Monday, January 26, 2009
Mass Torts update from Levin, Papantonio:
January 2009
Fosamax
The first Fosamax osteonecrosis of the jaw case will be tried in New York City in August of this year. Levin Papantonio shareholder Tim O'Brien is lead counsel for the trial as well as for the MDL, which is situated in the Southern District of New York. Additionally, all New Jersey state court cases were consolidated late last year and a New Jersey discovery and trial calendar will be entered soon.
A recent study published in the Journal of the American Dental Association demonstrates that the risk for Fosamax induced osteonecrosis exists even for short term users of Fosamax. Meanwhile, the FDA recently released data, reported in the New England Journal of Medicine, linking Fosamax to cancer of the esophagus.
For more information, contact Levin Papantonio attorney Tim O'Brien at TObrien@levinlaw.com
Rhino
Various Plaintiffs have filed a Joint Motion for Transfer and Coordination under 28 U.S.C. § 1407, which is now referred to as MDL No. 2016, In Re: Yamaha Motor Corp. Rhino ATV Products Liability Litigation. The JPML hearing on this matter is scheduled for January 29, 2009 in Ft. Myers, Florida. Several jurisdictions have been suggested as appropriate for the MDL, including California and Texas. Opposition motions have been filed by numerous Plaintiffs, Yamaha defendants, and various retailer defendants. Our firm continues to advance our state court litigations and recently received a ruling from the Georgia Court of Appeals denying Yamaha's Request for Interlocutory Appeal of a decision denying Yamaha's Motion to Dismiss on the grounds of forum non convenience. Our firm has several trial dates this year, with the first scheduled to begin in May in Orange County, Texas. We continue to evaluate and accept new cases.If you have questions, please contact Troy Rafferty at TRafferty@levinlaw.com or Kim Lambert at Klambert@levinlaw.com.
Medtronic Leads
On January 5th, Judge Kyle, judge presiding over the Minnesota MDL dismissed, with prejudice and without leave to amend, all claims in the Individual Master Complaint as preempted by Reigel and Buckman. Judge Kyle has also issued an order to show cause why a specific individual complaint should not be dismissed because it alleges claims different from the master complaint. The deadline to respond to the show cause order is March 13, 2009. Additional information may be found at http://www.mnd.uscourts.gov/MDL-Fidelis/index.shtml or you may contact Kim Lambert at KLambert@levinlaw.com
Gadolinium
The Gadolinium MDL continues to move forward making progress daily. In an effort to move this litigation along as quickly and as prudently as possible, the PSC has worked with Judge Polster in the Northern District of Ohio to set discovery, trial selection and pre-trial deadlines that can best serve these catastrophically injured clients. Most recently the PSC has been focused on the complex task of product identification for all MDL cases as well as sorting through the many cases to choose the 10 case that the PSC will put up for Trial Selection. Levin Papantonio's Troy Rafferty and his fellow members of the PSC continue worked hard to maintain the balance between moving the litigation along as quickly as possible to ensure these clients are able to see their day in court, and setting manageable deadlines that allow time for proper discovery of the millions of pages of documents already being produced by Defendants Bayer Healthcare Pharmaceuticals Inc., GE Healthcare Inc., Bracco Diagnostics Inc., and Mallinckrodt Inc. If you have any questions about the Gadolinium litigation, Gadolinium-Based Contrast Agents, or Nephrogenic Systemic Fibrosis, the crippling condition at the center of this litigation, please contact Troy Rafferty at TRafferty@levinlaw.com or Lea Morris at Lea.Morris@levinlaw.com.
Securities Department
Levin Papantonio Files Another Fifty Morgan Keegan Bond Fund Claims
To date, Levin Papantonio has filed cases on behalf of 100 institutional and individual investors who have lost more than $60 million in the Regions Morgan Keegan Select Intermediate Bond Fund (RIBCX), the Regions Morgan Keegan Select High Income Fund (MKHIX), the RMK High Income Fund (RMH), the RMK Multi-Sector High Income Fund (RHY), and the RMK Strategic Income Fund. These funds have declined more than 80% in the past 12 months because of the undisclosed risks and the exposure to both the subprime and mortgage markets. We expect to file another 155 arbitration and state court claims by the end of the year. The consortium of law firms currently represent more than 265 institutional and retail investors who have lost more than $150 million dollars.
