Southeastern Pennsylvania Transportation Authority Pension Plan and Teamsters Local 710 have moved to intervene in the Abbott Inc. Derivative Litigation pending in the Northern District of Illinois. The lawsuit, filed in October 2022, alleges wrongdoing by certain officers and directors of Abbott at least during the period from November 19, 2021, through June 8, 2022.​

Specifically, the Individual Defendants are alleged to have breached their fiduciary duties and to have violated federal securities laws by concealing lapses in safety protocols at Abbott’s Sturgis, Michigan facility. These lapses resulted in environmental contamination with Cronobacter sakazakii bacteria, a critical issue affecting the manufacturing of infant formula.​

In February 2022, the FDA reportedly confirmed Cronobacter contamination at the Sturgis facility, leading to a recall of various infant formula products. According to the complaint, Abbott executives portrayed the recall as a proactive measure to protect the public, not disclosing the FDA investigation.

Abbott eventually closed the Sturgis facility due to safety concerns, causing massive formula shortages in the U.S., Canada, and other markets. The federal government invoked the Defense Production Act to address the shortages. ​

In May 2022, the Senate Finance Committee launched an investigation into Abbott’s international tax practices and stock buybacks, linking them to the Sturgis facility issues.  Not until June 2022 did Abbott disclose that it was aware of the whistleblower complaint in early 2021, contributing to a decline in the company’s stock price.​

The actions during the Relevant Period led to significant repercussions, including stock decline, a class action lawsuit, and potential liability exposure for Abbott.

SEPTA and Teamsters Local 710 have moved to intervene in this derivative action, captioned In Re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, 1:22-CV-5513 (N.D. IL), thereby demonstrating their commitment to protecting shareholder interests and holding Abbott’s officers and directors accountable for alleged misconduct.​

John A. Kehoe, Partner at Kehoe Law Firm, commented: “We are pleased to see Southeastern Pennsylvania Transportation Authority Pension Plan and Teamsters Local 710 take a stand in intervening in the Abbott shareholder derivative action. Institutional shareholders play a crucial role in holding corporations accountable for their actions and advocating for positive governance reforms. This intervention marks a step towards transparency, accountability, and responsible corporate practices.” 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

In a groundbreaking development, a federal judge has refused to dismiss significant claims in the Corvette Cracked Wheels Lawsuit, paving the way for justice in the ongoing legal battle against General Motors (GM). The lawsuit alleges that certain Chevrolet Corvette models suffer from cracked, bent, and warped wheels, and the recent decision by the judge ensures that many of the claims will move forward.​

The class action lawsuit, which includes 2015-19 Chevrolet Corvette Z06 and 2017-2019 Chevrolet Corvette Grand Sport cars, alleges GM of equipped the vehicles with cast aluminum alloy wheels unable to withstand the torque and power generated by the cars. The plaintiffs argue that the cast wheels are too weak, and GM allegedly knew that forged rims would have been a more suitable choice. Additionally, the lawsuit claims GM used insufficient material to save on suspension weight, leading to deformed and cracked wheels that could cost thousands of dollars to replace.​

Michael Yarnoff, Partner with the Kehoe Law Firm, expressed his satisfaction with the judge’s decision, stating, “We are very pleased with the court’s ruling, which acknowledges the validity of our claims and allows us to continue seeking justice on behalf of the affected Corvette owners.”​

The lawsuit alleges that Corvette owners experience wobbling and vibrations when the rims deform, and cracks in the wheels can lead to loss of air pressure, making the cars unsafe. The plaintiffs contend that GM replaces the defective wheels with equally defective ones, putting owners at continued risk.

