A Guide on the Most Popular Class Action Lawsuits in Legal History
It is estimated that over 1000 class action lawsuits are filed annually. Consequently, it is essential that one takes the necessary precautionary measures when making investments. Class action lawsuits happen when a group of people together goes against a defendant, represented by a member. In this kind of suit, numerous parties of people are included in the lawsuit. Among the significant benefits of using this type of lawsuit is that it helps plaintiffs who would otherwise not afford an attorney. Class action lawsuits are done to reduce the number of suits going to the court. The lawsuits are filed with basic information which applies to the whole 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.
One of these is the BP Oil Spill case in Mexico. The case was filed by public prosecutors for the Deepwater Horizon oil spill and environmental damage by the company. The oil spill threatened many animals and wildlife species, and the repercussions of the spill were experienced on the entire coast. The company paid money to the state and government, mainly covering federal claims and penalties.
Another famous class action lawsuit is one that was one involving four tobacco companies in 1998. These companies agreed to a large settlement to help cover medical expenses for people who smoke their products. About 45 states were included in the settlement, and people were to receive payments over 30 years. This was seen as the best way to get tobacco companies to pay and help with Medicaid programs.
A class-action lawsuit happened in Hawaii with the Kona Beer company. The company was being targeted due to conducting false advertising. This company was marketing its beer as being brewed in Hawaii, yet it was brewed throughout the continental US. The people affected by the lawsuit received some dollars per pack purchased.
Another class-action lawsuit involved the Enron Security company in 2006. Enron Security was an energy trading company that was targeted for defrauding shareholders. The company became bankrupt soon after the fraud occurred. The previous executives of the company was later taken on trial and were convicted of fraud and conspiracy, and many people lost their jobs and pension benefits.
Another popular case in this category involved Worldcom Securities. The company was deemed 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 later declared bankruptcy and had to share a settlement with its prior investors.