Top Class Action Lawsuits in Legal History
More than 1000 class action lawsuits are filed every year, as estimated by the Consumer Financial Protection Bureau. Consequently, it is essential that one takes the necessary precautionary measures when making investments. Class action lawsuits happen when a group of people together goes against a defendant, represented by a member. Such a lawsuit is different from the conventional ones because there are many parties involved in the lawsuit. Among the significant benefits of using this type of lawsuit is that it helps plaintiffs who would otherwise not afford an attorney. Another goal of doing class action lawsuits is to minimize the number of suits going into the court. These lawsuits are presented with basic information that works for the entire group. When a large group of people is involved in the class-action lawsuit, it can be quite challenging to get a request to look identical. You may be interested in finding out some of the popular class action lawsuits in history, and some are given below.
Among the well-known cases in class action lawsuits is the BP Oil Spill case in Mexico. The BP Oil Spill lawsuit was effected by public prosecutors against the company for environmental damage and the Deepwater Horizon oil spill. The oil spill put many animals and wildlife in danger, and the whole coast experienced the consequences of the spill. The company had to pay money to the state and government to cover federal claims and penalties.
Around 1998, a class action lawsuit was done involving four tobacco companies. The four companies agreed to pay a large sum in terms of settlement to cater to medical costs for people that smoked their products. The payments were to be made over 30 years since more than 45 states were included in the settlement. It was determined that this was the easiest way to get the tobacco companies to pay up and help with Medicaid programs.
Another class action lawsuit involved the Kona Beer company. The company was being targeted due to conducting false advertising. The company was marketing its beer as Hawaiian brewed, yet Kona beer was being brewed all over the continental US. The affected people in the lawsuit received a couple of dollars per pack purchased.
The Enron Security class action settlement that occurred in 2006 is another example. Enron Security was an energy trading company that was targeted for defrauding shareholders. The company became bankrupt soon after the fraud occurred. The previous executives of the company went on trial and were convicted of conspiracy and fraud, and, unfortunately, many people lost their pension benefits and jobs.
Another popular case in this category involved Worldcom Securities. Until a merger arose, the company was considered to be the largest communicati