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Thursday, January 18, 2018

Class Action News

Trimble Settles Class Action Lawsuit

Trimble announced the settlement of the securities class action lawsuit filed on December 6, 1995 against the company and certain of its current and former officers and directors. The final court-approved settlement was funded by insurance proceeds and payment by the company of $1.8 million. The entire amount of the company's obligations was previously reserved. The settlement will not adversely affect Trimble's financial results.

Hornbeck Announces Dismissal of Securities Class Action

Hornbeck Offshore Services, Inc. announced that the class action lawsuit previously filed against the Company and certain of its senior executives, relating to disclosures under the securities laws, has been voluntarily dismissed by the lead plaintiffs without any payment by the Company or its insurers. An order granting the dismissal of the case has been entered by the United States District Court for the Eastern District of Louisiana.

Conditional Settlement of Leighton Class Action

Leighton Holdings

Leighton Holdings Limited announces that it has entered into a conditional agreement to settle the shareholder class action brought against it in relation to the 11 April 2011 disclosure of a revision of its profit forecast for the 2011 Financial Year. The claim was commenced by Inabu Pty Ltd. The class comprises shareholders who purchased shares in the period from 16 August 2010 to 11 April 2011. Under the terms of the settlement, Leighton Holdings will pay $65.55 million (plus costs). The settlement will have no material impact on earnings or profit forecasts.

Court Reduces Horizon Lines' Fine To $15 Million

CHARLOTTE, NC (April 28, 2011) - Horizon Lines, Inc. (NYSE: HRZ) today announced that a federal court has granted a request by the U.S. Department of Justice to reduce the company's fine related to federal antitrust violations in the Puerto Rico tradelane from $45 million to $15 million. As a result of the reduced fine, Horizon Lines is no longer facing the prospect of a May 21, 2011, default under its convertible note indenture. The company could have been declared in default by the convertible note holders on any judgment over $15 million that the company was unable to pay…

Hornbeck Offshore Says Class Action Lawsuits Without Merit

Hornbeck Offshore Services, Inc. announced that it has recently learned that purported class action lawsuits were reportedly filed against the Company and one or more senior executives or directors, in the United States District Court for the Eastern District of Louisiana related to disclosures under the securities laws. Based on its initial review of one of the complaints, Hornbeck Offshore believes that such lawsuits are without merit and intends to defend these suits vigorously. As a public company, Hornbeck Offshore maintains insurance coverage to address such matters. Management remains focused on the operation, development and growth of the Company.

Cruise Ship Hot-Tubbing Literally May Cost an Arm & a Leg

A US District Court Class action alleges flesh-eating bacteria lurking In cruise lines' hot tubs. Tab Lankford, who was cruising on the ship Carnival Paradise on December 17, 2011, claims he contracted "hot tub folliculitis" from a Carnival whirlpool. The severe infection nearly cost him his leg. "The entire leg turned black and they wanted to amputate," said his attorney, John Billera. After a week in the hospital and $70,000 in medical bills later, Mr. Lankford's leg was saved, but he still bears the scars from the flesh-eating infection. When Mr. Lankford contacted Carnival regarding his infection, he claims a guest relations specialist told him that there were more than fifty other passengers on the same cruise who came down with the same illness from using the hot tubs.

Trailer Bridge Dismissed from Antitrust Suit

Trailer Bridge, Inc. announced that in a non-final order of the court, the company has been dismissed with prejudice against the named plaintiffs from a lawsuit seeking class action status related to alleged anti-competitive activity in the Puerto Rico marine trade.  In an April 30, 2010 ruling by non-final order, the United States District Court for the District of Puerto Rico granted Trailer Bridge’s motion to be dismissed with prejudice from the lawsuit.  

Class Action, Ethanol Blend Boat Fuel

Exxon, Chevron, Conoco Phillips, BP and Shell, all defendants in a proposed Florida class action lawsuit, were dealt a huge blow on Jan. 20 when a Federal Court in the Southern District of Florida issued an order denying their joint motion to dismiss a lawsuit filed by three Florida residents, Erick Kelesceny, John Egizi and Todd Jessup. The Plaintiffs allege that the world's largest oil companies failed to warn them, as well as all Florida boat owners, that the gasoline they purchase at the pump, which is blended with ethanol, may destroy fiberglass tanks and tends to absorb water and phase separate, which could cause damage to all boats, regardless of whether they have a fiberglass tank.

