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Pomerantz LLP News

Judge: Allstate must answer class action alleging intentionally lowered risk standards, hurt profitability

A federal judge in Chicago has cleared a group of investors to continue their class action against insurer Allstate for allegedly hurting the company’s value by allegedly lowering underwriting standards to add higher-risk customers.

Lawyers to seek $8M of proposed $24M settlement of shareholder suit vs drugmaker Akorn

From a lawsuit against suburban-based drugmaker Akorn, a settlement has grown in Chicago federal court, which could hand $8 million to lawyers for pursuing the class action suit against Akorn Pharmaceuticals, alleging the company misled investors.

Lawsuit asserting belVita breakfast crackers aren't nutritious enough dismissed for second time

A class action lawsuit alleging Mondelez's belVita brand breakfast crackers aren’t nutritious enough has been dismissed for a second time, and this time it cannot be refiled.

Seventh Circuit: Walgreens, shareholder settlement little more than $370K payday for lawyers

Calling the lawsuit an example of a “racket” aimed at merging companies, a federal appeals panel in Chicago has tossed out a settlement intended to end a shareholder class action brought over the Walgreens Boots Alliance merger, saying the lawsuit and related settlement did nothing more than contribute a quick $370,000 payment to the plaintiffs’ lawyers.

Judge douses consumer fraud class action vs Mondelez over whether belVita biscuits need milk

A northwest suburban woman who claimed she was duped by the advertising slogan on a box of breakfast biscuits lost her attempt at filing a class-action lawsuit when a federal judge dismissed her claim.

Class action hits Boeing over SEC investigation of 'program accounting' for airliner production

On the heels of stock prices that slipped following recent reports that federal investigators will investigate its accounting, Boeing has been targeted by a federal class action alleging the aerospace manufacturer misled investors using alleged accounting tricks to hide potential losses.

Judge OKs false advertising lawsuit vs Johnson & Johnson over Bedtime Products

An Illinois woman’s false advertising complaint against Johnson & Johnson is allowed to proceed after a judge denied the company’s motion to dismiss, saying the woman had done enough so far to allow her to argue Johnson & Johnson misled her and others into buying products the company claimed were clinically proven to help babies sleep better. Stephanie Leiner, of Chillicothe, filed a class action lawsuit July 2 in federal court in Chicago against N.J.-based Johnson & Johnson.

Shareholder says Vasco management should pay for shares crash following news of product sales to Iran

The directors and executive of an Oakbrook Terrace-based provider of digital financial security products has been hit with a lawsuit brought by a shareholder who has claimed the company’s management should be made to pay for allegedly concealing from investors – or at least not properly moving to address – the possibility an international distributor sold the company’s products to buyers in Iran while economic sanctions forbidding such sales were in place.