The plaintiff Southeastern Pennsylvania Transportation Authority (SEPTA) filed a class action lawsuit against The Bank of New York Mellon Corporation (BNY Mellon) on behalf of itself and other similarly situated clients of BNY Mellon. The lawsuit alleges that from at least 2000, BNY Mellon manipulated foreign currency exchange transactions to maximize profits for itself by charging inflated exchange rates when clients bought foreign currency and deflated rates when clients sold foreign currency. The lawsuit seeks to recover unlawful profits obtained through these practices and obtain injunctive relief. Jurisdiction and venue are proper as BNY Mellon is headquartered in New York.
A SYNOPSIS OF THE REGISTRATION AND ENFORCEMENT OF FOREIGN JUDGMENTS IN NIGERIANnagozie Azih
The registration and enforcement of foreign judgments in Nigeria is governed by two statutes - the Reciprocal Enforcement of Judgments Ordinance 1922 and the Foreign Judgments (Reciprocal Enforcement) Act 1961. The 1922 Ordinance applies to judgments from UK and other Commonwealth countries, while the 1961 Act applies to other foreign countries if an order is made by the Minister of Justice. However, the 1961 Act has not been brought into effect through a Ministerial Order to date. As such, only judgments from countries covered by the 1922 Ordinance can currently be registered and enforced in Nigeria. The requirements and process for registering foreign judgments are outlined in the two statutes.
This document is a civil cover sheet for a case filed in federal court. It provides basic information about the case such as the parties involved, the basis for jurisdiction, citizenship of the parties, the nature of the suit, and the cause of action. The civil cover sheet standardizes the information provided at the beginning of a case and is used by court clerks to initiate the case docket.
Fall 2010 open memo assignment no doubt v. activision right of publicity cali...Lyn Goering
This document is a court order granting the plaintiff's application to remand a case back to state court from federal court. The plaintiff had filed a complaint against the defendant in state court for claims related to the use of the plaintiff's likeness in a video game. The defendant removed the case to federal court, arguing the claims were preempted by federal copyright law. The court analyzed the relevant legal standards for removal and copyright preemption. Applying a two-part test, the court determined the plaintiff's claims were not preempted as they involved misappropriation of the plaintiff's name and likeness beyond what was agreed to, rather than contesting the defendant's copyright. The court therefore granted the application to remand the case back to
This order rules on the defendants' request for judicial notice in a case about the Honolulu High-Capacity Transit Corridor Project. The court grants the request to take judicial notice of exhibits A, B, and C, which are the Draft Environmental Impact Statement, Final Environmental Impact Statement, and Record of Decision, as they are incorporated into the complaint by reference. The court also grants the request to take judicial notice of the existence of other exhibits consisting of public records, but does not take judicial notice of the defendants' descriptions of those exhibits.
The defendants filed a motion to dismiss the indictment charging them with violating export control laws. They argue that the language of the US Munitions List regulating the export of military equipment is unconstitutionally vague and does not provide fair notice of what requires an export license. Specifically, the list does not enumerate the exact parts the defendants were charged with exporting. This violates the due process requirement that criminal statutes define the prohibited conduct clearly. The defendants therefore could not have known their actions were illegal.
- Clear Channel Communications, Inc. proposed to sell $250 million of 4.5% Notes Due 2010 through an underwriting agreement with UBS Securities LLC.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from Akin Gump Strauss Hauer & Feld LLP and the eighteenth supplemental indenture between Clear Channel Communications and The Bank of New York.
- The proceeds from the public offering of the notes were to be used for general corporate purposes.
- The document is DaVita Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2003.
- DaVita is the second largest provider of dialysis services in the US, operating or providing administrative services to around 570 outpatient dialysis centers serving approximately 48,500 patients.
- Around 70% of DaVita's patients are covered by Medicare, which reimburses around 50% of the company's total revenues according to rates set by Congress. Commercial payors such as health insurance companies make up the remaining 42% of dialysis revenues.
La Présidence paie 100 millions de FCFA à un Cabinet américain pour justifier...leral
This document is an exhibit to a registration statement filed with the U.S. Department of Justice pursuant to the Foreign Agents Registration Act. It provides details about the foreign principal, the Republic of Senegal, and the registrant's work on its behalf, including that the registrant deals with Senegal's President Abdoulaye Wade and represents the Office of the President. It is signed by a partner at the registrant law firm to confirm the accuracy of the information.
A SYNOPSIS OF THE REGISTRATION AND ENFORCEMENT OF FOREIGN JUDGMENTS IN NIGERIANnagozie Azih
The registration and enforcement of foreign judgments in Nigeria is governed by two statutes - the Reciprocal Enforcement of Judgments Ordinance 1922 and the Foreign Judgments (Reciprocal Enforcement) Act 1961. The 1922 Ordinance applies to judgments from UK and other Commonwealth countries, while the 1961 Act applies to other foreign countries if an order is made by the Minister of Justice. However, the 1961 Act has not been brought into effect through a Ministerial Order to date. As such, only judgments from countries covered by the 1922 Ordinance can currently be registered and enforced in Nigeria. The requirements and process for registering foreign judgments are outlined in the two statutes.
This document is a civil cover sheet for a case filed in federal court. It provides basic information about the case such as the parties involved, the basis for jurisdiction, citizenship of the parties, the nature of the suit, and the cause of action. The civil cover sheet standardizes the information provided at the beginning of a case and is used by court clerks to initiate the case docket.
Fall 2010 open memo assignment no doubt v. activision right of publicity cali...Lyn Goering
This document is a court order granting the plaintiff's application to remand a case back to state court from federal court. The plaintiff had filed a complaint against the defendant in state court for claims related to the use of the plaintiff's likeness in a video game. The defendant removed the case to federal court, arguing the claims were preempted by federal copyright law. The court analyzed the relevant legal standards for removal and copyright preemption. Applying a two-part test, the court determined the plaintiff's claims were not preempted as they involved misappropriation of the plaintiff's name and likeness beyond what was agreed to, rather than contesting the defendant's copyright. The court therefore granted the application to remand the case back to
This order rules on the defendants' request for judicial notice in a case about the Honolulu High-Capacity Transit Corridor Project. The court grants the request to take judicial notice of exhibits A, B, and C, which are the Draft Environmental Impact Statement, Final Environmental Impact Statement, and Record of Decision, as they are incorporated into the complaint by reference. The court also grants the request to take judicial notice of the existence of other exhibits consisting of public records, but does not take judicial notice of the defendants' descriptions of those exhibits.
The defendants filed a motion to dismiss the indictment charging them with violating export control laws. They argue that the language of the US Munitions List regulating the export of military equipment is unconstitutionally vague and does not provide fair notice of what requires an export license. Specifically, the list does not enumerate the exact parts the defendants were charged with exporting. This violates the due process requirement that criminal statutes define the prohibited conduct clearly. The defendants therefore could not have known their actions were illegal.
- Clear Channel Communications, Inc. proposed to sell $250 million of 4.5% Notes Due 2010 through an underwriting agreement with UBS Securities LLC.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from Akin Gump Strauss Hauer & Feld LLP and the eighteenth supplemental indenture between Clear Channel Communications and The Bank of New York.
- The proceeds from the public offering of the notes were to be used for general corporate purposes.
- The document is DaVita Inc.'s annual report on Form 10-K for the fiscal year ending December 31, 2003.
- DaVita is the second largest provider of dialysis services in the US, operating or providing administrative services to around 570 outpatient dialysis centers serving approximately 48,500 patients.
