The Kehoe Law Firm, P.C. announces that it has filed a Verified Stockholder Derivative Complaint on behalf of the Buffalo Grove Police Pension Fund (“Plaintiff”) against Navient, Inc. (“Navient” or the “Company”) and certain current and former members of Navient’s Board of Directors, as well as certain executives. The Complaint alleges breaches of fiduciary duties in connection with Navient’s student loan servicing and collection practices.​

The Complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, alleges that Navient knowingly manipulated its student loan servicing practices, violating federal and state laws, and causing borrowers to incur millions in additional costs. The allegations include steering borrowers into inappropriate forbearance programs, failing to provide adequate notice for paperwork submission, misinforming borrowers about loan rehabilitation programs, committing payment processing errors, and misreporting military accounts. 

Navient’s practices, as outlined in the Complaint, resulted in regulatory and private actions, including lawsuits by the Consumer Financial Protection Bureau and various state attorneys general, and consequently the Company’s reputation and stock value allegedly suffered.​

The Individual Defendants, members of Navient’s Board, are accused of failing to diligently serve the Company, while turning a blind eye to illegal practices. The Complaint further asserts that certain Individual Defendants capitalized on Navient’s artificially inflated stock price, making substantial stock sales before the misconduct was revealed.​

The Kehoe Law Firm represents the Plaintiff in this action and seeks to hold the defendants accountable for their alleged breaches of fiduciary duties and their role in the significant harm caused to Navient and its shareholders. The case is captioned Buffalo Grove Police Pension Fund V. Diefenderfer et. al., 2:19-CV-00062 (E.D. Pa.). 

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 the ongoing legal battle against NantHealth, Inc. and its executives, plaintiffs, including the Southeastern Pennsylvania Transportation Authority, have taken a significant step by filing a motion on September 20, 2018, seeking class certification for two distinct groups of investors. The motion aims to certify the following classes:​

Securities Act Class: This class comprises all individuals or entities who purchased or acquired NantHealth, Inc. common stock in or traceable to the Initial Public Offering (IPO). The Securities Act Class is representative of investors affected by alleged misrepresentations and omissions made by NantHealth and its executives in connection with the IPO.​

Exchange Act Class: Encompassing all individuals or entities who purchased any NantHealth, Inc. common stock between June 1, 2016, and May 1, 2017, the Exchange Act Class represents investors affected by the alleged securities law violations during this specific time.​

John A. Kehoe, Partner with the Kehoe Law Firm, and court-appointed co-lead counsel for the investors, emphasized the significance of seeking class certification: “Certifying these classes is a crucial step in our pursuit of justice for investors who suffered financial losses due to the alleged misconduct by NantHealth and its executives. We believe that our clients, who share similar circumstances, should be allowed to proceed collectively, streamlining the legal process and ensuring fair representation.”​

The class certification motion is a pivotal development in the ongoing litigation, as it seeks to bring together affected investors under unified legal representation. If granted, class certification would enable a more efficient and coordinated litigation process for the Securities Act and Exchange Act Classes.​

The Kehoe Law Firm remains committed to diligently representing the interests of investors and will continue to pursue legal avenues to hold NantHealth and its executives accountable for the alleged securities law violations.​

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, P.C. today announced a significant development in the securities class action against United Development Funding IV, United Development Funding V, and other related entities. Plaintiffs Mark Hay and Paul Brown, along with Defendant Whitley Penn LLP, have reached a settlement in principle in the matter of Hay v. United Development Funding IV, et al., Case No.: 4:16-cv-00188-M.​

This total settlement sum reflects the resolution of more than two years of rigorous litigation and thorough investigation. It comprises the fixed cash amount of $10,435,725 and an additional contingent cash payment of $3,000,000. The contingent cash payment is dependent on certain conditions, as outlined in the settlement terms. 

Kehoe Law Firm partner Michael Yarnoff expressed his optimism about the settlement, stating, “We are pleased to announce this significant step toward resolution in the UDF Securities Litigation. The settlement in principle, including both fixed and contingent amounts, reflects the hard work and dedication of all parties involved. We look forward to moving this settlement through the judicial process and hope to obtain court approval soon.” 

As part of the settlement process, the Parties have also agreed to delay submission of class settlement documentation while active discussions with other defendants continue. They remain committed to consummating the settlement in principle and are prepared to promptly notify the Court if any obstacles arise. 

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.

Kehoe Law Firm Announces Partial Settlement with Citigroup in the FX Indirect Purchaser Litigation –$9,950,000 and “Reasonable Cooperation.”