Broker-Dealers Fail to Disclose Risks Associated with Lehman Principal Protected Notes
Several major brokerage firms, among them UBS, Merrill Lynch, and JP Morgan, sold nearly $70 billion of these principal protected notes in the past year. Many financial advisors recommended these products to retired, risk-adverse investors without informing them of the potential risk. Many investors were not even told that the Lehman Brothers-created products carried significant risk. Levin Papantonio continues to accept cases on behalf of investors who were misled.
Levin Papantonio Files Claims on behalf of Investors who were misled in the Citigroup MAT V Hedge Funds
Levin Papantonio continues to accept claims against Citigroup Alternative Investments (“CAI”). Citigroup advertised these funds as alternatives to fixed income but inadequately disclosed the substantial risks to investors. In fact, quantitative analysis has demonstrated that the pricing inefficiency Citigroup attempted to capture in Mat V was in reality a risk premium built in to the market. The fund has lost over 75% of its value after the too-little-too-late settlement offer to investors. We continue to accept Mat Five cases from across the country. To date, Levin Papantonio represents investors who have lost more than $7 million because of the undisclosed risks and poorly constructed investment products.
Levin Papantonio is Filing Multiple Securities Arbitration Claims Based on Unsuitable Recommendations to Concentrate Portfolios in the Financial Sector
Levin Papantonio continues to accept cases against broker-dealers on behalf of investors holding concentrated equity positions, including common and preferred stock. Many investors’ life savings were not diversified across industry sectors or were not allocated to investment grade fixed income. Instead, portfolios were concentrated in the financial sector through common and preferred stock and fixed income. This concentration caused many retail investors to lose a disproportionate amount of their life savings.
Levin Papantonio's Securities Department is headed by Peter Mougey. Peter can be contacted at PMougey@levinlaw.com.
Fosamax
The first Fosamax osteonecrosis of the jaw case will be tried in New York City in August of this year. Levin Papantonio shareholder Tim O'Brien is lead counsel for the trial as well as for the MDL, which is situated in the Southern District of New York. Additionally, all New Jersey state court cases were consolidated late last year and a New Jersey discovery and trial calendar will be entered soon.
A recent study published in the Journal of the American Dental Association demonstrates that the risk for Fosamax induced osteonecrosis exists even for short term users of Fosamax. Meanwhile, the FDA recently released data, reported in the New England Journal of Medicine, linking Fosamax to cancer of the esophagus.
For more information, contact Levin Papantonio attorney Tim O'Brien at TObrien@levinlaw.com
Rhino
Various Plaintiffs have filed a Joint Motion for Transfer and Coordination under 28 U.S.C. § 1407, which is now referred to as MDL No. 2016, In Re: Yamaha Motor Corp. Rhino ATV Products Liability Litigation. The JPML hearing on this matter is scheduled for January 29, 2009 in Ft. Myers, Florida. Several jurisdictions have been suggested as appropriate for the MDL, including California and Texas. Opposition motions have been filed by numerous Plaintiffs, Yamaha defendants, and various retailer defendants. Our firm continues to advance our state court litigations and recently received a ruling from the Georgia Court of Appeals denying Yamaha's Request for Interlocutory Appeal of a decision denying Yamaha's Motion to Dismiss on the grounds of forum non convenience. Our firm has several trial dates this year, with the first scheduled to begin in May in Orange County, Texas. We continue to evaluate and accept new cases.If you have questions, please contact Troy Rafferty at TRafferty@levinlaw.com or Kim Lambert at Klambert@levinlaw.com.