- Around 70% of DaVita's patients are covered by Medicare, which reimburses around 50% of the company's total revenues according to rates set by Congress. Commercial payors such as health insurance companies make up the remaining 42% of dialysis revenues.
La Présidence paie 100 millions de FCFA à un Cabinet américain pour justifier...leral
This document is an exhibit to a registration statement filed with the U.S. Department of Justice pursuant to the Foreign Agents Registration Act. It provides details about the foreign principal, the Republic of Senegal, and the registrant's work on its behalf, including that the registrant deals with Senegal's President Abdoulaye Wade and represents the Office of the President. It is signed by a partner at the registrant law firm to confirm the accuracy of the information.
Sixth Circuit Court of Appeals Decision in Harper v Muskingum Watershed Conse...Marcellus Drilling News
Anti-drilling landowners (backed by Food & Water Watch) claimed the Muskingum Watershed Conservancy District had violated the deed to the land it owns by leasing that land for Utica Shale drilling. The Sixth Circuit dismissed the case. The anti-drillers lost.
U.S. Supreme Court Order On The Travel Ban Appeals, June 26, 2017Honolulu Civil Beat
The Supreme Court granted certiorari and partially stayed injunctions blocking enforcement of Executive Order 13780, which suspended entry of nationals from six Muslim-majority countries. Lower courts had issued nationwide preliminary injunctions, finding the order likely violated the Establishment Clause. The Supreme Court's partial stay allows the 90-day travel ban to take effect but exempts foreigners with bona fide relationships with U.S. entities or individuals. Oral arguments will be heard in the fall on the constitutionality of the executive order.
- Clear Channel Communications, Inc. proposes to sell $250 million of 5.5% Notes Due 2016 to underwriters through an underwriting agreement.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from counsel and details of the supplemental indenture governing the notes.
- The proceeds from the public offering will be used for general corporate purposes.
This document is DaVita Inc.'s annual report filed with the SEC for the fiscal year ended December 31, 2006. It summarizes that DaVita is a leading provider of dialysis services in the US, operating or providing administrative services to approximately 1,300 dialysis centers serving over 103,000 patients. It provides details on the types of dialysis services offered, sources of revenue including concentrations in government programs like Medicare, and measures taken to ensure quality of care.
1) DaVita Inc. is the second largest provider of dialysis services in the US, operating 515 outpatient dialysis centers serving approximately 45,000 patients.
2) There are approximately 275,000 patients suffering from end stage renal disease (ESRD) in the US requiring routine dialysis treatments to sustain life.
3) Treatment options for ESRD include hemodialysis, peritoneal dialysis, and kidney transplantation, with hemodialysis being the most common form performed either in outpatient centers or at home.
Kaaihue's Preliminary Title Report, as of Mar. 2021, dates back to 1970Angela Kaaihue
This preliminary report was issued on May 8, 2020 by Hawaii Title Agency, LLC for 98-673 Kilinoe Street, Aiea, HI 96701. The report provides information on the title to the property, which is currently vested in Angela Sue Kaaihue and Yong Nam Fryer as joint tenants. The report lists 31 exceptions that may affect the insurable title, including easements, deed restrictions, and legal orders regarding access rights.
Indiana Governor Eric Holcomb files an appeal in a case where a Marion County Judge ruled state lawmakers do have the ability to call themselves into special session.
This document summarizes a court ruling on whether to detain Bernard Madoff pending his trial. The government filed a motion to detain Madoff, arguing he posed a flight risk and risk of obstruction based on recent transfers of valuable property. The court denied the motion, finding the government did not meet its legal burden. However, the court imposed additional bail conditions, including incorporating restrictions from a SEC injunction and voluntary agreement, requiring an inventory of valuable items in Madoff's home to be checked regularly.
WATERSHED: Trillion-Dollar Lawsuit Could End Financial TyrannyZurich Files
WATERSHED: Trillion-Dollar Lawsuit Could End Financial Tyranny -- lawsuit against UN, OITC, WEF, Italian Republic and related parties. Keenan complaint, 2011-Nov-23. Also headlined as: "CONFIRMED: The Trillion-Dollar Lawsuit That Could End Financial Tyranny".
Indiana Governor Eric Holcomb files an appeal in a case where a Marion County Judge ruled state lawmakers do have the ability to call themselves into special session.
This document is a bill introduced in the US House of Representatives on December 2, 2014 to impose sanctions on Russia and provide additional assistance to Ukraine. Key points:
- It proposes sanctions on Russian entities involved in the defense sector like Rosoboronexport and those assisting Syria.
- It allows sanctions on foreign persons significantly investing in Russian energy projects or withholding natural gas from European countries.
- Sanctions could include restrictions on US export-import bank assistance, government contracts, arms/dual-use exports, and financial transactions.
- The bill also aims to increase military and other assistance for Ukraine's government.
The Justice Centre - Legal challenge. File No. CI 20-01-29284Guy Boulianne
This document is an amended notice of application filed with the Queen's Bench of Manitoba. It was filed by several churches and individuals seeking relief from public health orders issued in response to the COVID-19 pandemic. The applicants are seeking declarations that certain provisions of Manitoba's Public Health Act and the public health orders issued under that Act are unconstitutional and violate their Charter rights. Specifically, the applicants argue that the public health orders infringe their rights to freedom of religion, expression, assembly and liberty. They are asking the court to declare the relevant provisions of the Public Health Act and the public health orders invalid.
Steven Duesing, Nicole Mathis, Blain Gowing, et. al. v. The Attorney General ...Guy Boulianne
This is an application for judicial review of a decision by the Minister of Health to detain Canadian citizens returning from abroad in federal quarantine facilities. The applicants argue this decision violates several of their Charter rights, including liberty, security of the person, arbitrary detention, right to counsel, presumption of innocence, and reasonable bail. They are seeking an injunction to suspend mandatory confinement and release currently confined individuals, as well as declarations that the decision is unconstitutional and an order quashing the decision. The grounds are that the applicants had reasonable quarantine plans and the government has not shown detention is necessary to prevent disease spread.
This document is a complaint filed in a civil action in United States District Court. It alleges an international conspiracy to defraud Neil Keenan, the designated agent of the Dragon Family, by stealing negotiable financial instruments worth over $1 trillion that had been lawfully owned and entrusted to Keenan. The complaint names 16 defendants and seeks damages for the stolen instruments.
This document summarizes a court order on a motion to amend a complaint and a motion to intervene in a lawsuit challenging the approval of the Honolulu High-Capacity Transit Corridor Project. The court granted both motions. Regarding the motion to amend, the court found that while the statute of limitations had passed, the proposed additions to the complaint arose from the same facts and occurrences as the original complaint. Regarding the motion to intervene, the court allowed three organizations and an individual to intervene as defendants to represent interests not addressed by the existing defendants.
This document is a complaint filed by the U.S. Commodity Futures Trading Commission against Anthony Eugene Linton alleging fraud related to his operation of an off-exchange foreign currency trading pool called The Private Trading Pool (PTP). The complaint alleges that from 2007-present, Linton solicited over $650,000 from at least 19 individuals for PTP by falsely claiming the pool would generate guaranteed 100% annual returns from forex trading using his proprietary system. In reality, Linton lost over 91% of funds from limited forex trading and instead used most money for personal expenses and to pay earlier investors like a Ponzi scheme. The CFTC alleges Linton's actions violated the Commodity Exchange Act
The petitioning creditors filed a motion requesting permission to file redacted versions of confidential pleadings and exhibits under seal in bankruptcy proceedings against Allied Systems Holdings, Inc. and Allied Systems, Ltd. The pleadings and exhibits contain confidential commercial information from credit agreements. The motion argues that public disclosure of this confidential information would violate the credit agreements.