GM’s attempts to dismiss the lawsuit faced resistance from the judge, who ruled against the automaker’s arguments, allowing express warranty claims, Magnuson-Moss Warranty Act (MMWA) claims, and other crucial claims to proceed. Despite GM’s motion to dismiss MMWA claims based on the number of plaintiffs, the judge permitted the claims to move forward with the existing eighteen plaintiffs.​

The legal battle, filed in the U.S. District Court for the Eastern District of Michigan, is gaining momentum as the judge’s decision marks a pivotal moment for the Corvette owners seeking resolution for their wheel-related issues. Kehoe Law Firm remains committed to representing the interests of the affected consumers and seeks a fair resolution for those impacted by the alleged defects.​

For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.

The Kehoe Law Firm, a leading national law firm specializing in antitrust and consumer protection litigation, has filed a civil antitrust action against Google under Sections 1 and 2 of the Sherman Act. The class action complaint, filed on behalf of the Sterling International Consulting Group and those similarly situated, alleges that Google has engaged in an anticompetitive scheme to dominate the Publisher Ad Server Market, resulting in artificially inflated prices for publisher ad server services.​

The plaintiff in this case operates a website that sells digital display ads to advertisers. The complaint contends that Google has established and maintained a monopoly in the Publisher Ad Server Market, giving it the power to manipulate prices charged to Publishers, such as the plaintiffs.​

According to John A. Kehoe, a partner at the Kehoe Law Firm, “Google’s anticompetitive actions have had a significant impact on the Publisher Ad Server Market, leading to higher costs for Publishers and limiting their options. This case aims to address the harm caused by Google’s dominance and seeks compensatory and injunctive relief under the Sherman Act.”​

The complaint outlines Google’s control over various levels of the Ad Tech Stack, including publisher ad server products, ad exchange, ad network, and advertiser ad server. It alleges that Google’s series of anticompetitive acts, dating back to at least 2007, have illegally enhanced and maintained its dominant position in the Publisher Ad Server Market.​

The complaint alleges that Google’s acquisitions, exclusionary conduct, and measures to impair potential rivals have stifled competition and harmed plaintiffs and members of the proposed class. The complaint seeks compensatory and injunctive relief for violations of the Sherman Act.

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

The Kehoe Law Firm, a leading national law firm specializing in antitrust and consumer protection litigation, has filed a civil antitrust action against Google under Sections 1 and 2 of the Sherman Act. The class action complaint, filed on behalf of the Sterling International Consulting Group and those similarly situated, alleges that Google has engaged in an anticompetitive scheme to dominate the Publisher Ad Server Market, resulting in artificially inflated prices for publisher ad server services.​

The plaintiff in this case operates a website that sells digital display ads to advertisers. The complaint contends that Google has established and maintained a monopoly in the Publisher Ad Server Market, giving it the power to manipulate prices charged to Publishers, such as the plaintiffs.​

According to John A. Kehoe, a partner at the Kehoe Law Firm, “Google’s anticompetitive actions have had a significant impact on the Publisher Ad Server Market, leading to higher costs for Publishers and limiting their options. This case aims to address the harm caused by Google’s dominance and seeks compensatory and injunctive relief under the Sherman Act.”​

The complaint outlines Google’s control over various levels of the Ad Tech Stack, including publisher ad server products, ad exchange, ad network, and advertiser ad server. It alleges that Google’s series of anticompetitive acts, dating back to at least 2007, have illegally enhanced and maintained its dominant position in the Publisher Ad Server Market.​

The complaint alleges that Google’s acquisitions, exclusionary conduct, and measures to impair potential rivals have stifled competition and harmed plaintiffs and members of the proposed class. The complaint seeks compensatory and injunctive relief for violations of the Sherman Act.

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

Kehoe Law Firm is pleased to announce that the United States District Court for the Southern District of New York has granted preliminary approval for the proposed settlement in the Mexican Government Bonds Antitrust Litigation.​

The case, brought on behalf of the Southeastern Pennsylvania Transportation Authority Pension Plan (“SEPTA”), among others, alleges that from January 1, 2006, through April 19, 2017, inclusive, various entities conspired to fix the prices for Mexican Government Bonds issued by the Mexican government through the Bank of Mexico (“Banxico”). 

