March 7, 1997 |
A federal appeals court upheld a request by hundreds of American investors in Lloyd's of London that they be allowed to sue the insurance syndicate under U.S. securities laws. The U.S. 9th Circuit Court of Appeals overruled a 1995 lower-court ruling that the investors have to file suit in Britain under British law, as provided in the original contracts between London-based Lloyd's and most of its investors. The appeals court held that U.S. law supersedes these contracts.
August 8, 1996 |
After years of legal wrangling and failed attempts to reach a settlement, the financially troubled Teachers Management & Investment Corp. on Wednesday agreed to pay investors $4.3 million to settle accusations that the company mishandled their retirement funds and caused losses of more than $200 million. The settlement stems from a 1994 class-action lawsuit filed against the Newport Beach real estate investment firm on behalf of 20,000 California teachers, some of whom lost their life savings.
August 31, 1996 |
Lloyd's of London on Friday declared its nearly $5-billion settlement offer to investors unconditional as to acceptances, taking the insurance market one step closer to sealing its recovery plan. Lloyd's said that by late Thursday, 31,246 members, or 91% of total membership worldwide, had accepted the offer. It said the acceptance deadline had been extended to Sept. 11.
August 22, 1996 |
A U.S. District Court jury on Wednesday presented ICN Pharmaceuticals Inc. with a partial victory in a complex and long-running lawsuit brought by disgruntled shareholders who were demanding $300 million in damages. Attorneys representing plaintiffs in the suit were not available to comment, but lawyers for the Costa Mesa-based company said they were "elated and gratified" by the New York jury's decision to throw out seven of 13 actions.
August 29, 1996 |
A group of U.S. investors in Lloyd's of London plans to appeal a federal appellate decision allowing the insurance market to resume its $4.8-billion recovery plan, an attorney for the investors said Wednesday. Stephen Hudson, who represents 93 U.S. investors who sued Lloyd's, said he would seek a rehearing from the U.S. 4th Circuit Court of Appeals in Baltimore in an emergency motion to be filed today.
August 23, 1996 |
Attorneys for disgruntled shareholders who have been waging a decade-long legal battle against ICN Pharmaceuticals Inc. vowed to continue their legal assault on the Costa Mesa-based company Thursday despite a jury verdict that left them empty-handed. The verdict returned late on Wednesday by jurors in the case that involves allegations of fraudulent behavior by ICN executives during 1986 and 1987 sparked an immediate war of words between attorneys representing ICN and dissident shareholders.
June 25, 1996 |
Infinity Shareholders Sue to Block Merger: Shareholders have filed three lawsuits seeking to block Westinghouse Electric Corp.'s proposed acquisition of Infinity Broadcasting Corp. for $3.9 billion, according to court documents. In filings in Delaware Chancery Court, the plaintiffs alleged that the directors of Infinity breached their fiduciary duty by failing to get a higher per-share price for Infinity to maximize shareholder value.