tagged w/ Class Action Lawsuits
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Computer attacks pose the biggest risk “from a national security perspective, other than a weapon of mass destruction or a bomb in one of our major cities,” said Shawn Henry, assistant director of the FBI’s cyber division told the International Conference on Cyber Security in New York .Computer attacks pose the biggest risk “from a national security perspective, other... more
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According to a report released Monday by the Ponemon Institute and funded by encryption firm PGP, the cost of a data breach for companies has risen to $202 per lost record, up from $197 in the institute’s 2007 study. For the 47 companies audited in the study, those costs added up to $6.6 million per incident.According to a report released Monday by the Ponemon Institute and funded by... more
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"As has been reported, Heartland first learned of a potential problem from the card associations on October 28th of last year, well after the announcement of this 10b5-1 plan. Heartland categorically denies that Mr. Carr was aware of a potential security breach at the time he adopted his trading plan.""As has been reported, Heartland first learned of a potential problem from the card... more
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“The consumers get mad at the bank for something that’s not their fault,” he said. “They place responsibility on (banks) for a breach at a processor in some other state used by a vendor where the customer used their card, but at the end of the day, everybody thinks it’s the banks’ issue, where it was not.”“The consumers get mad at the bank for something that’s not their fault,” he... more
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The boom in cyberthreats that occurred during the last three months of 2008 could accelerate, especially if the economy continues to falter, security specialists say. Organized cybercrime groups have become increasingly efficient at assembling massive networks of infected computers, called botnets, and deploying them to amass large caches of stolen data, according to several surveys and dozens of interviews with security and privacy analysts. Meanwhile, scammers have honed the trickery used to turn stolen data into cash.The boom in cyberthreats that occurred during the last three months of 2008 could... more
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A logic bomb allegedly planted by a former engineer at mortgage finance company Fannie Mae last fall would have decimated all 4,000 servers at the company, causing millions of dollars in damage and shutting down Fannie Mae for a least a week, prosecutors say.A logic bomb allegedly planted by a former engineer at mortgage finance company Fannie... more
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Carr stated, “PCI is a good and effective standard, but the bad guys have become more sophisticated to the point where encryption of data in motion appears to be one of the next required steps. There is no single silver bullet that will secure payment systems, and constant vigilance and monitoring of the infrastructure will always be required.Carr stated, “PCI is a good and effective standard, but the bad guys have become... more
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Data theft and breaches from cyber-crime may have cost businesses as much as $1 trillion globally in lost intellectual property and expenditures for repairing the damage last year, according to a new study from McAfee. The respondents estimated that they lost data worth a total of $4.6 billion and spent about $600 million cleaning up after breaches, McAfee said.Data theft and breaches from cyber-crime may have cost businesses as much as $1... more
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The date they settle on may well be the difference between market serendipity and an SEC investigation for insider trading, as an examination of stock sales made by Heartland CEO Robert O. Carr in the second half of 2008 raises some serious questions about just who knew what and when in the latest version of the worst-ever information security breach which has now spawned a class action lawsuit.The date they settle on may well be the difference between market serendipity and an... more
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This is a class action lawsuit brought on behalf of Plaintiff, individually, and on behalf of similarly situated consumers or entities whose credit and/or debit card number(s), expiration date(s), internal bank codes, personal identifying information and/or other confidential financial information (the "Sensitive Financial Information") was stolen, accessed and/or compromised by third parties while entrusted to Defendant Heartland Payment Systems, Inc. ("Heartland" or "Defendant").This is a class action lawsuit brought on behalf of Plaintiff, individually, and on... more
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Current and former Los Angeles Times staffers have sued Sam Zell and the Tribune Co. over allegedly illegal and irresponsible actions since Zell's leveraged buyout of Tribune Co. last year.
The complaint, filed Tuesday in federal court in Los Angeles, alleges the structure of the buyout -- executed through an Employee Stock Ownership Plan -- and Zell's conduct have diminished the value of Tribune Co. in order to benefit himself and fellow board members.
Tribune Co. spokesman Gary Weitman said, "We have not seen the lawsuit and will decline comment."
