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Grant & Eisenhofer brings Consumer-Rights Class Action against JP Morgan Chase & Co. in connection with its Brokerage and Investment Management Services
As a result of Defendant’s conduct, the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), the Manhattan district attorney, and officials in New Jersey and Delaware are investigating Defendant’s sales practices. All current or former JPMorgan clients who invested in JPMorgan mutual funds from January 1, 2007 through the present are eligible to participate in the suit. The lawsuit seeks to recover (1) all fees paid to JPMorgan in connection with purchases of JPMorgan’s proprietary funds and investments, (2) all ongoing management fees collected by JPMorgan on client portfolios that contained positions in JPMorgan proprietary funds and investments, (3) all other fees that JPMorgan received as a results of its clients’ investments in JPMorgan proprietary funds and investments, and (4) compensatory, consequential, and punitive damages recoverable at law, equity, or under N.Y. GBS Law §§ 349 and 350. If you invested in a JPMorgan fund from January 1, 2007 to the present (click here for list of funds), please contact Grant & Eisenhofer P.A. at 888-554-3529 or info@gelaw.com.
Grant & Eisenhofer Secures $29 Million Payment from Barnes & Noble Chairman Leonard Riggio in Settling Shareholder Derivative Suit
WILMINGTON, DE (June 13, 2012) – The law firm of Grant & Eisenhofer P.A. has reached a settlement on behalf of Barnes & Noble (NYSE: BKS) with the company’s founder and controlling shareholder Leonard S. Riggio. The settlement, totaling more than $29 million and subject to approval by the Delaware Court of Chancery, will conclude a shareholders’ derivative action brought in 2009 relating to Barnes & Noble’s acquisition of textbook retailer Barnes & Noble College Booksellers, Inc. Prior to the acquisition, Barnes & Noble College Booksellers was a separate company wholly owned by Mr. Riggio and his wife, Louise. The lawsuit challenged the boards’ approval of the acquisition, alleging that the deal overpriced the college retailer and that directors breached fiduciary duties by approving the purchase that essentially doubled B&N’s exposure to bricks and mortar operations while the publishing industry has moved to a digital format. The suit alleged that the driving purpose behind the deal was to enrich Mr. Riggio at the expense of all B&N shareholders. Among other things, the complaint targeted a junior subordinated note in principal amount of $150 million, payable in full to Mr. & Mrs. Riggio on the fifth anniversary of the closing of the acquisition, with an annual interest of 10%. Chancery Court Chancellor Leo E. Strine, Jr. ruled on March 27, 2012, that a civil trial could move forward in the case against Mr. Riggio and two other former Barnes & Noble directors. A trial date had been set for this coming June 18. Chancellor Strine had previously struck down defendants’ motion to dismiss the derivative suit in October 2011. The $29 million payment to Barnes & Noble is the latest development invigorating the company. It follows an April 30 announcement by Barnes & Noble and Microsoft to form a strategic partnership in which the software giant will make a $300 million investment in a new B&N subsidiary that will combine the bookseller’s digital and college businesses. Michael Barry, Grant & Eisenhofer partner and co-lead counsel in the derivative litigation, said: “We are very pleased with today’s settlement on behalf of Barnes & Noble. We believe the transaction as originally structured was unfair to the Company, and are happy the Company will receive this compensation.” The case is styled: In Re Barnes & Noble Stockholder Derivative Litigation, C.A. No. 4813-CS. Four years after the onset of the financial crisis, tens of billions of dollars remain locked up in illiquid “zombie” hedge funds that suspended their redemptions in the darkest days of the meltdown. Today, these funds produce little if any financial return for their fiduciaries while their administrators continue to coast along, sitting on fund assets without making any effort to liquidate and return their holdings… Read the full article at The New York Times Reuben Guttman, attorney for Meredith McCoyd in the lawsuit against Abbott Laboratories, talks in depth about whistleblowing and off-label marketing of drugs, including Abbott’s Depakote. The Abbott case was settled for $1.6 billion… Watch the Interview Click here for more Whistleblower news. Payment may be largest ever in single-drug case in history of False Claims Act; 4 ½ year investigation revealed Depakote was illegally marketed for children and geriatric patients; doctors given kickbacks WASHINGTON, DC (May 7, 2012) – In what may be the largest payment ever enforced involving off-label misuse of a single drug, law firm Grant & Eisenhofer, working with the U.S. Justice Department and several state Attorneys General, has reached a $1.6 billion settlement with Abbott Laboratories over its illegal marketing of antiepileptic medication Depakote to children and geriatric patients… Read the full Press ReleaseHedge Funds of the Living Dead – by firm Managing Director, Jay Eisenhofer and firm Director, Matt Morris
Firm Director, Reuben Guttman talks about Abbott Laboratories Lawsuit in Emory University School of Law Interview
Grant & Eisenhofer Represents Lead Whistleblower in Historic $1.6 Billion Settlement with Abbott Laboratories Over Off-Label Marketing of Antiepileptic Medication Depakote