Cabot Koppers Class Complaint Filed 4.20.2010Johnny
This document appears to be a civil cover sheet for a class action lawsuit filed in federal court. The plaintiffs are Maria and Michael Parsons on behalf of themselves and others similarly situated. The defendants are Kopper Inc. f/k/a Koppers Industries, Inc., Cabot Corporation, and Beazer East, Inc. The lawsuit relates to the Cabot Koppers Superfund Site and alleges jurisdiction under diversity of citizenship. The plaintiffs are seeking over $5 million in damages.
This document is the annual report filed by DaVita Inc. with the Securities and Exchange Commission for the fiscal year ended December 31, 2005. It summarizes that DaVita is a leading provider of dialysis services in the US, operating over 1,200 dialysis centers serving about 96,000 patients. In October 2005, DaVita acquired DVA Renal Healthcare, adding over 500 centers and expanding its patient base to over 140,000. The report provides an overview of DaVita's business operations, services, and quality management programs for renal care.
This document is a Form 10-K annual report filed by DaVita Inc. with the SEC for the 2005 fiscal year. It summarizes that in 2005, DaVita acquired DVA Renal Healthcare, one of the largest dialysis service providers in the US, for $3.06 billion. As required by the FTC, DaVita divested 69 dialysis centers. DaVita operates or provides administrative services to over 1,200 outpatient dialysis centers serving about 96,000 patients. It also provides inpatient dialysis services to about 795 hospitals. DaVita's revenues come primarily from treating ESRD patients and are dependent on Medicare reimbursement rates.
This document is a civil complaint filed in the United States District Court Southern District of California alleging 23 causes of action against Google, Facebook, DeepMind, Alphabet, Neuralink, Tesla, Larry Page, Sergey Brin, Sundar Pichai, Mark Zuckerberg, Elon Musk, and others related to the misuse of artificial intelligence and other emerging technologies. The complaint alleges negligence, complicity in genocide in China, social engineering of humanity, cultural genocide, privacy violations, and other harms through the weaponization of AI, quantum computing, robotics, 5G, biometrics and other technologies. It seeks damages of $2.3 trillion and a trial by judge.
Sixth Circuit Court of Appeals Decision in Harper v Muskingum Watershed Conse...Marcellus Drilling News
Anti-drilling landowners (backed by Food & Water Watch) claimed the Muskingum Watershed Conservancy District had violated the deed to the land it owns by leasing that land for Utica Shale drilling. The Sixth Circuit dismissed the case. The anti-drillers lost.
U.S. Supreme Court Order On The Travel Ban Appeals, June 26, 2017Honolulu Civil Beat
The Supreme Court granted certiorari and partially stayed injunctions blocking enforcement of Executive Order 13780, which suspended entry of nationals from six Muslim-majority countries. Lower courts had issued nationwide preliminary injunctions, finding the order likely violated the Establishment Clause. The Supreme Court's partial stay allows the 90-day travel ban to take effect but exempts foreigners with bona fide relationships with U.S. entities or individuals. Oral arguments will be heard in the fall on the constitutionality of the executive order.
- Clear Channel Communications, Inc. proposes to sell $250 million of 5.5% Notes Due 2016 to underwriters through an underwriting agreement.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from counsel and details of the supplemental indenture governing the notes.
- The proceeds from the public offering will be used for general corporate purposes.
This document is DaVita Inc.'s annual report filed with the SEC for the fiscal year ended December 31, 2006. It summarizes that DaVita is a leading provider of dialysis services in the US, operating or providing administrative services to approximately 1,300 dialysis centers serving over 103,000 patients. It provides details on the types of dialysis services offered, sources of revenue including concentrations in government programs like Medicare, and measures taken to ensure quality of care.
1) DaVita Inc. is the second largest provider of dialysis services in the US, operating 515 outpatient dialysis centers serving approximately 45,000 patients.
2) There are approximately 275,000 patients suffering from end stage renal disease (ESRD) in the US requiring routine dialysis treatments to sustain life.
3) Treatment options for ESRD include hemodialysis, peritoneal dialysis, and kidney transplantation, with hemodialysis being the most common form performed either in outpatient centers or at home.
Kaaihue's Preliminary Title Report, as of Mar. 2021, dates back to 1970Angela Kaaihue
This preliminary report was issued on May 8, 2020 by Hawaii Title Agency, LLC for 98-673 Kilinoe Street, Aiea, HI 96701. The report provides information on the title to the property, which is currently vested in Angela Sue Kaaihue and Yong Nam Fryer as joint tenants. The report lists 31 exceptions that may affect the insurable title, including easements, deed restrictions, and legal orders regarding access rights.
Indiana Governor Eric Holcomb files an appeal in a case where a Marion County Judge ruled state lawmakers do have the ability to call themselves into special session.
This document summarizes a court ruling on whether to detain Bernard Madoff pending his trial. The government filed a motion to detain Madoff, arguing he posed a flight risk and risk of obstruction based on recent transfers of valuable property. The court denied the motion, finding the government did not meet its legal burden. However, the court imposed additional bail conditions, including incorporating restrictions from a SEC injunction and voluntary agreement, requiring an inventory of valuable items in Madoff's home to be checked regularly.
WATERSHED: Trillion-Dollar Lawsuit Could End Financial TyrannyZurich Files
WATERSHED: Trillion-Dollar Lawsuit Could End Financial Tyranny -- lawsuit against UN, OITC, WEF, Italian Republic and related parties. Keenan complaint, 2011-Nov-23. Also headlined as: "CONFIRMED: The Trillion-Dollar Lawsuit That Could End Financial Tyranny".
Indiana Governor Eric Holcomb files an appeal in a case where a Marion County Judge ruled state lawmakers do have the ability to call themselves into special session.
This document is a bill introduced in the US House of Representatives on December 2, 2014 to impose sanctions on Russia and provide additional assistance to Ukraine. Key points:
- It proposes sanctions on Russian entities involved in the defense sector like Rosoboronexport and those assisting Syria.
- It allows sanctions on foreign persons significantly investing in Russian energy projects or withholding natural gas from European countries.
- Sanctions could include restrictions on US export-import bank assistance, government contracts, arms/dual-use exports, and financial transactions.
- The bill also aims to increase military and other assistance for Ukraine's government.
The Justice Centre - Legal challenge. File No. CI 20-01-29284Guy Boulianne
This document is an amended notice of application filed with the Queen's Bench of Manitoba. It was filed by several churches and individuals seeking relief from public health orders issued in response to the COVID-19 pandemic. The applicants are seeking declarations that certain provisions of Manitoba's Public Health Act and the public health orders issued under that Act are unconstitutional and violate their Charter rights. Specifically, the applicants argue that the public health orders infringe their rights to freedom of religion, expression, assembly and liberty. They are asking the court to declare the relevant provisions of the Public Health Act and the public health orders invalid.
Steven Duesing, Nicole Mathis, Blain Gowing, et. al. v. The Attorney General ...Guy Boulianne
This is an application for judicial review of a decision by the Minister of Health to detain Canadian citizens returning from abroad in federal quarantine facilities. The applicants argue this decision violates several of their Charter rights, including liberty, security of the person, arbitrary detention, right to counsel, presumption of innocence, and reasonable bail. They are seeking an injunction to suspend mandatory confinement and release currently confined individuals, as well as declarations that the decision is unconstitutional and an order quashing the decision. The grounds are that the applicants had reasonable quarantine plans and the government has not shown detention is necessary to prevent disease spread.
