These Are among the Famous Class Action Lawsuits in Legal History
More than a thousand class action lawsuits are filed every year. Consequently, it is essential that one takes the necessary precautionary measures when making investments. Class action lawsuits consist of a group of people that are represented by a member to go against a defendant collectively. This kind of lawsuit is different from the regular ones because multiple parties are involved in the lawsuit. Among the major advantages of filing this type of lawsuit is that the plaintiffs who cannot afford an attorney still get to be involved in seeking justice. Class action lawsuits are done to reduce the number of suits going to the court. They are filed with the most basic information that applies to the entire group. When a large group of people is involved in the class-action lawsuit, it can be quite challenging to get a request to look identical. If you’re interested in finding out some of the most popular class action lawsuits, this article is for you.
The BP Oil Spill case in Mexico is one of the common class action lawsuits. This happened in 2016 when public prosecutors filed the BP Oil Spill lawsuit for the environmental damage and the Deepwater Horizon oil spill. The oil spill threatened many animals and wildlife species, and the repercussions of the spill were experienced on the entire coast. The company had to provide many to cover federal claims and penalties to the state and government.
Around 1998, a class action lawsuit was done involving four tobacco companies. The four companies agreed to pay a large sum in terms of settlement to cater to medical costs for people that smoked their products. Over 45 states were included in the settlement, and people were to receive payments over an extended period of 30 years. This was the easiest way to get tobacco companies to pay and help with Medicaid programs.
Another class action lawsuit involved the Kona Beer company. The company was being targeted due to conducting false advertising. The company marketed its beer as Hawaiian brewed even though it was being brewed all over the continental US. The affected people in the lawsuit received a couple of dollars per pack purchased.
Another class-action lawsuit involved the Enron Security company in 2006. The company was trading in energy and was targeted for defrauding shareholders. The company declared bankruptcy soon after the fraud was discovered. The previous executives of the company went on trial and were convicted of conspiracy and fraud, and, unfortunately, many people lost their pension benefits and jobs.
Another popular case in this category involved Worldcom Securities. This company was considered to be the largest communications company in the world until a merger came up. The CEO of the company had created a merger proposal, and though it surpassed, he held the stock prices high for the company and stole millions of dollars for him to keep his stock. The company declared bankruptcy shortly after 2005 and had to share a settlement with its previous investors.
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