A Billion Dollars Here, A Billion Dollars There: The case could be made that the Fortis settlement, as massive as it is, does not represent the first billion dollar collective investor settlement in Europe. We reserve the right to close comments at any time. Copyright © 2020 MarketWatch, Inc. All rights reserved. In the Fortis context, there had indeed been a prior U.S. securities class action lawsuit, but the U.S. lawsuit was dismissed. The Actions by the FoundationThe Foundation supports the “Inquiry Procedure” that was conducted by the Enterprise Chamber, including the final report published on June 16, 2010 as well as the proceedings in front of the Enterprise Chamber, in which the VEB (Dutch Shareholder Association) is seeking a finding of mismanagement and the imposition of sanctions.

"They knowingly put on the market a very, very addictive game which was also geared toward youth.". Comments on this story are moderated according to our Submission Guidelines. Income Driven Repayment plans were designed to ease the burden of student loan payments.Â, Now you can apply for payments that are based on your income situation, family size and monthly expenses… NOT your student loan balance. The Foundation also supports the ultimate interest of its participants, and all relevant Fortis investors in general, to obtain compensation for losses sustained as a result of the false, misleading or missing information by Fortis and its demise in October 2008. Terrell said she was threatened with losing her house over the debt, for example. All quotes are in local exchange time. You may even qualify for a $0 monthly payment or student loan forgiveness!
Kevin M. LaCroix is an attorney and Executive Vice President, RT ProExec, a division of R-T Specialty, LLC. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Prior to the financial crisis, Fortis was a global banking and financial services company based in Belgium. She took out $9,000 in federal loans and $5,000 in private loans to pay for a program, which recruiters told her would help her land a higher paying job. The agreement, approved late Thursday in the U.S. District Court for the Eastern District of Virginia, settles claims that Chester Career College, formerly known as Richmond School of Health and Technology, targeted minorities for enrollment and did not provide them an adequate education. “There’s a wonderful judgment out there, but unfortunately it will never be collected,” Richardson said.

One of the next battlegrounds in the development of the Dutch collective settlement procedures as a preferred mechanism for global resolution of collective investor claims will be the confrontation of the question of what happens when there are multiple competing procedures in different jurisdictions each seeking to address the shareholders’ claims. Sade Battle, one of the eight lead plaintiffs, said she was talked into joining a program for community home health care workers, but was never taught basic skills such as how to change catheters and make beds. In a February 2010 decision (discussed here), then-District Judge Denny Chin entered an order, applying the then-applicable jurisdictional standards under the Second Circuit’s opinion in the Morrison case, granting with prejudice the defendants’ motion to dismiss. The complaint, filed in 2011, also estimated that the college has received approximately $5 million a year in federal student loan programs. Isaac Olson has been a Montreal-area journalist for more than a decade. Officials at the Richmond school's headquarters did not return calls Friday.


Both investor claimants and securities claim defendants, interested in resolving collective shareholder claims on a global basis that would presumptively be enforceable at least within the E.U., may be drawn to these procedures, as a way to reach a settlement on an opt-out basis. While there have been prior collective investor settlements under the Dutch procedures, there has been nothing on the scale of the Fortis settlement and no settlements in which insurers contributed so substantially.

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