Results for: Settlement

ReconAfrica, an oil exploration company, initially made ambitious claims of vast oil reserves in Namibia’s Kavango Basin, causing its stock to surge. However, controversies arose after the company’s plans for fracking were rejected by the Namibian government, and its oil well results were questioned. This led to investor lawsuits, and ultimately a CAD $14.5 million settlement. This article examines the journey of ReconAfrica, from its initial promises to the legal fallout and its recent efforts to regain investor trust.

Citadel Credit Union has reached a settlement with the U.S. Department of Justice, pledging to expand its services and financial support within Philadelphia. This agreement includes opening new branches, providing mortgage loan subsidies, and dedicating resources to community outreach and development. Citadel emphasizes its commitment to building a brighter future for all communities it serves.

Acadia Healthcare Company Inc. has agreed to pay $16.6 million to resolve allegations of billing federal healthcare programs for unnecessary or non-compliant behavioral health services. The settlement comes after investigations into the company’s practices between 2014 and 2017, which included allegations of admitting ineligible patients, extended stays, inadequate staffing, and failing to meet federal and state standards. Despite the settlement, investigations into Acadia’s recent practices are ongoing.

Cassava Sciences, its founder, and former executives have agreed to pay over $40 million to settle SEC charges alleging they misled investors about the results of a Phase 2 trial for their Alzheimer’s drug, simufilam. The SEC found that the company manipulated trial data to falsely suggest the drug’s effectiveness. The settlement includes penalties and bans on serving as officers or directors for certain individuals.

Voting technology company Smartmatic and conservative cable network Newsmax have settled a defamation lawsuit, averting a trial that was scheduled to begin next week. The specifics of the confidential settlement remain undisclosed, but the agreement was reached during jury selection. This case would have been significant, as it would have been the first to determine whether a cable news network made defamatory claims about a voting technology company in relation to the 2020 election.

Hunt Oil Company has agreed to pay $30 million to a Texas woman who was severely injured in a car crash caused by a Hunt Oil employee driving under the influence. The settlement comes on the eve of trial and is believed to be the highest ever in Dallas County for this type of injury.

Riot Platforms has withdrawn its bid to take over Bitfarms, settling the dispute with the Bitcoin mining company. The agreement includes a board shakeup for Bitfarms and grants Riot Platforms certain rights to purchase shares if its stake exceeds 15%.

Robinhood has agreed to pay $3.9 million to settle a lawsuit with California’s Department of Justice over its previous policy prohibiting Bitcoin withdrawals. The settlement requires Robinhood to continue allowing crypto withdrawals and update its disclosures regarding custody practices. This settlement comes as Robinhood seeks to expand its cryptocurrency offerings and navigate a rapidly evolving regulatory landscape.

Three major U.S. drug distributors, McKesson, Cencora, and Cardinal Health, have agreed to pay $300 million to settle claims from health insurers and benefit plans. These claims allege the distributors contributed to the opioid epidemic by failing to implement proper controls, leading to an overflow of addictive painkillers into illegal markets. This settlement follows a $21 billion agreement reached earlier with state and local governments.

Johnson & Johnson is expected to confirm a $6.48 billion settlement to resolve thousands of lawsuits alleging that its baby powder products cause cancer. The settlement plan requires the approval of over 75% of claimants, which has reportedly been reached. This will involve a subsidiary of Johnson & Johnson filing for bankruptcy protection to finalize the agreement. This represents a renewed effort by the company to resolve long-standing talc litigation after previous attempts were rejected by courts.