These Are among the Famous Class Action Lawsuits in Legal History
More than 1000 class action lawsuits are filed every year, as estimated by the Consumer Financial Protection Bureau. It is essential, therefore, to be cautious with investments. Class action lawsuits consist of a group of people that are represented by a member to go against a defendant collectively. Such a lawsuit is different from the conventional ones because there are many parties 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. 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. You may be interested in finding out some of the popular class action lawsuits in history, and some are given below.
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 put many animals and wildlife in danger, and the whole coast experienced the consequences of the spill. The company had to pay money to the state and government to cover federal claims and penalties.
A famous class action lawsuit was carried out against four tobacco companies in 1998. The four companies agreed to pay a large sum in terms of settlement to cater to medical costs for people 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 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 issue that was being dealt with was the company’s 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. This was an energy trading company that had defrauded its 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. Until a merger arose, the company was considered to be the largest communications company in the world. 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.