This document is a complaint filed in a civil action in United States District Court. It alleges an international conspiracy to defraud Neil Keenan, the designated agent of the Dragon Family, by stealing negotiable financial instruments worth over $1 trillion that had been lawfully owned and entrusted to Keenan. The complaint names 16 defendants and seeks damages for the stolen instruments.
This document summarizes a court order on a motion to amend a complaint and a motion to intervene in a lawsuit challenging the approval of the Honolulu High-Capacity Transit Corridor Project. The court granted both motions. Regarding the motion to amend, the court found that while the statute of limitations had passed, the proposed additions to the complaint arose from the same facts and occurrences as the original complaint. Regarding the motion to intervene, the court allowed three organizations and an individual to intervene as defendants to represent interests not addressed by the existing defendants.
This document is a complaint filed by the U.S. Commodity Futures Trading Commission against Anthony Eugene Linton alleging fraud related to his operation of an off-exchange foreign currency trading pool called The Private Trading Pool (PTP). The complaint alleges that from 2007-present, Linton solicited over $650,000 from at least 19 individuals for PTP by falsely claiming the pool would generate guaranteed 100% annual returns from forex trading using his proprietary system. In reality, Linton lost over 91% of funds from limited forex trading and instead used most money for personal expenses and to pay earlier investors like a Ponzi scheme. The CFTC alleges Linton's actions violated the Commodity Exchange Act
The petitioning creditors filed a motion requesting permission to file redacted versions of confidential pleadings and exhibits under seal in bankruptcy proceedings against Allied Systems Holdings, Inc. and Allied Systems, Ltd. The pleadings and exhibits contain confidential commercial information from credit agreements. The motion argues that public disclosure of this confidential information would violate the credit agreements.
Cabot Koppers Class Complaint Filed 4.20.2010Johnny
This document appears to be a civil cover sheet for a class action lawsuit filed in federal court. The plaintiffs are Maria and Michael Parsons on behalf of themselves and others similarly situated. The defendants are Kopper Inc. f/k/a Koppers Industries, Inc., Cabot Corporation, and Beazer East, Inc. The lawsuit relates to the Cabot Koppers Superfund Site and alleges jurisdiction under diversity of citizenship. The plaintiffs are seeking over $5 million in damages.
This document is the annual report filed by DaVita Inc. with the Securities and Exchange Commission for the fiscal year ended December 31, 2005. It summarizes that DaVita is a leading provider of dialysis services in the US, operating over 1,200 dialysis centers serving about 96,000 patients. In October 2005, DaVita acquired DVA Renal Healthcare, adding over 500 centers and expanding its patient base to over 140,000. The report provides an overview of DaVita's business operations, services, and quality management programs for renal care.
This document is a Form 10-K annual report filed by DaVita Inc. with the SEC for the 2005 fiscal year. It summarizes that in 2005, DaVita acquired DVA Renal Healthcare, one of the largest dialysis service providers in the US, for $3.06 billion. As required by the FTC, DaVita divested 69 dialysis centers. DaVita operates or provides administrative services to over 1,200 outpatient dialysis centers serving about 96,000 patients. It also provides inpatient dialysis services to about 795 hospitals. DaVita's revenues come primarily from treating ESRD patients and are dependent on Medicare reimbursement rates.
This document is a civil complaint filed in the United States District Court Southern District of California alleging 23 causes of action against Google, Facebook, DeepMind, Alphabet, Neuralink, Tesla, Larry Page, Sergey Brin, Sundar Pichai, Mark Zuckerberg, Elon Musk, and others related to the misuse of artificial intelligence and other emerging technologies. The complaint alleges negligence, complicity in genocide in China, social engineering of humanity, cultural genocide, privacy violations, and other harms through the weaponization of AI, quantum computing, robotics, 5G, biometrics and other technologies. It seeks damages of $2.3 trillion and a trial by judge.
This document is a civil complaint filed in the United States District Court Southern District of California alleging 23 causes of action against Google, Facebook, DeepMind, Alphabet, Neuralink, Tesla, Larry Page, Sergey Brin, Sundar Pichai, Mark Zuckerberg, Elon Musk, and others related to the misuse of artificial intelligence and other emerging technologies. The complaint alleges negligence, complicity in genocide in China, social engineering of humanity, cultural genocide, privacy violations, and other claims. The plaintiff seeks over $2.3 trillion in damages.
This document is a complaint filed in a United States District Court alleging an international conspiracy to defraud Neil Keenan, the agent of the Dragon Family, out of financial instruments worth over $1 trillion that were intended to be used for humanitarian purposes. The complaint names numerous individuals and organizations, including foreign governments and officials, as defendants in the lawsuit and alleges they worked together to steal negotiable financial instruments lawfully owned by the Dragon Family and entrusted to Keenan in 2009. The complaint seeks damages and demands a jury trial for applicable claims.
Defendants FX Professional International Solutions, Inc. and its principals Guillermo Rosario and Pedro de Sousa solicited at least $535,000 from four customers between April 2005 and February 2009 to trade off-exchange foreign currency contracts. Defendants returned $269,500 to customers as purported trading profits but the remaining $265,500 is unaccounted for. From May 2005 to December 2008, Defendants sent customers false account statements representing profits from forex trading when in fact Defendants had incurred consistent annual losses. In February 2009, Defendants confessed the monthly statements since August 2008 were also false, generated to prevent withdrawals and maintain customer confidence. The CFTC alleges Defendants engaged in unlawful acts and practices in violation of the Comm
Neil F. Keenan; The Dragon Family v. Danielle Dal Bosco; The United Nations a...Guy Boulianne
This document is a complaint filed in a US District Court alleging an international conspiracy to defraud Neil Keenan and steal financial instruments worth over $2 trillion that were lawfully owned by an entity known as the Dragon Family. The complaint names numerous individuals and organizations as defendants and describes the financial instruments in question, which include 249 US Federal Reserve notes from 1934 worth $124.5 billion, two Japanese government bonds worth over $9.5 billion each, and a US Kennedy Bond worth $1 billion. The plaintiff alleges the instruments were entrusted to him by the Dragon Family but then illegally expropriated by the defendants through deceitful and criminal acts.
This document is a motion filed in a US bankruptcy court requesting permission to file an unredacted version of a response under seal. It summarizes that the response contains sensitive commercial information about the debtors' financial condition and restructuring negotiations. The debtors argue the information could harm ongoing negotiations and business operations if disclosed publicly. They seek to file the unredacted version under seal and make it available only to specific parties.
The Alleged Debtors filed a motion requesting the court's permission to file an unredacted version of their Motion to Transfer Venue under seal. They argue the unredacted version contains sensitive commercial information regarding their financial condition and restructuring negotiations that could harm their business if disclosed publicly. The Alleged Debtors state they have publicly filed a redacted version, and the unredacted version would only be available to the court and specific receiving parties subject to confidentiality restrictions. They believe this balancing of interests appropriately protects their sensitive information while still allowing for consideration of the merits of their transfer motion.
Bankruptcy filing in Delaware federal bankruptcy court by oil and natural gas drilling company Halcon Resources. This "pre-packaged" bankruptcy filing lists $3.12 billion in debt and $2.85 billion in assets. The plan will convert debt into equity, shafting existing shareholders.
La Présidence paie 100 millions de FCFA à un Cabinet américain pour justifie...dakarvoice
- McKenna, Long & Aldridge (MLA) will represent the Office of the President of Senegal regarding efforts by President Abdoulaye Wade to seek a third term in office.
- MLA will research Senegalese law to analyze the president's authority to run for a third term and create a white paper discussing their conclusions.
