstein Sandler’s White Collar Criminal Defense practice discusses the jury’s verdict against two former MiMedx Group Inc. executives for their involvement in an alleged fraud scheme. The three-week trial before U.S. District…
Credit Card ABS: Capital One Affiliates Secure Dismissal of Putative Class Action Alleging Usury
In the most recent development in Cohen v. Capital One Funding LLC [1], a case seeking to certify a class asserting that New York State’s usury laws can apply to securitized credit card debts, Capital One-affiliated defendants have prevailed in…
Five Banks Settle LIBOR Manipulation Suit for $22 Million
Last week, Judge Naomi Buchwald of the Southern District of New York provided final approval of a nearly $22 million settlement between a class of indirect investors and five Wall Street banks that the plaintiff investors accused of manipulating the…
Kirschner v. JPMorgan Chase Bank: Case Update
In a previous post, we discussed Kirschner v. JPMorgan Chase Bank,[1] an action in which the trustee of bankrupt Millennium Labs brought state law securities fraud claims on behalf of a group of “approximately 400 mutual funds, pension funds,…
Do US-Style Securities Class Actions Have a UK Future?
Until 2010, securities fraud class actions pursued in American federal courts dominated the means by which investors sought redress for alleged fraud committed around the world. Securities fraud litigation in non-U.S. legal systems was fraught with risks, such as fee-shifting…
Jury Acquits Lead Defendant in $2 Billion Mozambican Loan Fraud Trial
In the latest development in a prosecution previously covered on this blog, Privinvest Group executive Jean Boustani was acquitted of all charges on Dec. 2 by a jury in the U.S. District Court for the Eastern District of New York,…
Capital Markets Litigation Team Defeats Jurisdictional Challenge to Ponzi Scheme Dispute
Lowenstein Sandler’s Capital Markets Litigation team recently defeated a fund administrator’s renewed motion to dismiss on jurisdictional grounds, a second key victory in an action for common law fraud, securities fraud, and Racketeer Influenced and Corrupt Organizations Act violations, among…
Capital One Affiliates Seek Dismissal of Usury Putative Class Action
In the latest development in one of two federal cases examining whether New York usury laws can limit the interest rates charged on credit card debts that are securitized, the Capital One affiliate defendants have moved to dismiss the action…