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Investors Suits

BUSINESS
July 2, 2003 | From Bloomberg News
Merrill Lynch & Co., Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group won dismissal Monday of lawsuits accusing them of misleading investors with biased research tailored to win investment banking business. The rulings by two federal judges in New York were the first to address the banks' liability for research since 10 of the largest Wall Street firms agreed in April to pay $1.4 billion to settle similar charges by regulators. U.S.
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BUSINESS
June 3, 2003 | From Bloomberg News
Walt Disney Co. shareholders can proceed with a lawsuit against company executives over ex-President Michael Ovitz's $140-million severance package, a judge ruled. A Delaware Chancery Court judge rejected Disney's bid to throw out investors' claims that the company's board was asleep at the switch when it approved Ovitz's compensation and severance. Shares of Burbank-based Disney rose 42 cents to $20.07 on the New York Stock Exchange.
BUSINESS
March 14, 2003 | From Bloomberg News
Malibu toy maker Jakks Pacific Inc. agreed to pay $725,000 to resolve an investor lawsuit questioning the fairness of its $54.5-million acquisition of Toymax International Inc. Jakks, which makes World Wrestling Entertainment action figures, said last year that it would pay $3 in cash and $1.50 in stock for each share of Toymax, a 48% premium at the time. Toymax shareholder Harry Young Jr. sued in Delaware Chancery Court saying the stock was worth more.
BUSINESS
January 18, 2003 | E. Scott Reckard, Times Staff Writer
Investors who saw more than $225 million evaporate when Earthlink Inc. co-founder Reed E. Slatkin's long-running fraud collapsed won a court round Friday in their efforts to recover funds from the relatively few Slatkin investors who profited -- a group including celebrities such as actor Peter Coyote and former supermodel Cheryl Tiegs.
BUSINESS
July 30, 2002 | From Bloomberg News
Ronald Perelman canceled the $128-million sale of his stake in movie-camera maker Panavision Inc. to another company he controls, settling investor claims that he arranged the deal to get out of a bad investment. M&F Worldwide Inc., which is controlled by the billionaire financier, agreed to return the 83% stake in Panavision and debt that Perelman sold it in exchange for $90.1 million in cash and stock he valued at $48 million, M&F officials and shareholders said Monday. M&F shares rose $1.
BUSINESS
April 2, 2002 | Bloomberg News
The U.S. Supreme Court refused to revive a class-action investor lawsuit that accused Bank of America Corp. of hiding losses that led to a $372-million write-off. Bank of America agreed in February to a $490-million settlement. That accord is awaiting approval from a federal judge. The Supreme Court appeal came from a law firm that sought to open a new front by pressing a separate shareholders' suit in California state court. The fight centers on a $1.4-billion payment that BankAmerica Corp.
BUSINESS
August 15, 2001 | Bloomberg News
Covad Communications Group Inc. agreed to pay $38 million in stock to settle shareholder suits claiming company executives concealed financial problems at the high-speed Web service provider. Santa Clara, Calif.-based Covad, which said earlier this month that it plans to file for bankruptcy protection, said it will give shareholders and other investors 3.5% of the company's shares. The agreement values the stock at 61.5 cents a share.
BUSINESS
August 10, 2001 | WALTER HAMILTON, TIMES STAFF WRITER
Investors who were seeking $1.75 million in compensatory damages against Goldman Sachs Group and one of its stock analysts have been awarded a fraction of what they sought, a possible setback to investors who might expect large awards in the growing number of cases against analysts.
BUSINESS
August 8, 2001 | Bloomberg News
SATX Inc., a wireless communications company once based in Laguna Hills, said Tuesday that it settled a 1997 shareholder lawsuit by agreeing to distribute 4 million stock warrants among the group of plaintiffs. SATX, which admitted no wrongdoing, said the warrants may be exercised at $1 over a period of four years. The suit alleged that SATX executives and directors misrepresented the viability and availability of SATX's AlphaTrak product lines, a Global Positioning System.
BUSINESS
August 8, 2001 | Bloomberg News
PBOC Holdings Inc., the Los Angeles-based parent of People's Bank of California, settled lawsuits with stock owners who claimed they wouldn't get enough for their shares in a $200-million acquisition by FBOP Corp. FBOP, closely held parent of California National Bank, said in December that it would pay $10 a share for the 58% of PBOC it didn't already own. Stockholders filed four lawsuits in Delaware Chancery Court contending PBOC directors had a legal duty to get a better price for the shares.
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