Attorney Christopher Gray has filed a class action lawsuit on behalf of all persons who purchased the securities of Sea Containers, Ltd. (NYSE:SCR-A) from March 15, 2004 through March 24, 2006 (the "Class Period"). The complaint alleges that during the Class Period, the company caused the share price of Sea Containers stock to be artificially inflated by financial misrepresentation to the public. The class action lawsuit aims to recover investors’ losses, which resulted from the company’s announcement that it would need to take a write-down of assets to the tune of $ 500 million, leading to a drop in stock prices of 38% in a single day.
April 2006 Archives
Tennessee Storm Victims Receive Grants from FEMA
April 29, 2006
The Federal Emergency Management Agency has distributed or approved nearly $ 1 million in grants to Tennessee families affected by the severe storms in April. FEMA spokesman Randy Welch said that the grants include $538,519 for home repairs or for homes to rent which were typically awarded to families with no insurance. An additional $392,901 in grants went to families with other needs, such as replacing furniture or vehicles, as well as covering medical, dental and funeral expenses.
State of Maryland Sues Exxon for Environmental Violations
April 29, 2006
The State of Maryland has filed a suit seeking nearly $ 12 million in penalties from Exxon Mobil Corp and a local service station operator for a gasoline leak in Jacksonville area of Baltimore County. The suit accuses the giant corporation and the service station of violating state environmental regulations by allowing the leak and not detecting or reporting it promptly. State officials say that 62 residential wells are contaminated with methyl tertiary butyl ether, or MTBE, a gasoline additive. In addition to the penalties, the state asks that Exxon and its operator clean up the gasoline that leaked.
Brain Cancer Patients Sue Neighborhood Chemical Plants
April 28, 2006
Two men from McHenry County have sued Rohm and Haas Chemicals, alleging that the toxic chemicals it released into air and groundwater have caused them brain cancer. A spokesman for the company said that the cleanup of groundwater near the plant has been underway for over 20 years, and also pointed out that the men live more than a mile away. He said that there was no basis for linking the mens’ illnesses to the operations at their plant.
Judge Rules in Favor of Hospital in Heart Transplant Lawsuit
April 28, 2006
A Cook County judge has ruled against a previous jury verdict that awarded $ 2.7 million to the family of a man who died of complications from a heart transplant surgery. The family of Carl Longnecker had sued the Loyola University Medical Center, saying that the donor heart he received was diseased. The doctor had pleaded that the heart had only mild abnormalities.
Federal Pre-emption Does Not Apply in All Railroad Cases
April 27, 2006
Judge Tony Leung has refused to dismiss hundreds of cases filed in Hennepin County District Court in Minneapolis against the Canadian Pacific Railway related to a derailment that occurred in 2002. A cloud of toxic anhydrous ammonia had enveloped the city of Minot after the derailment there. Canadian Pacific has been forced to admit liability in some of the cases after the Judge said that federally regulated railroads are not exempt from all legal claims.
Wrestler Settles Lawsuit Against WWE Restrictive Contract
April 26, 2006
Brock Lesnar, who wrestled as “The Next Big Thing’ has settled a February 2005 lawsuit against the WWE. Lesnar signed a non-compete contract in 2004, which restricted him from working in sports entertainment till 2010. He filed a lawsuit in federal court in Connecticut, asking that the contract be declared unenforceable. The WWE asked the court to prohibit him from working as a wrestler or ultimate fighter anywhere in the world. While details of the settlement were not available, Lesnar’s lawyer said that it would allow the wrestler to pursue new ventures while still in his athletic prime.
Merck’s Strategy to Limit Liabilities in Vioxx Cases
April 25, 2006
Having lost three of the six cases tried so far after the withdrawal of its pain killer, Vioxx, Merck appears intent to fight all the 11,500 lawsuits it faces. In spite of the huge potential liability, the company seems to be unwilling for a global settlement just yet. Merck’s strategy has been to assert that the company acted responsibly by pulling Vioxx in 2004. Whether they will participate in settlement talks after September 2006, two years after Vioxx’s removal, and when the limitation for filing lawsuits expires, remains to be seen.
Nursing Home Loses Wrongful Death Case
April 25, 2006
A Georgia jury awarded $ 1.16 million in compensatory damages to the family of James Davis, who died in 2002 from infections stemming from falls and negligent care at the North Macon Health Care Nursing Home in Macon, Georgia. Davis, a 62 year old stroke victim who was confined to a wheelchair, fell nine times during his one year stay at the nursing home. After severe complications resulted from the falls, doctors suggested the amputation of a leg, and a permanent feeding tube. His son, Mr Scott Davis, made a decision to let his father die with as much dignity as possible, a decision that was attached by the defense attorneys during the trial.
Philip Morris Loses
April 24, 2006
A California State appeals court upheld a $ 28 million award in punitive damages to the family of Betty Bullock against Philip Morris. A Los Angeles jury had awarded $ 28 billion in punitive damages in 2002, in addition to 850,000 in compensation. The trial judge cut the punitive award to $ 28 million, or 33 times her compensation. Philip Morris argued that this was still much higher than the 9-to-1 ceiling set by the Supreme Court for punitive damages, but the Court-of-Appeal panel in Los Angeles said that 9-to-1 was not a rigid barrier