GM Required to Disclose Recalls of Used Cars

In connection with a settlement of charges by the FTC, General Motors Company, Jim Koons Management Company, and Lithia Motors have agreed to disclose and must notify used car purchasers whether vehicles are subject to unrepaired recalls even after they have performed a thorough inspection. Dealers are not required and sometimes cannot fix manufacuturer recalls. Click here to read more.

FTC Sues DeVry for False Advertising

The Federal Trade Commission (FTC) filed a lawsuit against DeVry University alleging it false advertised that 90 percent of its graduates actively seeking employment landed jobs in their field within six months of graduation was deceptive and that its graduates had 15 percent higher incomes one year after graduation on average than the graduates of all other colleges or universities. Click here to read more.

Supreme Court Rules that Defendants Cannot Pick Off Plaintiffs

In its six to three decision today written by Justice Ginsburg, the Supreme Court held that in Campbell-Ewald Corp. v. Gomez, a defendant could not defeat a plaintiff's standing to bring a class action for a violation of the Telephone Consumer Protection Act (TCPA), prohibiting unsolicited calls and text messages, by offering the plaintiff full settlement of her claim where plaintiff rejects it. Click here to read the opinion.

SEC Awards Whistleblower $700k

The Securities and Exchange Commission announced a whistleblower award of more than $700,000 to a company outsider, who conducted a detailed analysis, not the typical insider's unique information, that led to a successful SEC enforcement action. Since the program’s inception in 2011, the SEC has paid more than $55 million, or 10-30% of money recovered in enforcement actions, to 23 whistleblowers, who provided it with unique and useful information.

SEC Charges Goldman and State Street

The SEC announced the multi-million dollar settlement of charges brought against two big players. Goldman, Sachs & Co. agreed to pay $15 million to settle its charges that its securities lending practices violated federal regulations by granting customers a "locate" of stock for short selling representing that a firm has borrowed, arranged to borrow, or reasonably believes it could borrow the security to settle the short sale. Click here to read more. State Street Bank and Trust Company agreed to pay $12 million to settle its charges that it conducted a pay-to-play scheme through Vincent DeBaggis, its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension fu

EOS Lip Balm Faces Class Action

A class action lawsuit has been filed against social media and celebrity darling, EOS lip balm identified by its brightly colored little ball, for failing to disclose the presence of shea butter, a FDA food allergen. The lawsuit claims that potentially hundreds of thousands of people have experienced adverse allergic reactions to EOS. Click here to read more.

Children's Cold Medicine Recalled

Sunmark, Rite-Aid, Topcar, Kroger, GoodSense, Dollar General, Care One, CVS, Giant and Stop & Shop pulled two flavors of store-branded children’s liquid cold medicine over a potential overdose risk. The medicine sold in 4-ounce bottles contains a dose cup with incorrect markings that could lead to an overdose. An overdose of the medication may cause hyper excitability, rapid eye movements, changes in muscle reflexes, ataxia, dystonia, hallucinations, stupor, and coma. Click here to read more.

War Between Yogurts

General Mills, which owns the Yoplait yogurt brand, filed the suit this week in U.S. District Court in Minneapolis, accusing Chobani of false advertising relating to its advertisements against other yogurt brands that suggest its competitors are using the preservative potassium sorbate that is a pesitcide. Click here to read more.

FTC Strikes Against Dental Practice Software

Henry Schein Practice Solutions, Inc., seller of Dentrix G5 software to help dentists manage their practices, agrees to a FTC settlement for falsely stating that its sensitive data was properly protected under protected Advanced Encryption Standard (AES) encryption. The FTC alleges that instead of AES encryption, it used a less secure and more vulnerable proprietary algorithm. Click here to read more.

FTC Cracks Down on Online Payday Lenders

As part of a crack down recovering over $25.5 million from payday lenders and waiver of over $350 million in fees, Red Cedar Services Inc. and SFS Inc. agreed to pay $2.2 million and waived $68 million in fees to consumers to settle Federal Trade Commission charges that they illegally charged consumers across the country undisclosed and inflated fees. The FTC alleges that the lenders misrepresented how much loans would cost consumers, including for example stating that a $300 loan would cost $390 to repay, but they charged consumers $975. Click here to read more.

Securities Class Actions at Highest Number in Years

Despite recent years' downturn in securities class action lawsuit filings, 2015 lawsuits were at the highest level since 2008, with 191 suits filed compared to 223 in 2008 at the height of the mortgage crisis. Some of the factors contributing to the increase in securities class action lawsuit filings during the year were more IPO activity than in recent years and more lawsuits against foreign-domiciled companies, including China and Brazil. Click here to read more.

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