Medtronic Leads
On January 5th, Judge Kyle, judge presiding over the Minnesota MDL dismissed, with prejudice and without leave to amend, all claims in the Individual Master Complaint as preempted by Reigel and Buckman. Judge Kyle has also issued an order to show cause why a specific individual complaint should not be dismissed because it alleges claims different from the master complaint. The deadline to respond to the show cause order is March 13, 2009. Additional information may be found at http://www.mnd.uscourts.gov/MDL-Fidelis/index.shtml or you may contact Kim Lambert at KLambert@levinlaw.com
Gadolinium
The Gadolinium MDL continues to move forward making progress daily. In an effort to move this litigation along as quickly and as prudently as possible, the PSC has worked with Judge Polster in the Northern District of Ohio to set discovery, trial selection and pre-trial deadlines that can best serve these catastrophically injured clients. Most recently the PSC has been focused on the complex task of product identification for all MDL cases as well as sorting through the many cases to choose the 10 case that the PSC will put up for Trial Selection. Levin Papantonio's Troy Rafferty and his fellow members of the PSC continue worked hard to maintain the balance between moving the litigation along as quickly as possible to ensure these clients are able to see their day in court, and setting manageable deadlines that allow time for proper discovery of the millions of pages of documents already being produced by Defendants Bayer Healthcare Pharmaceuticals Inc., GE Healthcare Inc., Bracco Diagnostics Inc., and Mallinckrodt Inc. If you have any questions about the Gadolinium litigation, Gadolinium-Based Contrast Agents, or Nephrogenic Systemic Fibrosis, the crippling condition at the center of this litigation, please contact Troy Rafferty at TRafferty@levinlaw.com or Lea Morris at Lea.Morris@levinlaw.com.
Securities Department
Levin Papantonio Files Another Fifty Morgan Keegan Bond Fund Claims
To date, Levin Papantonio has filed cases on behalf of 100 institutional and individual investors who have lost more than $60 million in the Regions Morgan Keegan Select Intermediate Bond Fund (RIBCX), the Regions Morgan Keegan Select High Income Fund (MKHIX), the RMK High Income Fund (RMH), the RMK Multi-Sector High Income Fund (RHY), and the RMK Strategic Income Fund. These funds have declined more than 80% in the past 12 months because of the undisclosed risks and the exposure to both the subprime and mortgage markets. We expect to file another 155 arbitration and state court claims by the end of the year. The consortium of law firms currently represent more than 265 institutional and retail investors who have lost more than $150 million dollars.
Broker-Dealers Fail to Disclose Risks Associated with Lehman Principal Protected Notes
Several major brokerage firms, among them UBS, Merrill Lynch, and JP Morgan, sold nearly $70 billion of these principal protected notes in the past year. Many financial advisors recommended these products to retired, risk-adverse investors without informing them of the potential risk. Many investors were not even told that the Lehman Brothers-created products carried significant risk. Levin Papantonio continues to accept cases on behalf of investors who were misled.
Levin Papantonio Files Claims on behalf of Investors who were misled in the Citigroup MAT V Hedge Funds
Levin Papantonio continues to accept claims against Citigroup Alternative Investments (“CAI”). Citigroup advertised these funds as alternatives to fixed income but inadequately disclosed the substantial risks to investors. In fact, quantitative analysis has demonstrated that the pricing inefficiency Citigroup attempted to capture in Mat V was in reality a risk premium built in to the market. The fund has lost over 75% of its value after the too-little-too-late settlement offer to investors. We continue to accept Mat Five cases from across the country. To date, Levin Papantonio represents investors who have lost more than $7 million because of the undisclosed risks and poorly constructed investment products.
Levin Papantonio is Filing Multiple Securities Arbitration Claims Based on Unsuitable Recommendations to Concentrate Portfolios in the Financial Sector
Levin Papantonio continues to accept cases against broker-dealers on behalf of investors holding concentrated equity positions, including common and preferred stock. Many investors’ life savings were not diversified across industry sectors or were not allocated to investment grade fixed income. Instead, portfolios were concentrated in the financial sector through common and preferred stock and fixed income. This concentration caused many retail investors to lose a disproportionate amount of their life savings.
Levin Papantonio's Securities Department is headed by Peter Mougey. Peter can be contacted at PMougey@levinlaw.com.
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