Kehoe Law Firm, on behalf of its client, FX Primus Ltd., announced today that a partial settlement has been reached in the FX Indirect Purchaser litigation with defendant Citigroup Inc., Citibank, N.A., Citicorp, and Citigroup Global Markets Inc. (collectively, “Citigroup”), partially settling claims in Contant, et al. v. Bank of America Corp., et al., No. 1:17-cv-03139 (LGS) (S.D.N.Y.)  and consolidated actions.​

“In the pursuit of justice, we are pleased to announce a significant step forward in the litigation through a partial settlement with Citigroup Inc., on behalf of our client, FX Primus Ltd,” according to Kehoe Law Firm Partner, John A. Kehoe.​

Pursuant to the terms of the settlement, Citigroup agreed to pay an amount of $9,950,000 and to provide “reasonable cooperation” in the continued prosecution of the Action against the non-settling defendant banks, as set forth in the Settlement Agreement.​

The lawsuit alleges that prominent financial institutions, including Citigroup, Standard Chartered, Société Générale, Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBC, RBS, and UBS (the “Defendants”), conspired to fix foreign currency (“FX”) instrument prices.

This alleged collusion resulted in overcharging individuals and entities when purchasing FX Instruments directly from a Defendant or one of their alleged co-conspirators

from December 1, 2007, through July 17, 2020, and the purchaser lived in NY, AZ, CA, FL, IL, MA, MN, or NC at the time of the transaction.​

According to Mr. Kehoe, “as we continue to prosecute the action against other defendants, the cooperation secured from Citigroup stands as a formidable tool, empowering us to pursue justice and fair compensation for those who may have been affected by the manipulation of foreign currency instrument prices.”  In this pursuit, “we remain steadfast, resolute, and unwavering in our commitment for a fair and just outcome for our clients.”​

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.

Today, on behalf of our client the Southeastern Pennsylvania Transportation Authority Pension Plan, the Kehoe Law Firm announces the filing of a Consolidated Class Action Complaint alleging a conspiracy to fix the prices for Mexican Government Bonds issued by the Mexican government through the Bank of Mexico (“Banxico”).​

Defendants include Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America Corporation, JPMorgan Chase Bank, J.P. Morgan Securities LLC, J.P. Morgan Securities plc, Banco Bilbao Vizcaya Argentaria, S.A., BBVA Securities, Inc., BBVA-Bancomer, Banco Santander, S.A., Santander Investment Bolsa, Sociedad de Valores, S.A., HSBC Bank PLC, HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Citigroup Global Markets Limited, Citibank, N.A., Barclays Bank PLC, Banco Barclays S.A., Barclays Capital Securities Limited, Barclays Capital Inc., Deutsche Bank AG, and ING Financial Markets LLC. 

The complaint alleges that the defendant banks used their dominant position as the exclusive government-approved market makers in the Mexican Government Bond market to unlawfully increase the profitability of their MGB trading and sales businesses. In April 2017, Mexico’s antitrust regulator, the Comisión Federal de Competencia Económica (“COFECE”), announced that it had uncovered evidence of anticompetitive conduct among defendants in the Mexican Government Bond market.

Information leaked from COFECE’s investigation in May 2017, revealed that it had accepted at least one defendant into its cartel leniency program after that defendant admitted to participating in a conspiracy to fix Mexican Government Bond prices and agreed to provide evidence against its co-conspirators in exchange for a reduced penalty.  

Mexico’s securities regulator, the Comisión Nacional Bancaria y de Valores (“CNBV”), independently confirmed COFECE’s findings. CNBV announced in August 2017 that it was proceeding with its investigation of misconduct in the Mexican Government Bond market based on additional evidence it uncovered of collusion among the defendants. 

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 significant development, the United States District Court for the Central District of California issued a ruling on the motion to dismiss in the securities class action lawsuit against NantHealth, Inc. and its executives. The court found in favor of the investors, allowing most of the claims to proceed.​

The lawsuit, filed on June 26, 2017, alleged that NantHealth, a company specializing in healthcare data management and diagnostic services, and its executives made material misrepresentations and omissions in connection with its Initial Public Offering (IPO) and subsequent communications to investors. 

John A. Kehoe, Partner with the Kehoe Law Firm, and court-appointed co-lead counsel for the investors, expressed satisfaction with the court’s decision: “We are very pleased with the court’s ruling. This decision allows us to move forward with the action on behalf of investors who suffered losses due to the alleged misconduct by NantHealth and its executives.”​

The lawsuit centers around NantHealth’s relationship with the University of Utah, wherein the company was chosen to conduct research for the University’s genome project. The plaintiffs claimed that NantHealth and its executives made misleading statements and failed to disclose material information related to this partnership.

Key allegations include the assertion that NantHealth’s CEO, Patrick Soon-Shiong, through his non-profit entities, donated $12 million to the University with specific conditions, ultimately leading to NantHealth being the sole qualified third-party research organization. The lawsuit further alleges misrepresentations in NantHealth’s IPO offering materials and communications regarding orders for GPS Cancer tests. 

The court’s ruling acknowledged the plaintiffs’ claims under Section 10(b) and Rule 10b-5 of the Exchange Act, allowing the case to proceed against NantHealth and Soon-Shiong. “The court’s findings validate the allegations of material misrepresentations and omissions made by NantHealth and its executives,” according to Mr. Kehoe, who added “we look forward to prosecuting the action and seeking justice for those who suffered financial losses due to the alleged securities law violations.” 

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.