These Are among the Famous Class Action Lawsuits in Legal History
It is estimated that over 1000 class action lawsuits are filed annually. It is essential, therefore, to be cautious with investments. A class action lawsuit occurs when a group of people that are represented by a member collectively goes against a defendant. In this kind of suit, numerous parties of people are included in the lawsuit. One of the benefits of filing this kind of lawsuit is that it helps plaintiffs who cannot afford an attorney. Another goal of doing class action lawsuits is to minimize the number of suits going into 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 BP Oil Spill lawsuit was effected by public prosecutors against the company for 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 paid money to the state and government, mainly covering federal claims and penalties.
Around 1998, a class action lawsuit was done involving four tobacco companies. The companies agreed to pay a large settlement to take care of medical costs for those that smoked their products. The payments were to be made over 30 years since more than 45 states were included in the settlement. This was the easiest way to get tobacco companies to pay and help with Medicaid programs.
Another famous class-action lawsuit was one involving the Kona Beer company. The issue that was being dealt with was the company’s false advertising. The company was marketing its beer as Hawaiian brewed, yet Kona beer 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. Enron Security was an energy trading company that 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 class action lawsuit involved Worldcom Securities. The company was deemed to be the largest communications company in the world until a merger came up. After the merger proposal, which fell through, the CEO kept the stock prices high for the company and stole millions of dollars so that he could keep his stock. The company declared bankruptcy shortly after 2005 and had to share a settlement with its previous investors.