Horizon Lines Acknowledges Suit

Horizon Lines, Inc. announced on Jan. 2 that it has been named as a defendant in a securities class action lawsuit in the United States District Court for the District of Delaware purportedly on behalf of purchasers of the Company's common stock during the period from March 2, 2007 through April 25, 2008. The Chief Executive Officer of the Company, as well as several former employees of the company, were also named as defendants. The complaint alleges, among other things, that the company made material misstatements and omissions in connection with alleged price-fixing in the company's shipping business in Puerto Rico in violation of antitrust laws.

Sick Cruise Ships

A bout with an unknown illness aboard cruise ships has again reared its ugly head, this time affecting the highly image conciscious Disney aboard its Disney Magic ship. Numerous press reports indicated that at lease 85 people onboard the Disney Magic contracted a "flu-like" illness this week. reportedly disinfected Saturday after 275 people became sick on the Magic's last seven-day trip. The Centers for Disease Control and Prevention in Atlanta was conducting tests to identify the virus. Meanwhile, lawyers have filed a suit on behalf of passengers reportedly sickened aboard the Holland America ship Amsterdam, claiming the carrier failed to promptly remove the ship from service for decontamination.

Ruling Favors NCL

According to the AP, a federal judge has denied class-action status in a $100m negligence lawsuit filed by passengers aboard a cruise ship that was struck by a 70-ft. rogue wave in April 2005. The decision by U.S. District Judge Cecilia M. Altonaga means that the lawsuit will not automatically cover the more than 2,000 passengers who were aboard the 965-ft. Norwegian Dawn when it encountered heavy seas off South Carolina. The National Transportation Safety Board concluded in December that the ship's captain and crew acted properly during the April 16, 2005 incident. The ship was heading from the Bahamas to New York. Source: AP

Costa Concordia Victims Win U.S. Jurisdiction Victory

Survivors of the Costa Concordia grounding win a huge victory in the United States District Court for the Southern District of Florida. The District Judge ordered the claims of 104 survivors remanded to the Florida State Court for continued litigation. The court's February 15, 2013 order concerned two cases, Denise Abeid-Saba , et al., v. Carnival Corporation et al., (USDC-SDFla Docket No.: 12-CV-23513) and Scimone v. Carnival Corp., (USDC-S.D.Fla Docket No.: 12-CV-23505), together representing the claims of 104 plaintiffs injured when the huge ship capsized after grounding on rocks just off the shore of Isola del Giglio . Both cases were initially commenced in the Florida State Court against Carnival Corp. as the parent corporation as well as ship designers and the architect.

NYK Set to Defend Canada Price-fixing Lawsuit

NYK Line (Canada) Inc. (CA) has received notice of a class action civil complaint filed against them along with several other ocmpanies on July 4, 2013. NYK Group have also been informed that they are named defendants in the suit served on CA and will likely be named in other suits with CA. The lawsuit was filed to seek compensation for alleged damages, injunctive relief and other relief alleging a conspiracy to fix price of services for the ocean transportation of vehicles to or from Canada in Roll-on/Roll-off vessels. Ryan Todd Wonch and Margaret A. (1) Content of the lawsuit. Claims for compensation for alleged damages, injunctive relief and other relief. The amounts of damages claimed are not specified in the complaint. NYK, CA and NA intend to vigorously defend against the claims.

Horizon Lines Reports Q3 Results

Horizon Lines, Inc. (NYSE: HRZ), reported results for its fiscal second quarter ended June 21, 2009. On a GAAP basis, the company reported a net loss of $(31.1) million, or $(1.02) per share, on revenue of $278.5 million. The results reflect certain items, including a $20 million charge related to the previously disclosed class-action legal settlement in Puerto Rico, and a $10.5 million tax valuation allowance. After excluding these and other charges totaling $35.2 million, or $1.15 per share after tax, adjusted net income was $4.1 million, or $0.13 per fully diluted share. The company recorded the valuation allowance for book tax purposes against its deferred tax assets due to projected cumulative pre-tax GAAP losses for the three-year period ending in 2009.

Horizon Lines to Settle Merger Litigation

Horizon Lines, Inc. announced it has reached an agreement in principle providing for the settlement and dismissal, with prejudice, of the consolidated putative class action complaint pending in the Delaware Court of Chancery in connection with Horizon's proposed merger with Matson Navigation, Inc., a subsidiary of Matson, Inc. Pursuant to the settlement with plaintiffs, which is subject to Court approval, Horizon agreed to make certain supplemental disclosures to Horizon's stockholders through a supplement to Horizon's proxy statement. Further, Horizon agreed to amend the Agreement and Plan of Merger, dated as of November 11, 2014, by and among Horizon…

BP Escapes US Lawsuits Over Post-Gulf Spill Drilling Ban

BP Plc does not have to face U.S. lawsuits by energy and drilling companies over losses they suffered from an offshore drilling ban imposed soon after the 2010 Gulf of Mexico oil spill, a federal judge ruled. U.S. District Judge Carl Barbier in New Orleans agreed with BP that federal law absolved the British oil company from liability for the Obama administration's decision to halt drilling and impose a moratorium on permits for new wells. The decision issued late on Thursday removes one of BP's last legal overhangs from the April 20, 2010 blowout of its Macondo well and the sinking of the Deepwater Horizon drilling rig, a disaster that killed 11 workers. BP has incurred $55.5 billion of costs for the spill, according to a March 4 regulatory filing by the company.

