It is estimated that over 1000 class action lawsuits are filed annually. This makes it necessary that one is crucial when making any investments. A class action lawsuit occurs when a group of people that are represented by a member collectively goes against a defendant. This kind of lawsuit is different from the regular ones because multiple parties are involved 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 meant to reduce the amount 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.
The BP Oil Spill case in Mexico is one of the common class action lawsuits. 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. These companies agreed to a large settlement to help cover medical expenses for people who smoke 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.
A class-action lawsuit happened in Hawaii with 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 people that were affected received a couple of dollars per pack bought.
Another class-action lawsuit involved the Enron Security company in 2006. This was an energy trading company that had defrauded its shareholders. The company declared bankruptcy soon after the fraud was discovered. The previous executives of the company were later convicted of fraud and conspiracy, and many people lost their jobs and pension benefits.
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. 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 later declared bankruptcy and had to share a settlement with its prior investors.