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Mack Trucks, Volvo to pay $525M to settle suit
Court Watch |
2011/05/19 09:07
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Mack Trucks Inc. and its parent, AB Volvo, will pay $525 million to settle a class-action lawsuit filed by more than 9,300 retirees of the North Carolina truck maker after they challenged potential reductions to their lifetime health benefits.
The Legal Intelligencer reported Tuesday that Senior U.S. District Judge R. Barclay Surrick gave preliminary approval of the settlement. A hearing is Sept. 7 to decide if the settlement is fair and reasonable.
The suit was filed in Michigan after Mack sought a ruling that lifetime benefits of its retirees were not vested and could be modified or eliminated. Both cases were consolidated in the Eastern District of Pennsylvania.
Mack reached an agreement with the UAW in May of 2009 on a voluntary employees beneficiary association, or VEBA, that would have the union oversee retirees' health benefits. Mack and Volvo agreed to fund it with $525 million, paid in five annual installments.
Mack said it expects the final approval of the VEBA in September.
The company also reported that deliveries nearly doubled in April from a year earlier with 1,608 trucks delivered from the 810 it recorded in April 2010, an increase of 99 percent. |
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Holland & Hart adds 29 attorneys in Salt Lake City
Attorney News |
2011/05/18 09:54
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The law firm Holland & Hart recently added 29 attorneys to its Salt Lake City office.
The expansion expand the firm's natural resources and litigation practices, and brings the number of its Salt Lake attorneys to more than 80, according to the firm's press release.
"We have found that Salt Lake City is a very solid center for business — we strongly believe in its future," said John Husband, chairman of the firm's management committee.
The firms' natural resources practice includes oil and gas, water, and climate change law.
The firm employees over 900, including 400 attorneys, in 15 offices throughout the West and an office in Washington, D.C. |
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The Rosen Law Firm Announces Securities Class Action
Press Release |
2011/05/18 09:53
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The Rosen Law Firm, P.A. today announced that a class action lawsuit has been filed on behalf of investors who purchased the common stock of GMX Resources, Inc. (NYSE: GMXR) pursuant or traceable to the company’s stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009. The lawsuit seeks to recover investors’ damages from violations of the federal securities laws.
To join the GMX Resources class action, visit the Rosen Law Firm’s website at http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The Complaint alleges that GMX Resources violated the securities laws by issuing false financial statements to investors in the stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009. On March 11, 2010, the company disclosed that its full year 2008 and quarterly 2009 financial statements were inaccurate and must be restated. The company also warned that investors could no longer rely on its financial statements. GMX subsequently restated its financial statements to correct for the method used to record full cost pool impairment charges and related deferred income taxes. As a result of the restatement, the company’s net loss for fiscal year 2008 was $124.6 million as compared to the originally reported $81.7 million.
GMX Resources share price has declined substantially since the stock offerings and investors in the stock offerings have suffered significant damages.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. |
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Ala. chief justice warns more court layoffs coming
Topics in Legal News |
2011/05/18 09:52
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Alabama Chief Justice Sue Bell Cobb warned the state's judges and circuit clerks Monday to expect substantial layoffs because of the budget crisis in the state judicial system.
Cobb met with judges and clerks mostly by conference call Monday. The meeting was not open to news reporters or the public. She said 270 court employees have already lost jobs in the past two years because of budget cuts, and she expects another 265 court workers to be laid off during the coming fiscal year that begins Oct. 1.
Cobb told The Associated Press that she had hoped to receive a $10 million supplemental appropriation from the Legislature to help the courts get through the remainder of the current year. She said that is unlikely now because the money is needed to help with recovery from last month's violent tornadoes that killed more than 200 in Alabama.
She said she doesn't expect to receive the supplemental appropriation and she also believes a bill to raise the state's cigarette tax by $1 a carton is dead for this session. Some proceeds from the cigarette tax were to go to the courts. |
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Court lets Minn. corporate disclosure law stand
Headline Legal News |
2011/05/17 08:33
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A federal appeals court has affirmed a judge's decision to let stand Minnesota's law requiring the disclosure of corporate political donations, saying the state's rules are similar to laws upheld by the Supreme Court and the groups who want them blocked are unlikely to prevail.
In an opinion filed Monday, the 8th Circuit Court of Appeals disagreed with claims that Minnesota's disclosure requirements effectively prohibit corporate independent expenditures and impose burdensome regulations that ban free speech.
"The burden on corporations appears light, and the reporting requirement greatly facilitates the government's informational interest in monitoring corporate independent expenditures," the appeals court found. The judges wrote that rather than banning contributions, the law provides a way to disclose certain information.
Minnesota law requires that in election years, businesses and independent groups must submit five reports and disclose large donations within 24 hours for the three weeks leading up to the primary and the last two weeks before the general election. In off years, one report is required. The registration requirement is triggered when businesses or independent funds spend more than $100. Penalties for violations can be up to $25,000.
One member of the three-judge panel disagreed with the majority in part, saying the state's reporting requirements chill political speech. |
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