- MLA will also develop and implement a protocol to share the legal analysis findings with officials in Senegal and the United States.
- The representation will involve an initial retainer, fees for the legal research and white paper, and a monthly flat fee for outreach activities. MLA also charges separately for expenses like travel to Senegal
This document discusses the split among US courts on whether private international arbitral bodies are considered "foreign or international tribunals" under 28 U.S.C. § 1782(a), which governs US judicial assistance for foreign discovery requests. Prior to 2004, the Second and Fifth Circuits held that private arbitrations were not covered by the statute. However, the Supreme Court's 2004 Intel decision gave an expansive interpretation of the statute without directly addressing private arbitrations. This led to differing approaches among lower courts, with the Eleventh Circuit initially holding in 2012 that private arbitrations are covered before vacating that ruling in 2014. The issue remains unresolved and may lead to a circuit split.
This document is DaVita Inc.'s annual report filed with the SEC for the fiscal year ended December 31, 2006. It summarizes that DaVita is a leading provider of dialysis services in the US, operating or providing administrative services to approximately 1,300 dialysis centers serving over 103,000 patients. It provides details on the types of dialysis services offered, sources of revenue including government programs covering approximately 87% of patients, and measures taken to ensure quality of care.
This letter requests a pre-motion conference regarding an anticipated motion to dismiss an amended complaint filed against Digicel Haiti. It summarizes that the amended complaint should be dismissed for failing to meet pleading standards under FRCP 8(a), 9(b), and 12(b)(6), and based on the act-of-state doctrine and forum non conveniens. Specifically, the letter argues that the amended complaint does not provide a short, plain statement of claims, engages in impermissible group pleading, lacks specific allegations of fraud, and requires invalidating acts of the Haitian government.
The Diocese of Rochester filed for Chapter 11 bankruptcy protection. It listed its assets as between $10 million and $50 million and its debts as between $100 million and $500 million. The Diocese operates in Monroe County, New York and lists over 1,000 potential creditors. It filed the petition to restructure its debts and create a plan to compensate victims of clergy sexual abuse.
This document is an amended plan of reorganization filed in the United States Bankruptcy Court for LodgeNet Interactive Corporation and its affiliates, who are debtors in Chapter 11 bankruptcy cases. The plan proposes reorganizing the debtors' capital structure and financial obligations under Chapter 11 of the Bankruptcy Code. It defines key terms used in the plan and establishes classes of claims and interests to determine how prepetition obligations will be treated under the plan.
The FDIC is proposing regulations for foreign currency futures, options, and similar transactions ("retail forex transactions") that insured depository institutions engage in with retail customers. The regulations would impose disclosure, recordkeeping, capital, margin, reporting, business conduct, and documentation requirements. The regulations are proposed pursuant to the Dodd-Frank Act and are modeled after similar regulations issued by the CFTC, to promote consistent treatment of retail forex transactions regardless of the dealer. The FDIC seeks comment on whether the proposed rule and existing NDIP Policy Statement could cause confusion and if any issues need to be addressed.
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The Foreign Exchange Committee released the results of its twelfth survey of North American foreign exchange volume. The survey found that average daily volume in over-the-counter FX instruments totaled $754 billion in April 2010, an 11.8% increase from October 2009 and just below the record of $762 billion in October 2008. Spot transactions accounted for 55% of total volume while swaps and forwards saw new highs. The survey collects data from leading financial institutions on FX activity in North America.
Swissquote saw a 36.1% increase in revenues and a 29.9% increase in net profit in the first half of 2011 despite the tense global economic situation. Trading operations revenues increased the most at 125.6% due to the acquisition of ACM. Growth slowed in the second quarter with a 1.6% increase in the number of accounts and a 7.9% decrease in assets under custody. Swissquote announced new cooperative ventures with BLKB for online mortgages and Swiss Life for banking products that could provide significant future potential.
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This document provides a financial review and outlook for Saxo Bank for the first half of 2010. Key points include:
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This document is Saxo Bank's 2010 annual report. The summary provides:
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2) Key drivers such as number of clients, number of trades, and trading volumes increased. Assets under management and client deposits grew to DKK 62.5 billion from DKK 34.5 billion in 2009.
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FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
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Public Report on the Registration Program of the National Futures AssociationFinance Magnates
The document summarizes a report by the Division of Clearing and Intermediary Oversight on the registration program of the National Futures Association. It finds that NFA's registration department has sufficient procedures for most registrants but identifies some key areas for improvement. These include developing a procedures manual, validating registrant names and addresses, indicating pending withdrawal statuses, standardizing notice registration withdrawals, improving Part 30 processes, and enhancing communication between NFA departments. The report makes recommendations in each area and notes actions taken or planned by the Division and NFA to address the issues.
IG Group reported a 16% increase in revenue for the third quarter of 2010 compared to the same period last year. Revenue was strong in the first half of the quarter but slowed later as low volatility in asset classes reduced trading volumes. The UK and Australian offices saw 8.5% and 12% revenue growth respectively while European offices grew 46% overall. The Group has now acquired the South African business Ideal CFDs and launched its first iPhone application. While future volatility is hard to predict, the expanded product offerings and growing customer base position IG Group well for further growth.
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This document provides an overview of trading foreign currency (forex) in the retail off-exchange market. It explains what foreign currency exchange rates are, how the off-exchange forex market works, how currencies are quoted and priced, typical transaction costs, how to open and close positions, calculate profits and losses, minimum account sizes and margin requirements. The key points are that forex can be traded off-exchange directly with a dealer; transactions involve buying one currency while selling another; prices are quoted in currency pairs; and high leverage is available but also carries high risk of losses.
This class action lawsuit alleges that Forex Capital Markets (FXCM) engaged in fraudulent and deceptive practices that systematically depleted customers' trading accounts. The complaint alleges that FXCM used aggressive marketing to attract unsuspecting retail traders but manipulated prices and prevented customers from closing profitable trades, allowing FXCM to profit instead. The lawsuit seeks monetary and injunctive relief on behalf of customers nationwide for violations of RICO, state consumer protection laws, and breach of contract.
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BNY mellon
1. ---- ------ ----- ----- --------
""'JS 44 (Rev. 12/07)
CIVIL COVER SHEET
The JS 44 civil cover sheet and the information contained herein neither replace nor supplement the filing and service ofpleadings or other papers as required by law, except as provided
by local rules ofcourt. This form, approved by the Judicial Conference ofthe United States in September 1974, is required for the use ofthe Clerk ofCourt for the purpose of Initiating
the civil docket sheet. (SEE INSTRUCTIONS ON THE REVERSE OF THE FORM.)
I. (a) PLAINTIFFS
Southeastern Pennsylvania Transportation Authority, on behalf of itself
and all others similarly situated
(b) County of Residence of First Listed Plaintiff Philadelphia
(EXCEPT IN U.S. PLAINTIFF CASES)
(c) Attorney's (Finn Name, Address, and Telephone Number)
Barroway Topaz Kessler Meltzer & Check, LLP
280 King of Prussia Road, Radnor, PA 19087
610 667-7706
DEFENDANTS
Bank of New York Mellon Corporation
County of Residence of First Listed Defendant _N_e_w_Y_o_rk _
(IN U.S. PLAINTIFF CASES ONLY)
NOTE: IN LAND CONDEMNATION CASES, USE THE LOCATION OF THE
LAND INVOLVED.
