$1 million settlement in Shareholder Oppression, Breach of Contract, Breach of Fiduciary Duties case Ex-officer claims terms of buyout altered, buy-sell provision removed $1 million Defendant/counter-plaintiff Randy Fosgard was an officer, director and 19 percent shareholder of plaintiff/counter-defendant Michigan Mutual, Inc., dating back to 1994. In late December 2006, Fosgard notified his fellow shareholders of his resignation from the...
Continue Reading$750,000 Sanctions Awarded in favor of Defendants – plaintiff’s claims dismissed due to perjured trial testimony From the June 26, 2006 Michigan Lawyers Weekly. Plaintiff Material Technologies, Inc. (MTI) sued defendants Johnson Controls, Inc. (JCI) and Concept Industries, Inc. (Concept), seeking damages of approximately $3 million. The plaintiff sought unpaid royalties under written agreements with each of the defendants...
Continue ReadingSTATE OF MICHIGAN IN THE CIRCUIT COURT FOR THE COUNTY OF OTTAWA MATERIAL TECHNOLOGIES, INC., a Michigan Corporation Plaintiff, v File No. 02-43925 CK JOHNSON CONTROLS INTERIORS, LLC, a Michigan Limited Liability Company and CONCEPT INDUSTRIES, INC., a Michigan Corporation, jointly and severally, Defendants. DECISION OF THE COURT BEFORE THE HONORABLE EDWARD R. POST – Circuit Court Judge – Ottawa...
Continue Readingv. CASE NO. 06-14799 HONORABLE DENISE PAGE HOOD UNITED STATES DISTRICT COURTEASTERN DISTRICT OF MICHIGANSOUTHERN DIVISION METAL PARTNERS, LLC, Plaintiff/Counter-Defendant, METAL PARTNERS, LLC, Plaintiff/Counter-Defendant, v. CASE NO. 06-14799 HONORABLE DENISE PAGE HOOD L & W CORPORATION, and SOUTHTEC LLC., Defendant/Counter-Defendant/ Third Party Plaintiffs, v, THYSSENKRUPP STEEL SERVICES, Third Party Defendant/Counter-Plaintiff, and JOHNSON CONTROLS, INC., Third Party Defendant. MEMORANDUM OPINION...
Continue Reading403 F. Supp.2D 625 (Cite as: 403 F.Supp.2d 625) Motions, Pleadings and Filings United States District Court, E.D. Michigan, Southern Division. In re: CMS ENERGY SECURITIES LITIGATION. No. 02 72004.Dec. 7, 2005.Background: Investors brought action against corporations to recover for securities fraud in inflated statements of revenue through a practice known as round-trip trading. Defendants moved for judgment on pleadings,...
Continue Reading$14.4 million settlement for plaintiffs: Siemens Medical repaid lost bonuses in Breach of Incentive Compensation Plan case Excerpt From Crains Detroit Case closed SIEMENS MEDICAL PAYS BACK BONUSES LOST Biggest verdicts and settlements of 2005 for metro Detroit March 06, 2006 Janet Street v. Siemens Medical Solutions Health Services Corp. Settlement: $14.4 million, May 5, 2005 Venue: Philadelphia County...
Continue Reading$9.7M Settlement For Insurance Class Action Older Individuals Nationwide Purchased Annuities The plaintiff asserted claims on behalf of a class of persons that the defendant insurance company misled primarily older individuals into purchasing annuities with discriminatorily low benefits. The plaintiff alleged that the defendant sold products known as “bonus annuities” that come with a “bonus” — a higher interest...
Continue Reading$15 million settlement in favor of the plaintiffs of class action suit for inflated share prices On Oct. 2, 2002, Comerica announced that it would record a charge to earnings comprised of an increase in the provision for loan loss reserves and a reduction in goodwill related to a decline in the value of Comerica’s California subsidiary, Munder Capital...
Continue Reading2006 WL 763193 — F.R.D. —-, 2006 WL 763193 (E.D.Mich.) (Cite as: 2006 WL 763193 (E.D.Mich.) Motions, Pleadings and Filings Only the Westlaw citation is currently available. United States District Court, E.D. Michigan, Southern Division. In re: CMS ENERGY SECURITIES LITIGATION, No. 02-CV-72004-DT. March 24, 2006. Background: Investors brought securities fraud class action against corporation and its individual officers, alleging...
Continue Reading$10.8 million settlement in Collins & Aikman Corp. litigation after company’s efforts to cover up risky strategy fail Company’s efforts to cover up risky strategy fail Misleading financial statements were issued to raise stock price In a class-action lawsuit filed in U.S. District Court, Eastern District of Michigan, the plaintiffs asserted that defendant Collins & Aikman Corp. (C&A) and...
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