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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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Minn. court: Defendant may withdraw guilty plea
Court Watch |
2011/05/17 03:34
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The Minnesota Court of Appeals says defendants may withdraw a guilty plea if they are not told a conviction could result in deportation.
The court on Monday sided with Rene Reyes Campos. Campos said if he knew he risked being deported for a conviction for simple robbery for the benefit of a gang, he never would have pleaded guilty.
Campos was 17 when he was charged in Hennepin County in 2009, and had been a lawful U.S. resident for about seven years. He agreed to plead guilty as an adult and get a stayed sentence. He was not told the plea could affect his immigration status. Last June, Campos moved to withdraw his plea. |
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Hedge fund founder convicted in inside-trade case
Court Watch |
2011/05/13 09:30
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A former Wall Street titan was convicted Wednesday of making a fortune by coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades in technology and other stocks — what prosecutors called the largest insider trading case ever involving hedge funds.
Raj Rajaratnam was convicted of five conspiracy counts and nine securities fraud charges at the closely watched trial in federal court in Manhattan. The jury had deliberated since April 25, and at one point was forced to start over again when one juror dropped out due to illness.
Prosecutors alleged the 53-year-old Rajaratnam made profits and avoided losses totaling more than $60 million from illegal tips. His Galleon Group funds, they said, became a multibillion-dollar success at the expense of ordinary stock investors who didn't have advance notice of the earnings of public companies and of mergers and acquisitions.
A New York jury has quietly finished its second week without a verdict in the trial of a one-time billionaire hedge fund founder accused of using inside information to make tens of millions of dollars illegally.
Prosecutors say Rajaratnam used a network of friends and old college buddies to cheat on Wall Street. His lawyers say he only traded based on public information. The replacement of a juror two days ago forced the jury to restart its work. |
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Delaware pediatrician waives right to jury trial
Court Watch |
2011/05/09 09:02
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A judge, not a jury, will decide the fate of a former Delaware pediatrician charged with sexually assaulting scores of young patients over more than a decade.
At a hearing Monday, a judge granted Earl Bradley's request to waive his right to a jury trial.
The judge also indicated that because selecting a jury untainted by media reports is no longer an issue, Bradley's trial may be moved from Wilmington back to Sussex County, where he is alleged to have committed his crimes.
Also, since defense attorneys do not intend to argue that Bradley is guilty but mentally ill, the judge said a psychiatric evaluation of Bradley that he had previously ordered is no longer necessary. |
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Court close to seating Blagojevich jury
Court Watch |
2011/04/28 09:06
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Jury selection in the retrial of former Illinois Gov. Rod Blagojevich is entering the home stretch after dragging on for longer than expected.
Thursday should be the last day of questioning of would-be jurors by U.S. District Judge James Zagel. He told attorneys Wednesday that opening arguments would take place Monday.
After a week of jury selection, 42 people are in the pool of potential jurors. Zagel says he only needs a few more before picking the final 12 jurors and six alternates.
One person the judge agreed to dismiss was a woman who had tickets to "The Oprah Winfrey Show." She had worried jury duty would force her to miss it.
Another person bumped was a school teacher who the judge said displayed "terrible grammar" in his questionnaire. |
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