Fujitsu Class Action Arrives at $14M Deal

Fujitsu Class Action Arrives at $14M Deal

Fujitsu workers involved in a class action lawsuit told a California federal judge that they’ve come to a $14 million deal with the company. Fujitsu agreed to pay to end a nearly $150 million proposed class action alleging that the company paid more fees than necessary to invest the retirement funds of nearly 23,000 current and former workers.

The workers asked U.S. Magistrate Judge Nathanael M. Cousins to approve a deal, stating that the settlement compares favorably to other 401(k) settlements. The deal is worth roughly $600 per class member and a full one percent of the plan’s total value.

Fujitsu Class Action Alleges Firm Mismanaged Retirement Funds

Fujitsu is a Japanese multinational information technology equipment and services company whose products are available in over 100 countries. In 2015, it was the world’s fourth-largest IT services provider measured by IT services revenue.

In June 2016, workers sued the company’s California office, alleging the tech firm mismanaged their retirement plans. The suit claims that the company deprived its workers of returns by buying more expensive classes of funds than necessary. It also claims that the company did not monitor the record-keeping and administrative fees it paid, and the plan’s offerings included “excessively costly investments”.

The proposed deal will pay a class of 22,705 members—all of whom participated in the company’s 401(k) plan between June 2010 and September 2017. The payments will be based on the value of the investors’ investments at certain points in the class period. Less weight will be applied to assets held after Fujitsu revised its 401(k) plan in 2016.

Are You a Victim of Securities Fraud?

If you lost money as a result of misconduct on the behalf of your company or are the victim of securities fraud, contact a qualified securities fraud attorney today.

Call a Securities Fraud Attorney Today

If you are looking for an attorney to review your rights and options, the securities fraud lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach and Miami, our securities fraud attorneys represent clients nationwide and can help you recover your investment losses.

Contact a securities fraud attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

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Juno Drivers File Suit for Securities Fraud

Juno Drivers File Securities Fraud Suit

Three Juno drivers have filed a federal class action lawsuit against New York-based ride-hail service Juno. The drivers are filing for breach of contract, false advertising, and securities fraud.

Juno Drivers Misled by Equity Program

The Juno drivers allege the company lured away high-performing drivers from competing companies Uber and Lyft with the promise of equity in the company. In April, when Juno was acquired by New York-based Gett, the equity program was dissolved.

As part of the acquisition deal, drivers were informed that those who had Juno shares were to be cashed out. As reported by Recode, drivers were receiving on average around $100 – regardless of how many shares they held. One driver reportedly had more than 6,000 shares.

The suit filed alleges that Juno used the equity program to lure drivers to the company with intentions to sell the company when an offer came its way. In addition to the equity program, Juno paid drivers $50 to be on the platform, even before drivers were carrying riders. When the company launched, riders were given deep discounts and drivers were only charged 10 percent commission. The result was an unsustainable business model.

In response to the suit from the Juno drivers, the company states that it was considering changes to the equity program prior to the acquisition by Gett. Gett acquired Juno for $200 million, including the company’s assets and its founding team.

Have You Been a Victim of Securities Fraud?

If you are the victim of investment fraud or believe you have been scammed, you may have certain legal rights that require your immediate attention.

Call a Securities Fraud Attorney Today

If you are looking for a securities fraud lawyer to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from companies for their wrongful actions.

With offices in Los AngelesNew YorkWest Palm Beach and Miami, our securities fraud lawyers may be able to help you recover your investment losses.

Contact a securities fraud lawyer at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

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