Class Action Lawsuit

Class-action suits come to the rescue of investors in Indian mkts, finally

It's only now that the tool is finally being put to use. Two separate challenges are being heard by India's company law tribunal

Minority shareholders file suit against promoters of Jindal Poly Films

Minority shareholders of Jindal Poly Films have initiated a class action suit against the management and promoters of the company before the National Company Law Tribunal (NCLT) alleging loss due to their actions. The petitioners, which collectively hold a 4.99 per cent shareholding in Jindal Poly Films, a manufacturer of speciality films, have alleged "oppression and mismanagement" against them and have sought damages from the company. The petition filed under section 245 of the Companies Act, alleged that the sale of optionally-convertible preference (OCPS) shares and redeemable preferences shares (RPS) held by the company in a subsidiary to its promoter entity SSJ Trust and other firms at depressed valuations had caused a loss to the company and should be declared null and void. They have requested NCLT to declare the sale of OCPS and RPS to SSJ Trust (through its trustees Shyam Sunder Jindal and Subhadra Jindal) and Jindal Poly Investment as being null and void, and reverse the

US Judge cancels class-action lawsuit won by users against Google

The ruling, which is yet to be finalized, would dramatically reduce potential damages facing Alphabet Inc. over claims that Google Play abuses its control over Android mobile applications

JPMorgan to pay $290 mn to Epstein's victims in class action lawsuit

JPMorgan Chase announced a $290 million tentative settlement Monday with the victims of Jeffrey Epstein who had accused the bank of being the financial conduit that allowed the financier to continue operating a sex trafficking operation. Epstein was arrested in 2019 on federal charges accusing him of paying underage girls for massages and then molesting them at his homes in Florida and New York. He was found dead in jail in August of that year, at age 66. A medical examiner ruled his death a suicide. The lawsuit filed in Manhattan federal court in November sought to hold JPMorgan financially liable for Epstein's decades-long abuse of teenage girls and young women. A related lawsuit has been filed in the U.S. Virgin Islands. The proposed settlement comes roughly two weeks after JPMorgan Chase CEO Jamie Dimon testified in a deposition for the case, where he denied knowing about Epstein and his crimes until the financier was arrested in 2019, according to a transcript of the videotap

Wells Fargo accused of misleading statement, to pay $1 billion in lawsuit

The investors sued the bank in 2020 claiming that its former chief executive officer, Tim Sloan, and other executives made misleading statements in testimony

Freshworks faces class action lawsuit in US for false statements during IPO

One of the two law firms suing Freshworks is urging investors who have incurred losses of $100,000 to join the litigation, asserting that the company has violated federal security laws

Google faces class-action lawsuit for using NHS data of 1.6 mn people in UK

Google is facing a class-action lawsuit in the UK for allegedly using confidential medical records belonging to 1.6 mn individuals for its AI division called DeepMind.

Facebook faces $3.2 bn UK class action over using data for market dominance

Case filed on behalf of people in Britain who had used Facebook between 2015 and 2019.

In a first, CCPA initiates class action proceedings against 9 companies

The firms include online travel companies, a social media firm, and an e-commerce firm

China launches first class-action lawsuit in war against corporate fraud

The mechanism was introduced last year to bolster investor confidence

23-year-old sues Australia for not disclosing climate change risk in bonds

Kathleen O'Donnell says the Australian Office of Financial Management and Treasury are deceiving investors by not disclosing climate change alongside other financial risks in its exchange-traded debt

HDFC Bank denies charges, says will vigorously fight US class action suits

Lender expects its response to be due in early 2021, says there is no matter currently that requires disclosure

Two US-based law firms file class action suits against HDFC Bank

Cite failure on bank's part to inform investors about improper internal controls on vehicle loans; outgoing MD Aditya Puri, CEO-designate Sashidhar Jagdishan among ddefendants

Top headlines: May Services PMI improves, US to probe India for digital tax

From oil prices hitting a three-month high, May Services PMI improving from shock collapse in April to Google facing class action lawsuit, here are the top headlines of the day

Opening bell for class-action suits

The Companies Act does not prescribe a maximum cap on the damages that may be awarded

Lack of timely resolution, legal costs may hold back class action suits

Shareholders are likely to continue voting with their feet when faced with issues in their companies, according to experts

Govt to give financial aid to minority investors filing class action suits

The corporate affairs ministry would also be encouraging investors to resort to class action suits