In the News Today - December 18, 2013

December 18, 2013

The Associated Press quoted ILR president Lisa Rickard on a California decision ordering three paint companies to pay $1.1 billion. “This ruling opens the flood gates for a surge of frivolous lawsuits and sets a dangerous precedent for other activist courts across the country to follow,” she cautions.

The Court of Appeals for Ontario has lifted a stay on an enforcement action that blocked Ecuadorian plaintiffs from collecting a $9.5 billion verdict against Chevron. The ruling clears the way for a Canadian court to decide if the Ecuadorians can enforce the verdict, which has been dogged by claims of fraud, against Chevron’s assets in Canada. American Lawyer

BP accuses a plaintiffs’ lawyer of misrepresenting the number of his clients before the company agreed establish a $2.3 billion fund. Only 648 claims have been filed, far less than the 43,000 the lawyer said were ready to sue before the settlement. New York Times

Mississippi Attorney General Jim Hood filed a lawsuit against JP Morgan alleging the company violated state consumer laws during its pursuit of delinquent credit card accounts. Reuters

The SEC brought only five FCPA enforcement actions in the past fiscal year, down from 15 in the preceding year and 20 in the year before. WSJ Risk & Compliance Journal