Plaintiffs include Times auto critic Dan Neil and former Times staffers Corie Brown, Henry Weinstein, Myron Levin and Walter Roche Jr. along with Jack Nelson, the former Washington, D.C. bureau chief
The suit, which seek class-action status, alleges that through "destructive management and self-dealings," Zell and his co-fiduciaries have breached their fiduciary duties to the ESOP beneficiaries. It also alleges that Zell has de-funded employees retirement packages, raided the employee pension fund for more than $400 million, and eliminated more than a thousand Tribune Co. jobs at the Los Angeles Times, Baltimore Sun and Chicago Tribune.
In a news release, the plaintiffs said they do not seek to enrich themselves. "Rather, their announced intentions are: to protect Tribune Company's pension and retirement funds; to give the employee-owners a place at the table with regard to management of their assets; and to remove Zell and his cronies from the Tribune Company's board in order to save what is left of a still great news gathering operation," the announcement said.Current and former Los Angeles Times staffers have sued Sam Zell and the Tribune Co.... more
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HOUSTON - Enron Corp. shareholders and investors will split about $7 billion from financial institutions accused of participating in the fraud that caused the once-mighty energy company to collapse.
The settlement amount was listed at $7.2 billion, a sum that has been accruing interest since 2002 and includes $688 million plus interest in attorneys fees.
The deal, approved late Monday by U.S. District Judge Melinda Harmon, and the attorneys fees are the largest in history in a U.S. securities fraud case.
"We're pleased that the court recognizes the tremendous amount of work, skill and determination required to overcome significant obstacles in this complicated case," said Patrick Coughlin, attorney for the regents of the University of California, the lead plaintiffs.
About 1.5 million individuals and entities will be eligible to share in the distribution under the settlement plan. The attorneys fees will go to San Diego-based Coughlin Stoia Geller Rudman & Robbins LLP, the law firm representing the university.
Besides the University of California, other plaintiffs who will share in the proceeds include pension plans from New York City and Hawaii, various investment firms and the Archdiocese of Milwaukee.
The distribution plan was part of a $40 billion lawsuit filed by shareholders and investors, who claim Bank of America, JPMorgan Chase & Co., Citigroup and others participated in the accounting fraud that led to Enron's downfall.
Calculating shares of the $7.2 billion will be determined by a formula that factors in such things as the stock's purchase price and the type of stock bought.
HOUSTON - Enron Corp. shareholders and investors will split about $7 billion from... more
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What Chevron does with the it's.. 'human energy'.
The largest environmental class action lawsuit has been filed against Chevron, formerly Texaco, for the dumping of over 18 billion gallons of toxic waste water directly upon the Ecuadorian Amazon rain-forest floor..
Since the court's environmental remediation estimate came in at a whopping $8-16 Billion dollars, Chevron has been shaking in their penny loafers and employing a few old tricks
(Chevron has hired former Republican Senator Trent Lott to lobby the Bush Administration to pull Ecuador’s special trade preferences unless Ecuador dismisses the $16 billion lawsuit against the company." -Amazon Watch)
Luckily for the 'little indians', they just might have Obama on their side..What Chevron does with the it's.. 'human energy'.
The largest environmental class... more
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"A $125 million settlement has been announced in a major class action lawsuit involving members of the Prescription Access Litigation (PAL) coalition. The case, In re Pharmaceutical Industry Average Wholesale Price Litigation, was originally filed in 2002, and claimed that the defendant drug companies intentionally inflated reports of the Average Wholesale Prices (AWPs) on certain prescription drugs administered in doctors’ offices and paid for by Medicare Part B."
"The settlement includes branded and generic drugs used primarily in the treatment of cancer, HIV and other serious illnesses. Under the terms of the settlement 82.5 percent of the settlement fund is designated for third-party payors’ claims and the remaining 17.5 percent is designated for consumer claims."
So Big Pharma apparently thinks that cancer and HIV treatments aren't profitable enough. I thought that tricking people into thinking that they had imaginary illnesses by showing deceptive advertisements had put enough extra notches in their belt. I guess I was wrong."A $125 million settlement has been announced in a major class action lawsuit... more
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