Attorneys (If Known)
II. BASIS OF JURISDICTION (Place an "X" in One Box Only) III. CITIZENSHIP OF PRINCIPAL P ARTIES(Place an "X" in One Box for Plaintiff
(For Diversity Cases Only) and One Box for Defendant)
o I U.S. Govemment o 3 Federal Question PTF DEF PTF DEF
Plaintiff (U.S. Government Not a Party) Citizen of This State ~ 1 0 I Incorporated or Principal Place l!!l 4 0 4
of Business In This State
o 2 U.S. Govemment a 4 Diversity Citizen of Another State o 2 a 2 Incorporated and Principal Place o 5 l!'I 5
Defendant
(Indicate Citizenship of Parties in Item Ill)
of Business In Another State
Citizen or Subject of a o 3 o 3 Foreign Nation o 6 0 6
Forei n Count
IV NATURE OF SUIT (Place an "X" in One Box Onlv)
OTHER STATUTES
CONTRACT T'.0R!fS KOR'FEll'IJRElBEliIlJmIY 'BN11111ilUJP:rCY
o II0 Insurance
o 120 Marine
o 130 Miller Act
o 140 Negotiable Instrument
o 150 Recovery of Overpayment
0
0
0
PERSONAL INJURY PERSONAL INJURY
310 Airplane 0 362 Personal Injury
315 Airplane Product Med. Malpractice
Liability 0 365 Personal Injury
320 Assault, Libel & Product Liability
o 610 Agriculture
o 620 Other Food & Drug
o 625 Drug Related Seizure
of Property 21 USC 881
o 630 Liquor Laws
o 422 Appeal 28 USC 158
o 423 Withdrawal
28 USC 157
~ll.rWERTv RJ :I-ITS
& Enforcement ofJudgment
o 151 Medicare Act
o 152 Recovery of Defaulted
Student Loans
(Excl. Veterans)
0
0
0
Slander 0 368 Asbestos Personal
330 Federal Employers' Injury Product
Liability Liability
340 Marine PERSONAL PROPERTY
345 Marine Product 0 370 Other Fraud
o 640 R.R. & Truck
o 650 Airline Regs.
o 660 Occupational
SafetylHealth
0690 Other
o 820 Copyrights
o 830 Patent
o 840 Trademark
o 153 Recovery of Overpayment Liability 0 371 Truth in Lending ,ABOR SOCIA .sE ORl fV
of Veteran's Benefits
o 160 Stockholders' Suits
o 190 Other Contract
o 195 Contract Product Liability
o 196 Franchise
0
0
0
350 Motor Vehicle 0 380 Other Personal
355 Motor Vehicle Property Damage
Product Liability 0 385 Property Damage
360 Other Personal Product Liability
Iniury
o 710 Fair Labor Standards
Act
o 720 LaborlMgmt. Relations
o 730 Labor/Mgmt.Reporting
& Disclosure Act
o 861 HIA (1395fl)
o 862 Black Lung (923)
o 863 DIWC/DIWW (405(g))
o 864 ssm Title XVI
o 865 RSI (405(g»
I REAL PROPERTY CIVIL RIGHTS PRISONER PETITIONS o 740 Railway Labor Act FEDERAL TAX SUlTS
o 210 Land Condemnation
o 220 Foreclosure
o 230 Rent Lease & Ejectment
o 240 Torts to Land
0
0
0
441 Voting
442 Employment
443 Housing!
Accommodations
0 510 Motions to Vacate
Sentence
Habeas Corpus:
0 530 General
o 790 Other Labor Litigation
o 791 Empl. Ret. Inc.
Security Act
o 870 Taxes (U.S. Plaintiff
or Defendant)
o 87 I IRS-Third Party
26 USC 7609
o 245 Tort Product Liability 0 444 Welfare 0 535 Death Penalty IMM1GRATION
o 290 All Other Real Property 0
0
0
445 Amer. wlDisabilities
Employment
446 Amer. wlDisabilities •
Other
440 Other Civil Rights
0 540 Mandamus & Other
0 550 Civil Rights
0 555 Prison Condition
o 462 Naturalization Application
o 463 Habeas Corpus
Alien Detainee
o 465 Other Immigration
Actions
0 400 State Reapportionment
0 410 Antitrust
0 430 Banks and Banking
0 450 Commerce
0 460 Deportation
0 470 Racketeer Influenced and
Corrupt Organizations
0 480 Consumer Credit
0 490 CablelSat TV
0 810 Selective Service
0 850 Securities/Commoditiesl
Exchange
0 875 Customer Challenge
12 USC 3410
III 890 Other Statutory Actions
0 891 Agricultural Acts
0 892 Economic Stabilization Act
0 893 Environmental Matters
0 894 Energy Allocation Act
0 895 Freedom ofInformation
Act
0 900Appeal of Fee Determination
Under Equal Access
to Justice
0 950 Constitutionality of
State Statutes
V. ORIGIN Appeal to District(Place an "X" in One Box Only)
Judge from
~ 1 Original o 2 Removed from 0 3 Remanded from o 4 Reinstated or 0 5 Transferred from 0 6 Multidistrict o 7
Proceeding State Court Appellate Court Reopened another dlstnct Litigation Magistrate
s eel Jud ment
Cite the U.S. Civil Statute under which you are filing (Do not cite jurisdictional statutes unless diversity):
VI. CAUSE OF ACTION b28~U~.:-S,_C~,§~1_3_32-7{d-,-)_an_d_2_8_U_,S_,C_'.;;,§_13_9_1{:...b):.;,(l-,-)_an_d_{:..,:2) _
Brief description of cause:
VII. REQUESTED IN ~ CHECK IF THIS IS A CLASS ACTION DEMAND $ To be determined at CHECK YES only if demanded in complaint:
COMPLAINT: UNDER F.RC.P. 23 trial, but not less than $5 million. JURY DEMAND: Ilf Yes 0 No
VIII. RELATED CASE(S)
(See instructions):
IF ANY JUDGE DOCKET NUMBER
DATE
March 7,2011
FOR OFFICE USE ONLY
RECEIPT # AMOUNT APPLYING IFP JUDGE MAG. JUDGE
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 1 of 16
2. UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA
SOUTHEASTERN PENNSYLVANIA
TRANSPORTATION AUTHORITY,
individually and on behalf of all others
similarly situated,
Plaintiffs,
v.
THE BANK OF NEW YORK MELLON
CORPORATION,
Defendant.
CIVIL ACTION NO.
CLASS ACTION COMPLAINT
JURY TRIAL DEMANDED
Plail1tiff Southeastern Pennsylvania Transportation Authority ("SEPTA"), individually
and on behalf of all other persons similarly situated, by its undersigned attorneys, alleges the
following against Defendant The Bank of New York Mellon Corporation ("BNY Mellon" or the
"Company") based upon informatiol1 and belief al1d the investigation of counsel, except as to the
allegations pertaining specifically to Plaintiff that are based on personal knowledge. SEPTA
incorporates by referel1ce the allegatiol1s set forth in the operative complaints filed in
Commonwealth of Virginia, ex reI. FX Analytics v. The Bank ofNew York Mellon Corp., No.
CL-2009-15377 (Va. Cir. ll11sealed Jan. 21, 2011) (the "Virginia Action") and State ofFlorida,
ex reI. FXAnalytics v. the Bank ofNew York Mellon Corp., No. 2009-ca-4140 (Fla. Cir. unsealed
Feb. 7, 2011) (the "Florida Action").
1
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 2 of 16
3. I. INTRODUCTION
1. BNY Mellon through its headquarters in New York, New York, serves as the
custodian for a number of institutiol1S in the United States. The Company t011tS itself as "the
world's largest global custodian" and has over $24 trillion in assets under custody.