According to a complaint filed in the Southern District of New York, each defendant transacted in price-fixed Mexican Government Bonds (“MGBs”) at artificial prices with uninformed market participants like SEPTA and the Class. Defendants allegedly did so through interrelated means of manipulation. 

Partner John A. Kehoe expressed his satisfaction in being part of the case on behalf of the Plaintiffs, stating, “We are pleased to have reached this partial settlement in the Mexican Government Bonds Antitrust Litigation. The preliminary approval of the proposed settlement is a positive step toward achieving justice for our clients and the Settlement Class.”​

The settlement class includes all persons who entered a MGB transaction between January 1, 2006, and April 19, 2017. The Settlement, subject to final approval, involves the certification and maintenance of the settlement class as a class action under Rule 23 of the Federal Rules of Civil Procedure.

Settling defendants include Barclays PLC, Barclays Bank PLC, Barclays Capital Inc., Barclays Capital Securities Limited, Barclays Bank México, S.A., Institución de Banca Múltiple, Grupo Financiero Barclays México, and Grupo Financiero Barclays México, S.A. de C.V. (collectively “ Barclays” ) and JPMorgan Chase & Co., J.P. Morgan Broker-Dealer Holdings Inc., J.P. Morgan Securities LLC, JPMorgan Chase Bank, National Association, Banco J.P. Morgan, S.A. Institución de Banca Múltiple, J.P. Morgan Grupo Financiero, and J.P. Morgan Securities plc.​

Importantly, many other defendants have not joined in the settlement, including entities related to Bank of America, Citibank, Deutsche Bank, and HSBC, among others. For further information about the case, please visit www.MGBAntitrustSettlement.com.​

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

Kehoe Law Firm proudly announces that today plaintiffs moved for final approval of a $23,600,000 settlement with various Wall Street banks, including entities related to Citigroup, MUFG Bank Ltd., Bank of America Corporation, Barclays Bank PLC, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, Goldman Sachs, HSBC Bank PLC, JPMorgan Chase & Co., Morgan Stanley, RBC Capital Markets, LLC, The Royal Bank of Scotland PLC (now known as NatWest Markets PLC), and UBS AG.​

KLF represents FX Primus Ltd. In this action, in which lead counsel spent over 11,427 hours prosecuting the case. Discovery in this case was extensive, involving terabytes of transactional data and hundreds of thousands of pages of interbank chat transcripts from defendants that they produced in a related action. Managing and organizing this data required collaborating with Plaintiffs’ expert economist, Dr. Janet S. Netz, to analyze the contents of the data for each defendant transactional data production and prepare questions to Defendants to ensure that all required data fields were included in the productions and standardized across all Defendant productions. 

Class Counsel also consulted with an industry expert and former FX trader to analyze and identify deficiencies in Defendants’ data productions and to prepare questions to Defendants. He also assisted Class Counsel with interpreting the jargon and code words that dealer bank traders used to conceal their unlawful conduct in the voluminous interbank dealer chat transcripts produced by Defendants. 

While discovery was ongoing, class counsel had extensive settlement negotiations, and reached a tentative settlement with the Citigroup defendants, then with MUFG Bank Ltd., including cash payments and reasonable cooperation in the continued litigation.  Thereafter, the remaining defendants agreed to settle.

We believe the settlements were negotiated at arm’s length, and the relief obtained is fair, reasonable, and adequate. The proposed pro-rata method of allocating the settlement fund amongst the members of the settlement classes ensures that they will be treated equitably relative to each other. The Total Settlement Amount of $23,630,000 is well within the range of reasonableness, especially considering the complexity of the litigation, and the risks of establishing liability, aggregate damages, and class wide impact.​

Considering the ongoing Covid-19 pandemic, the Court has scheduled the Final Fairness Hearing to occur telephonically on November 17, 2020, at 11:30 am. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.