Latest news with #JNDLegalAdministration
Reuters
5 days ago
- Business
- Reuters
Class action administrators, banks accused of kickback scheme in new lawsuits
May 30 (Reuters) - Leading companies and banks involved in the administration of class action settlements have been engaged in a years-long kickback scheme that eroded payouts to class members in thousands of cases, a pair of new lawsuits alleged on Thursday. The lawsuits filed in federal courts in New York, opens new tab and Florida, opens new tab accused class action service providers Epiq Solutions, Angeion Group and JND Legal Administration of taking illegal payments from Huntington National Bank and Western Alliance Bank in order to maintain dominance in the settlement administration market. The class members who filed the lawsuits said the administrators for years have diverted settlement deposits to the two banks, and in exchange received a cut of profits from them. The lawsuits said the alleged scheme reduced competition in the class action administration industry and illegally fixed prices in violation of U.S. antitrust law. JND in a statement said, "the allegations in these complaints regarding JND are baseless and JND will defend itself vigorously in court." Huntington declined to comment. Epiq, Angeion and Western did not not immediately respond to requests for comment. Prominent litigator David Boies of law firm Boies Schiller Flexner, who represents the plaintiffs, did not immediately respond to a similar request. Court-appointed class action administrators oversee all facets of settlement administration, including notifying class members. They work with banks, which are also appointed, to hold funds and distribute them to class members once a settlement is approved. Huntington and Western, the lawsuits said, oversee more than 80% of the settlement funds in class and mass actions in the United States. Epiq, Angeion and JND oversee more than 65% of the market for class action administration services, according to the complaint. The lawsuits said the rise of interest rates in 2021 spurred the alleged scheme. Settlement administrators threatened to refrain from using the banks if they did not agree to share profits, the lawsuits alleged. The interest rates Huntington and Western provided on settlement deposits should have been higher in a competitive market, the lawsuits said. The lawsuits claimed the settlement administrators have reaped hundreds of millions of dollars in undisclosed kickbacks and compensation from the bank defendants. The cases are Mary Jane Whalen v. Epiq Systems Inc et al, U.S. District Court, Southern District of New York, No. 1:25-cv-04499, and Roger Tejon v. Epiq Systems et al, U.S. District Court, Southern District of Florida, No. 1:25-cv-22453. For plaintiffs: David Boies, Mark Mao, James Lee and Alison Anderson of Boies Schiller Flexner For defendants: No appearances yet Read more: Lawsuit accuses American Arbitration Association of monopolizing consumer market US court reporter group sued over fees, certification rules Law firm Milberg skirts sanctions over fake claims in credit card fees case
Yahoo
14-05-2025
- Automotive
- Yahoo
Truck owners: Check if you're entitled to money in fuel injector pump settlement
People who purchased select models of Chevrolet and GMC trucks may be eligible for payments of up to $12,700 as part of a $35 million settlement involving defective fuel injector pumps. The settlement pertains to 2011-2016 Chevrolet Silverados and GMC Sierra diesel trucks equipped with 6.6L Duramax engines and Bosch 'CP4' high-pressure diesel fuel pumps. According to a press release from the JND Legal Administration, the lawsuit pertains to these pumps being 'unreasonably fragile and susceptible to catastrophic failure.' While General Motors denied the claims, the company has agreed to the $35 million settlement. Truck owners who purchased one of these models from a GM-authorized dealer in California, Florida, Illinois, Iowa, New York, Pennsylvania or Texas between March 1, 2010 and Sept. 13, 2024 may be eligible for settlement benefits. A VIN lookup is available to check if your truck is included in the settlement. A cash payment is available to truck owners who paid out of pocket for repairs to the CP4 fuel pump and available for folks who no longer own their truck and did not pay for a fuel pump repair. Partial cash back for future CP4 fuel pump replacements and repairs are also available in some circumstances, according to the settlement website. People who paid out of pocket for a CP4 repair that was not covered by warranty could receive between $6,356 and $12,712, while folks who no longer own their trucks and did not pay for repairs could receive between $400 and $800, depending on how many valid claims are received. A partial repair reimbursement program also offers cash back on future CP4 repairs performed at a GM-authorized dealership on or after the date of final approval of the settlement. You can file a claim online, or submit a paper claim form to info@ or GM Fuel Pump Settlement, c/o JND Legal Administration, PO Box 91445, Seattle, WA 98111. The deadline to file a claim is six months after the court issues final approval; the hearing on the final settlement is scheduled for April 25. Claims require supporting documentation, such as proof of purchase and proof of repair. Zack Kelly optioned to Worcester; here's what Red Sox want to see improve Worcester Mayor Petty kicks off campaign, pledges to replace old school buildings Chicago Schools leader Pedro Martinez selected for top education post in Mass. MIT astronomers discover new planet 'on its last breath' New trial, new approach: No 'framed' arguments, but Karen Read defense hammers fired investigator Read the original article on MassLive.