2. As a custodian, BNY Mellon is respol1sible for, inter alia, executing-through its
FX Desk-foreign currency exchange ("FX") transactions l1ecessary to facilitate a client's
pl1rchases or sales of foreign securities or assets, the repatriation of foreign funds, or the
execution of currency hedging transactions.
3. As detailed in the Florida and Virginia Actions, from at least 2000, and
continuing through the present day, BNY Mellon has manipulated FX transactions executed by
the Company in order to maximize profits to BNY Mellon at the expense of the Company's
clients, such as SEPTA.
4. In essence, BNY Mellon charges its clients (1) inflated FX rates when buying
foreign currency, and (2) deflated FX rates when selling foreign currency. The rate BNY Mellon
actually charges clients is set after a FX transaction is executed and after the Company has an
opportunity to observe post-execlltion changes in the FX currency market. The difference
between the actual FX transaction price and the amount ultimately charged to BNY Mellon's
clients is pocketed by the Conlpany as profit.
5. BNY Mellon's practices remained unknown to Plaintiff and the Class llntil the
Florida and Virginia Actions were 11nsealed because, inter alia, the account statements provided
to BNY Mellon's clients failed to provide pertinent details including time stamps for each FX
transaction. Without FX time stamps, clients were 1111able to verify that the FX rates charged by
BNY Mellon were COl1sistent with the actual FX rates at the time the FX transactions were
2
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 3 of 16
4. executed. Moreover, according to the Florida Action, in order to avoid detection of its conduct
the Company provided its clients aCCOllllt statenlellts that showed FX rates that fell within the
daily trading range. BNY Mellon also used employees located in New York and Pittsbllrgh to
hold "reconciliation" calls to "choose foreign exchange rates, i.e., the Falsified FX Rates, of the
false price to cllarge" the Company's clients.
6. BNY Mellon's actions have generated hundreds of millions of dollars annually in
unwarrallted profits - wrongly taken from BNY Mellon's clients - and may account for nlore
than one-half ofBNY Mellon's entire annual FX trading profits.
7. SEPTA brings this suit as a class action on behalf of all similarly affected clients
of BNY Mellon (the "Class"). The Class excludes those government pension funds that are
covered by independent qui tam actions that have been unsealed, or that become unsealed during
the pendency of this action. This action seeks to recover proceeds unlawfully obtained through
BNY Mellon's unfair FX trading practices as well as an order providing injunctive relief.
II. JURISDICTION AND VENUE
8. This Court has subject matter jurisdiction over this action pursuallt to the Class
Action Fairness Act of 2005 ("CAFA"), 28 U.S.C. § 1332(d), because this is a class action in
which: (1) there are hundreds (if not thousands) of proposed Class members; (2) many class
members of the proposed Class are citizens of States other than that of the Defendant; and (3) the
claims ofthe proposed Class members exceed $5,000,000 ill the aggregate.
9. Venue in this judicial District is proper under 28 U.S.C. § 1391(b)(I) and (2). A
substantial part of the events or omissions giving rise to the claims occurred within this District.
Defendant transacts busilless in this District and maintains substantial operations within the
Commonwealth of Pennsylvania.
3
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 4 of 16
5. III. PARTIES
10. SEPTA is a regional public transportation authority servIng Bucks, Chester,
Delaware, Montgomery, and Philadelphia COllnties. SEPTA's principal offices are located in
Philadelphia, PA. SEPTA retained BNY Mellon to provide custodian services for the benefit of
SEPTA's employee pension benefit plans. Dllring the relevant time period, BNY Mellon
execllted hundreds ofFX transactions on SEPTA's behalf.
11. Defendant BNY Mellon is a Delaware corporation headquartered ill New York.
BNY Mellon mailltains its principal place of business at One Wall Street, New York, NY 10286.
The Company has several offices in the Commonwealth ofPemlsylvania.
12. BNY Mellon is a global financial services company that provides various
financial services for institutions, corporations, and higll-net-worth illdividuals. Additionally,
BNY Mellon provides custodial and FX services-through its FX Desk-to SEPTA and the
Class.
13. BNY Mellon's agreement with SEPTA ackIl0wledges that BNY Mellon is a
fiduciary of SEPTA. The agreemellt also provides BNY Mellon with all powers necessary for
the protection of SEPTA's assets.
IV. BNY MELLON'S FX TRANSACTION PRACTICES
14. BNY Mellon holds itself out on its website as the "world's largest global
custodian" and represents that it 11as in excess of $20 trillion in assets under custody.
15. One ofBNY Mellon's primary business lines provides custodian banking services
for a nllmber of clients across the world. A function of its custodian services includes execution
of transactions in securities traded olltside of the United States. Execllting such trades requires
4
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 5 of 16
6. BNY Mellon to covert U.S. dollars ("USD") into a foreign currency and vice versa when the
funds are being returned to the United States.
16. According to BNY Mellon's third quarter 2010 Form 10-Q, as of Septen1ber 30,
2010, BNY Mellon had generated $628 million in "foreign exchange and other trading revenue"
year-to-date. Additionally, BNY Mellon's 2009 Annual Report on Form 10-K indicates that
BNY Mellol1 generated $1.04 billion and $1.46 billion in foreign exchange and other trading
revenue in 2009 and 2008, respectively.
17. BNY Mellon's website touts the Company's experIence, expertise, and
performance of its FX Desk al1d represents that it is "a highly capable provider for foreign
exchange sales, trading, e-commerce, and research services."
18. BNY Mellon's FX transactions on behalf of its clients were initiated both directly
and indirectly. In direct FX transactions, clients or third party investment managers
communicate trade requests to a BNY representative, who quotes a rate that the client or third
party investment manager can either accept or reject. If the rate is accepted, the FX transaction
is executed at the agreed upon price. In indirect FX transactions, when a trade requires the
purchase of foreign currency to fund a transaction, or when foreign currency needs to be
cOl1verted back to USD, BNY Mellon executes the FX transactions on the client's behalf. The
indirect method involves the custodian, rather tl1an the client, overseeing the trade process from
start to con1pletion. The client has little or no input in the FX transaction at any point in the
process.
19. The FX transactions affected by BNY Mellon's actions described herein were
indirect FX transactions. Indirect FX transactions are also known as "standing instruction"
and/or "non-11egotiated" trades.
5
Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 6 of 16
7. 20. Upon information and belief, until October 2009, BNY Mellon described indirect
FX trades as being "free of charge" and assured clients that such transactions were subject to
"best execution" standards-which reqllire BNY Mellon to obtain the best price for its clients.
BNY Mellon's representations were false.
v. BNY MELLON MANIPULATES FX TRADES
21. According to the complaints filed in the Virginia and Florida Actions, when BNY
Mellon received instructions to execute a foreign trade, it would convert funds from USD into a
foreign currency to complete the transaction. See} e.g., Virginia, Compi. ~62. After the trade
was executed, "[BNY Mellon] would note the low and high exchange rate of the day for the two
currencies involved in the FX trade." Id. ~63.
22. At the end of the trading day, BNY Mellon sinlply "ignored the price [it] paid for
the FX [conversiol1]" and charged its clients for the "FX transaction as if the trade occurred at
either the high or low of the day (depending on the nature ofthe transaction, buy or sell), in order
to charge [its clients] the least favorable rate tllat occurred that trading day." Id. ~64.
23. Accordingly, when clients where "buying" a foreign Cllrrency, BNY Mellon
would buy the currency at one rate but charge the clients a higher rate. See ide ~66. For "sales"
of FX currencies, BNY Mellon charged clients a lower conversion rate-retllming less ,currency
to its clients. Id ~69.