Could it Be Curtains for Globalstar?

Mobile satellite telephone company Globalstar L.P. said on Monday it recorded a net loss of $3.8 billion in 2000 and it could seek bankruptcy protection if it cannot execute a restructuring plan. The company warned in an annual filing with the U.S. Securities and Exchange Commission that its restructuring plan may fail if it conflicts with certain restrictions under existing agreements or if it cannot forge an accord with its creditors. Globalstar is a partnership that was formed in November 1994 by satellite firm Loral Space & Communications Ltd. and cellular telecommunications company Qualcomm Inc. Loral owns about 38 percent of Globalstar L.P. Globalstar Telecommunications Ltd., the public Globalstar entity, owns more than 40 percent of the business.

Cruise Industry Wins Key Norovirus Judgment

Maria Pittordis (Photo: Hill Dickinson)

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner. The case, which involved an outbreak of gastroenteritis onboard the “THOMSON SPIRIT”, chartered by TUI UK limited and operated by Louis Cruise, was a 43-claimant class action, 28 of whom had alleged bacterial illness with the balance claiming breach of contract. The case was brought against TUI UK Limited who as contracting carrier would have been liable for the fault or neglect of the performing carrier…

Sea Containers Being Investigated

New York against Sea Containers Ltd. matter. charges. sales. newly identified assets had been identified as impaired. financial results for the first three quarters of 2005. on March 24, 2006, constituting a drop of nearly 38% in a single day.

Petrobras' Condensed Report for 3Q, 2014

iii) Knowledge by Petrobras, the December 3, 2014, the statements given in the context of the collaboration agreement awarded Mr. Julio Gerin de Almeida Camargo (Toyo Group) and Mr. iv) Citation Petrobras, the December 9, 2014, relating to collective action (class action) filed by Mr. Peter Kaltman court in the US (United States District Court, Southern District of New York). We believe that other actions possibly be consolidated with the action of Mr. v) Filing by the Federal Public Ministry, the December 11, 2014, criminal proceedings against various people, including the former director Paulo Roberto Costa Petrobras and other business managers for passive corruption, bribery, organization criminal, money laundering and use of false documents.

Belgian Law Firm Says Contacted by OW Bunker Investors

Photo: OW Bunker

Belgian law firm Deminor said it had been contacted by 15 to 20 investment firms considering legal action over the failure of OW Bunker, the world's largest shipping firm which filed for bankruptcy a week ago. Deminor, which specialises in representing institutional investors in class actions against public listed companies, did not say on Friday which investors had contacted it and gave no further detail on possible actions over the company's collapse. OW Bunker, Denmark's the third-largest company by revenue, said on Nov.

BP Wins One US Court Ruling, Loses Another Over 2010 Gulf Spill

U.S. Coast Guard photo

A U.S. appeals court said BP Plc, which in July reached a $18.7 billion settlement of federal, state and local claims over the 2010 Gulf of Mexico oil spill, must face one of two proposed class-action lawsuits claiming that the oil company defrauded shareholders over the disaster. The 5th U.S. Circuit Court of Appeals in New Orleans said investors who bought BP's American depositary shares in a 33-day period soon after the spill may pursue group claims that BP initially "lowballed" the oil flow rate, and that the share price tumbled as the crisis' magnitude became known.

BC Ferries Sued Over Ferry Sinking

A couple who were aboard the ill-fated Queen of the North last week has launched the first lawsuit against British Columbia Ferry Services Inc. Meanwhile, the man in charge of health and safety at BC Ferries has resigned, the Globe and Mail reported. In Vancouver, lawyer David Varty filed a statement of claim on March 28 with the B.C. Supreme Court on behalf of Maria and Alexander Kotais. The couple were aboard the Queen of the North and in the process of moving to Nanaimo, B.C., from Kitimat, on the north coast. The Kotais had moved their basic items already in a moving van, but were carrying their more precious valuables, like jewellery, family heirlooms, clothing and important documents, in their vehicle and the vehicle of a friend who was also on the Queen of the North.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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