Replies to post #125021 on Plastic2Oil Inc (PTOI)

[XenaLives]

That one was related to the subprime mortgage mess and involved a 1.5 billion dollar portfolio.

Definitely a much bigger can of worms!!

[XenaLives]

An example of insurance coverage covering $30 million - thanks to Scion for pointing out the case.

Under the terms of the first memorandum of understanding, which related to the consolidated securities class action, subject to certain customary conditions, including court approval of a final settlement agreement, in consideration for the full settlement and release of all defendants, the amount of $37.5 million will be paid by or on behalf of the defendants (of which management expects approximately $38 million will be covered by insurance). The parties intend to file a stipulation of settlement and joint motion for preliminary approval within 45 days of the execution of the memorandum of understanding.

Under the terms of the second memorandum of understanding, which related to the ERISA class action, subject to certain customary conditions, including court approval of a final settlement agreement, in consideration for the full settlement and release of all defendants, the amount of $8.2 million will be paid by or on behalf of the defendants (all of which management expects will be covered by insurance). The parties intend to file a joint request to approve the settlement.

Popular does not expect to record any material gain or loss as a result of the settlements. Popular made no admission of liability in connection with either settlement.

http://www.reuters.com/article/2011/01/27/idUS268157+27-Jan-2011+BW20110127

[Dobie Lama]

Thanks for posting scion.

JBI, Inc. [OTC: JBII.pk]
Federman & Sherwood announces that a securities class action lawsuit has been filed against JBI, Inc. (OTB: JBII.pk)
Oklahoma City, OK (July 29, 2011) -- On July 28, 2011, a class action lawsuit was filed in the United States District Court for the District of Nevada against JBI, Inc. (OTB: JBII.pk). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from August 28, 2009 through July 20, 2011.

Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, September 26, 2011, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to [e-mail], fax to us at [phone] or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.