The company logo of Valeant Pharmaceuticals International is seen at its headquarters in Laval, Quebec May 19, 2015. REUTERS/Christinne Muschi
The class action lawsuits keep piling up, including the latest filed against Valeant Pharmaceuticals.
The class action has been started because shareholders are alleging that the company neglected to let them know that they had dealings with Philidor Rx Services, a U.S. pharmacy, and as a result they suffered losses.
Further allegations state that Valeant secretly negotiated and bought an option to purchase Philidor back in January 2013. Valeant then united the two companies, but failed to inform the shareholders until October 19, 2015.
Once the announcement of the consolidation of the two companies was made, the price of shares allegedly “dropped considerably.” Apparently, Valeant shares have dropped by a whopping 70 per cent since last August due to supposedly questionable business practices.
The lawsuit was initiated by Toronto based law firm, Koskie Minsky LLP and has been filed in Ontario Superior Court. The suit covers all shareholders who bought shares of the company from between January 1, 2013 to a few weeks ago.
Valeant has since separated itself from Philidor and the company is still working on a response to the new class action.
Tentative settlement reached in Ontario class action for former residents of developmentally disabled institution
What would Tort Tuesday be without some kind of news about a residential facility class action?
A tentative settlement deal has been reached with the province of Ontario in a lawsuit that covers 12 residential facilities for people who were developmentally disabled.
Residents at the Adult Occupational Centre in Edgar, Ontario between the dates of January 1, 1966 and March 31, 1999 are affected by the lawsuit as well as eleven other facilities across Ontario, including in Muskoka and Oro-Medonte Township.
Once again, Koskie Minsky LLP LLP, who is quite pleased with the tentative settlement, is representing the plaintiffs.
The deal is currently tentative, because it’s awaiting court approval. As notice for the class proceeding has already been given to former residents, who are eligible to take part in the lawsuit, the deal requires the court to sign off on it.
The province, on its part, says that if this settlement deal went through, it would provide eligible residents with a way to claim compensation. The process would be overseen by former Supreme Court Justice Ian Binnie and assessed by an independent claims administrator.
Volkswagen troubles continue
Oh Volkswagen, you can’t seem to catch a break.
Volkswagen, which is facing a slew of class-action lawsuits, put together a compensation package for North America, including Canada, which has Europe up in arms.
See: Tort Tuesday: Winnipeg lawyer files class action against VW
Apparently in North America, there is a no-strings compensation package in the amount of $1000 being offered for Audi owners, to which European owners of Audi aren’t entitled.
VW’s reasoning is that in North America there are less than half a million cars, but if the same compensation package were to be offered in Europe, VW would lose another $8.5 billion…in Euros not dollars. Ouch.
However, Europeans VW owners are frustrated over the lack of compensation being offered. VW has said it will not offer this type of compensation to its European customers.
Could Volkswagen possibly face a lawsuit due to this compensation scheme? Only time will tell.
VW has said that these compensation packages are offered freely and not to persuade people away from legal action against the company.