Bullivant Houser Bailey PC Announces Settlement in Capital Consultants Case; Milestone Settlement in Nation's Largest ERISA Fraud Case.Business Editors, Legal Writers PORTLAND, Ore.--(BUSINESS WIRE)--March 7, 2002 Today, Bullivant Houser Bailey PC announced a significant settlement agreement in the largest ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). fraud case in the nation's history. The five class action settlements, which return nearly $16 million to 12 pension and health trusts represent the first major deal made between the trustees, the Department of Labor (DOL DOL - Display Oriented Language. Subsystem of DOCUS. Sammet 1969, p.678. ) and the plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. in the ongoing Capital Consultants litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . In the settlements there is no admission of liability on the part of the trustees for the losses caused by the former investment firm. The payments will be made entirely by insurers, not the trustees themselves. "We are pleased with the terms of the settlement. Trustees are not professional investors. They are volunteers representing the financial interests of their trades, fellow employees and themselves," said Chrys Martin, lead class action defense counsel with Bullivant Houser Bailey PC. "If the DOL was unable to uncover the scheme, then it is unfair to expect that these volunteers possessed the expertise to do so." Rather than deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. the trusts' insurance funds to establish their innocence, the trustees agreed to an early settlement which would ensure that as much of the losses as possible be returned to participants. As part of the settlement agreement, 12 of the more than 90 trustees serving on two of the 13 trusts agreed to resign. The resignations, however, were not a result of unproven allegations regarding the receipt of any gifts or trips. Additionally, the settlement includes plan reforms, which reiterate the trustees' responsibilities under ERISA. Settlement expected to impact related case Steve English, Bullivant partner and lead counsel for plaintiff investors in a related case, has indicated that the class action settlement will have a positive influence on the actions brought by the plaintiff investors against former Capital Consultants Chief Executive Officer Jeff Grayson and various accounting firms, law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
History of CCL 1. CCL - Coral Common LISP. 2. CCL - Computer Control Language. English-like query language based on COLINGO, for IBM 1401 and IBM 1410. In their lawsuit against CCL, formerly one of the most well-respected investment firms in the country, the trustees allege To state, recite, assert, or charge the existence of particular facts in a Pleading or an indictment; to make an allegation. allege v. that the firm concocted an elaborate fraud scheme, bilking thousands of people out of their retirement savings and depleting funds for health benefits. The DOL had oversight over CCL and had been investigating the company off and on for years. Despite the many red flags, the DOL failed to uncover CCL's scheme until it had lost more than $492 million in investors' money. About Bullivant Houser Bailey PC Founded in 1938, Bullivant Houser Bailey PC is a 164-attorney, full service law firm. Bullivant's attorneys utilize more than 60 years experience trying cases, working aggressively to pursue litigation strategies that will obtain early, favorable and cost-effective results for its clients. Bullivant has six West Coast offices in Seattle and Vancouver, Wash., Portland, Ore., Sacramento, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Irvine, Calif. Further information is available at www.bullivant.com. |
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