Archive for 2009

AG Edwards Class Action – Update 1

November 11th, 2009. By LucyC

We’ve had a lot of interest from you about the status of the A.G. Edwards class action and what, if any mutual funds may be involved. This is what we’ve managed to find out—we hope it helps. We’ll continue to follow this for you, so keep your questions coming. 

First off, why where you notified about the AG Edwards (AGE) Class Action? 

According to official documentation provided on the AGE class action website:

“Records show that you maintained a brokerage account at A.G. Edwards in which you may have held shares of any mutual funds that were advised by, distributed by, or in any way related to companies that compensated A.G. Edwards based, at least in part, upon the holdings of A.G. Edwards’ clients in the respective mutual funds during any part of the period beginning on April 12, 2000 and ending on April 12, 2005. This notice explains that the Court has allowed, or “certified” a class action lawsuit that will affect you if you are a member of the Class.”

So, a class has been certified, which means the lawsuit can proceed as a class action. No determination of right or wrong has been made—and that could be decided in court. Again, according to the official documentation: 

“The Court has not decided whether A.G. Edwards or the Plaintiffs are correct. By establishing the Class and issuing this Notice, the Court is not suggesting that the Plaintiffs will win or lose the case. The Plaintiffs must prove their claims at a trial scheduled to start on December 14, 2009.”

So what AG Edwards mutual funds qualify?

According to the documentation, the following is a list of mutual funds “that might be involved:”  Read the rest of this entry »

Tags: AG Edwards
Posted in Class Action, Financial | 26 Comments »

Asbestos News Roundup: 11.10.09

November 10th, 2009. By LucyC

A roundup of recent asbestos-related news, asbestos lawsuits and the latest asbestos hot spots-places where asbestos has been found-and that you should be aware of.

Asbestos Lawsuits

Tyler, TX: A man from Pennsylvania, who worked in Texas for T & N Limited and TAF International Limited, claims he developed asbestos mesothelioma as a result of being exposed to defective and unreasonably dangerous products while on the job. These products contained asbestos and generated asbestos dust which he inhaled. (SETexasRecord.com)

Asbestos Mesothelioma Settlements

San Francisco, CA: A jury verdict awarding Mrs. Mahoney, a resident of San Francisco, $20 million as settlement of her asbestos mesothelioma lawsuit, has been upheld on appeal. Mrs. Mahoney’s work in the family home-remodeling business exposed her to an asbestos-containing joint compound produced by Georgia Pacific. Together, Mrs. Mahoney and her husband built and remodeled numerous houses in the 1970s, 1980s and 1990s. She was diagnosed with asbestos mesothelioma in 2006. (Businesswire.com)

 

Monterey, CA: A tentative settlement has been reached in an asbestos-related lawsuit brought by attorneys, judges and courthouse employees who claim they were injured by asbestos dispersed during remodeling of the Monterey County Superior Court building in Salinas. While the settlements are confidential, the monies awarded will cover medical expenses and damages for lung disease. (thecalifornian.com)

Asbestos Hot Spots

According to a recently released report by the Workers’ Compensation Board of Quebec, Read the rest of this entry »

Tags: Asbestos, Asbestos Mesothelioma
Posted in Asbestos Mesothelioma | No Comments »

Tagged.com agrees to pay up

November 10th, 2009. By AbiK

It’s really a small price to pay, but Tagged.com has agreed to settle—to the tune of $750k—with both New York state and Texas after both states charged the social networking site with using less than scrupulous tactics to try and build their user base.

If you recall—and we covered the drama on LawyersAndSettlements.com—Tagged.com was basically snagging users’ email lists and sending out “invitations” to those email addresses. The catch was that the invitations asked recipients to view private photos that the Tagged.com member wanted to share. Unfortunately, the Tagged.com member didn’t want to share any photos, and they had no clue that Tagged.com was going out and sending these emails to their entire personal email contact list.

For those who clicked through the invitation in hopes of finding those private photos, the only thing they really found was a ploy to get them to become Tagged.com members as well. Not cool.

So New York (specifically state Attorney General Andrew Cuomo) and Texas went after Tagged.com and now there’s an agreement to settle.

Of course, Tagged.com admits no wrongdoing. But they are going to pay $500,000 to New York and $250,000 to Texas. Along with paying these penalties, the Associated Press reports that Tagged.com will “not access contacts or send messages without the member’s informed permission” and it will “also provide clear and conspicuous disclosures”. 

Tags: Tagged.com
Posted in Settlement | 1 Comment »

A.G. Edwards…Going Somewhere?

November 9th, 2009. By LucyC

Way back in 2005, a class action lawsuit was filed against AG Edwards (now part of Wachovia), alleging that the investment company was not playing by the rules. On Friday—yes that’s over four years later—a website popped up with some information on the AG Edwards class action suit. 

Just in case the details of the suit don’t come flooding back—here’s what you need to know: 

What are the Allegations Against AG Edwards?

“This lawsuit is about whether A.G. Edwards breached its fiduciary duties to Plaintiffs, owners of A.G. Edwards accounts which held shares of mutual funds, and all others similarly situated, and whether, as a result of those breaches, A.G. Edwards has been unjustly enriched by receiving millions of dollars in payments from mutual fund companies whose mutual funds were held by Plaintiffs. A.G. Edwards denies these allegations and the Court has not decided whether A.G. Edwards or the Plaintiffs are correct.” 

Are You In or Out?

Are you eligible to join the AG Edwards class action lawsuit? Read the rest of this entry »

Tags: AG Edwards, Wachovia
Posted in Class Action, Financial | 54 Comments »

Merck in the Middle of Statin Drug Soap Opera

November 9th, 2009. By AbiK

The latest flurry of statin drug-related news could substitute for your afternoon t.v. soap fix—except there’s a very real-life drama being played out. It’s full of intrigue and false promises. Who knew that the anti-cholesterol drug market could offer so much, and yet so little at the same time?

Here’s the topline history to get you up to speed—just in case you’ve missed the last couple of months’ news on drugs like Vytorin, Zetia and Lipitor…

Zetia + Simvastatin (aka Zocor) = Vytorin 

↓

Vytorin + Zetia = Class Action Settlement

↓

Zetia + Atorvastatin (aka Lipitor) = Refused by FDA = Bad News for Merck

↓

Vytorin + Arbiter 6 Study (due 11/16) = Expected Bad News for Merck 

↓

Niaspan + Arbiter 6 Study = Expected Good News for Abbott Labs 

So what’s the deal with this Arbiter 6 thing? It’s the clinical study that was conducted—and whose results are hotly anticipated at the American Heart Association (AHA) annual scientific meeting in Orlando on November 16th—to review the efficacy of cholesterol drugs Read the rest of this entry »

Tags: Arbiter 6, Merck, statins, Vytorin, Zetia
Posted in Drugs/Medical | 3 Comments »