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Mich. man sues, wants Chevron stock at '04 price
Headline Legal News |
2011/07/03 00:14
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A former lawyer intrigued by the global demand for energy says he chose to invest $100,000 in oil giant Chevron Corp. back in 2004, a smart stock bet that now would have doubled seven years later.
But Perry Christy has a big problem: He says Chevron's stock agent never deducted money from his bank account. As a result, he has no records to show he actually owns a certain number of shares.
So Christy, 69, is suing Chevron and Mellon Investor Services and seeking an extraordinary remedy. He wants a federal judge to declare that he should be credited with buying the stock at a June 2004 price, plus any additional shares that would have piled up by reinvesting dividends. Then he'll pay $100,000.
Based on the terrific rise in San Ramon, Calif.-based Chevron's stock, it would be like winning the lottery—and then buying a ticket.
There was some kind of mix-up on the day I placed the order, Christy insisted in an interview at his home in the Detroit suburb of Northville. Whether mechanical or electronic, I don't think we'll ever know. But it's their screw-up. When you deal with any large bureaucracy, people are focused on their own narrow niche.
After more than a year in court, Chevron and Mellon smell a scam and want the case dismissed, even suggesting that Christy's story of a genuine yet botched investment simply is a lie. |
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US top court upholds $270 million award to smokers
Headline Legal News |
2011/06/28 12:30
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div class=entrydiv class=articlepThe US Supreme Court rejected an appeal request made by American tobacco companies on Monday in a class-action lawsuit that awarded 500,000 smokers a total of $270 million in damages./ppWithout comment, the highest US court dismissed the appeal of a 2009 Louisiana court decision that ruled the tobacco companies must pay hundreds of millions for programs to help the smokers quit./ppThe tobacco companies contested the lawsuit and argued that the class-action lawsuit brought together a number of disparate and individual complaints that spanned more than 50 years./ppThey said that by allowing the class-action suit, the companies were deprived of their right to investigate the individual plaintiffs and they could not all prove that they had suffered harm./p/div
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Toyota class action suit to start with Utah case
Headline Legal News |
2011/06/24 22:31
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The first lawsuit to go to trial in a massive class action against Toyota Motor Corp. over acceleration problems that led the company to recall 14 million cars will involve a crash that killed two people in western Utah, a federal judge said Friday.
U.S. District Judge James Selna told attorneys the case of 38-year-old Charlene Jones Lloyd and 66-year-old Paul Van Alfen, whose Toyota Camry slammed into a wall in Utah in 2010, is scheduled to go to trial in February 2013.
The case - Van Alfen v. Toyota Motor Sales, U.S.A., Inc. - will be the first of several bellwether lawsuits, intended to determine how the rest of the litigation will proceed.
Selna wrote in a tentative order that he hoped the selection would markedly advance these proceedings.
The Court believes that selection of a personal injury/wrongful death case is most likely the type of case to meet that goal, Selna said.
Toyota said it welcomes the Utah case as the first suit to reach court.
We are pleased that the initial bellwether will address plaintiffs' central allegation of an unnamed, unproven defect in Toyota vehicles, as every claim in the multi-district litigation rests upon this pivotal technical issue, the company said in a statement.
Toyota has previously argued the plaintiffs have been unable to prove that a design defect in its electronic throttle control system is responsible for vehicles surging unexpectedly. It has instead blamed driver error, faulty floor mats and sticky accelerator pedals. |
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Va suit settled over coalbed methane rights
Headline Legal News |
2011/06/23 22:31
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Southwest Virginia landowners have reached a $3.4 million tentative settlement in a class-action lawsuit over coalbed methane rights.
The Bristol Herald Courier reports Wednesday's settlement would be split among 1,850 landowners.
The federal lawsuit alleged that Chesapeake Energy Corp. subsidiary Chesapeake Appalachia underpaid royalties to landowners for decades.
The settlement will be made final at a hearing Oct. 4.
Other similar class-action lawsuits are pending in federal court in southwest Virginia involving CNX Gas Co. and EQT Production Co. |
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Chandler steps down as head of Del. Chancery Court
Headline Legal News |
2011/06/20 04:22
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William Chandler III never realized his young man's dream of becoming a university professor, yet he has managed to pass on plenty of lessons to students of American law and business.
Chandler, 60, is retiring this week as head of Delaware's Court of Chancery, which rules over corporate law in a state that is the legal home to more than half of all publicly traded U.S. companies, including about two-thirds of the Fortune 500.
Chandler's decision to join a Silicon Valley-based law firm, where he will focus on advising corporate clients and working behind the scenes on litigation strategy, comes after 26 years on the bench, including eight years as a vice chancellor on the five-member court and 14 as chancellor.
But Chandler, who also served as a Superior Court judge before being appointed a vice chancellor, never envisioned himself wearing a black robe.
After obtaining his law degree from the University of South Carolina and clerking for a federal judge in Wilmington, Chandler went to Yale University law school with his eye on a master's degree and a dream of becoming a professor. |
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