24. In either scenario, BNY Mellon simply pocketed the difference between the price
it paid for the currency and the amount debited or credited to clients' accounts.
25. The Wall Street Journal provided the following summary of how BNY converted
funds and then manipulated FX prices for a trade on behalf of one Virgil1ia pension fund:!
Carrick Mollenkamp, Lingling Wei, and Gregory Zuckennan, "Suit Alleges Mellon Created Fake Trades,
Overcharged," The Wall Street Journal (Feb. 4, 2011).
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Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 7 of 16
8. 1 f . - 2 ... '" , ,- ': . "'.
Virginia Bank of New York Mellon
pension fund re<eives instruction and Mellon fund, instead of Mellon negotlJted
ne-eds to sells $]25 million of gets getting ($13.5 profits trade. BNY
convert $125 pension fund money and tSl),5 million. re<:eives ($141.250 Mellon profit
mltion Into buys. CanadIan dollars in million. C513.35 million at would hJve
C<lnadian interbank market at 10682. the lowest , been about
dollars, USD/CAD conversion rate mtc of the day. C$6.250.
of 1.0795.
BNY Virginia pension BNY Ina
Cu en r
Bank of New York Mellonallegedlypfofited by carrying out atrade for apension
fund client giving thClnthe worst rate of theday. whilepockeUog the difference
between that rilte and the rate they :lttua1tygot.
26. Upon information and belief, Plaintiff alleges that the foregoing illustration is
consistent with the manner in which BNY Mellon executed trades for all Class members.
27. BNY Mellon's manipulation ofFX rates was a companywide operation that "used
a foreign-exchange system called 'Charlie' to create fake trades and overcharge [its clients].,,2
Upon information and belief, the scheme also required coordination between BNY Mellon's
trading desks in Pittsburgh and New York in order to avoid detection. See Florida, Compi.
~~45-61.
28. SEPTA's holdings include international assets that require FX transactions in
connection with the purchase and sale of securities. At no time has SEPTA authorized BNY
Mellon to charge SEPTA the false FX rates as alleged herein.
VI. BNY MELLON ACTIVELY CONCEALED ITS CONDUCT
29. In order to conceal its actions and avoid detection, BNY Mellon's account
statements to its clients reported FX conversion rates that fell within the high and low range for
each day's FX rates. BNY Mellon's account statements also failed to provide time stamped
ld.
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9. execLItion prices. The combination effectively precluded cliel1ts from discovering that the FX
rates they were being charged were maniplLlated by BNY Mellon.
30. BNY Mellon is in sole possessiol1 of records accurately detailing the manipulated
FX transactions and the FX rates actually incurred by BNY Mellol1 whel1 executing the FX
transactions for its clients.
31. SEPTA's account statements from BNY Mellon did not provide it with time
stamped FX trades. Because the account statements provided to SEPTA by BNY Mellon also
indicated FX rates that were within the daily range of FX rates, SEPTA was llnable to discover
BNY Mellon's conduct prior to the Florida and Virginia Actions becoming unsealed.
32. SEPTA was not aware, and BNY Mellon did not disclose, that the costs of the
reported FX transactions executed by BNY Mellol1 were not the actual FX costs incurred by
BNYMellon.
33. SEPTA was not aware, and BNY Mellon did not disclose, that BNY Mellon
would retain the difference between the actual FX rates and the less favorable manipulated FX
rates cl1arged to SEPTA by BNY Mellon.
34. SEPTA was not aware, and BNY Mellon did 110t disclose, that BNY Mellon
would take hidden fees or profits from the FX transactions they executed, including mark-ups or
mark-downs, when execlIting FX trades on SEPTA's behalf.
35. Pursuant to its agreement with SEPTA, BNY Mellon was not authorized to
manipulate FX transactions in the manner described 11erein.
36. BNY Mellon's practices affected all of BNY Mellon clients wl10se FX
transactions were indirectly executed by BNY Mellol1 during the relevant time period.
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10. VII. CLASS ACTION ALLEGATIONS
37. This action is brought and may properly be maintained as a class action pursuant
to Rules 23(a), 23(b)(1), 23(b)(2) and/or 23(b)(3) ofthe Federal Rules of Civil Procedure.
38. This suit is a class action brought on behalf of a Class of all public and private
pension fllnds, and any other trusts or funds for whom BNY Mellon served as the custodial bank
and executed FX transactions on an "indirect" or "custody" basis and which have suffered
damages as a result of tIle conduct alleged herei1l. The Class excludes any government pension
fund that is covered by independent qui tam actions that have been unsealed, or tllat become
unsealed during the pendency of this actio1l. This action is brought pursuant to Rule 23(b)(2) for
injunctive or declaratory relief, and Rule 23(b)(3) for money damages.
39. Also excluded from the Class are Defendant, any entity in which Defendant has a
controlling interest, a11d the officers, directors, affiliates, legal representatives, heirs, successors,
subsidiaries, and/or assigns of any such individual or entity.
40. The members of the Class are so numerous that joinder of all members
individually, in one action or otherwise, is impracticable.
41. There are questions of law and fact common to Plaintiff and the Class, including:
(a) Whether Defendants owed fiduciary duties to its clie1lts;
(b) Whether Defendant charged its clients incorrect FX rates and
improperly retained the margin between the actual and cllarged FX
rates;
(c) Whether Defendant provided account statements to its clients
that reported incorrect FX rates;
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11. (d) Whether Plaintiff and the Class suffered monetary damages as
a result of the Defendant's actions and if so, what is the proper
measure ofthose damages
(e) Whether the Class entitled to injunctive relief.
42. Plaintiffs claims are typical of the clainls of the members of the Class and it is a
member ofthe Class described herein.
43. SEPTA is willing and prepared to serve tIle proposed Class in a representative
capacity witll all of the obligations and duties material thereto. Plaintiff will fairly and
adequately protect the interests of the Class alld has 110 interests adverse to or which directly and
irrevocably conflict with the interests of other members ofthe class.
44. SEPTA's interests are co-extellsive with, and not antagonistic to, those of the
absent Class members. SEPTA will ul1dertake to represent and protect the interests of absent
Class members.
45. SEPTA has engaged the serVIces of the lUldersigned counsel. Counsel is
experienced in complex class action litigation, will adequately prosecute this action, and will
assert and protect the rights of, and otherwise represel1t, the named Plaintiff and absent Class
n1embers.
46. The questions of law and fact common to the Class, as summarized above,
predonlinate over any questions affecting only individual members, in satisfaction of Rule
23(b)(3), and each such common question warrants class certification under Rule 23(c)(4).
47. A class action is superior to other available methods for the adjudication of this
controversy. Individualized litigation increases the delay and expense to all parties and the court
system given the complex legal alld factual issues of the case, and judicial determination of the
10
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12. common legal and factual issues essential to this case would be far more fair, efficient, and
economical as a class action maintained in this forum thal1 in piecemeal individual
determinations.
48. Plaintiffknows of no difficulty tllat will be encountered in the management ofthis
litigation that would preclude its maintenal1ce as a class action. Compared to individualized
actions, the class action device presents far fewer management difficulties, and provides the
benefits of single adjudication, economy of scale, al1d comprehensive supervision by a single
court.
49. Defendant 11as acted or refused to act on grounds generally applicable to the
Class, tllereby making appropriate final and injllnctive reliefwitll respect to the Class.
50. In the alternative, the above-referel1ced Class may be certified under Rule
23(b)(I) because:
(a) The prosecution of separate actions by the individual Class
members would create a risk of inconsistent or varyil1g
adjudication with respect to individual Class nlembers' clainls and
would establish inconlpatible standards of conduct for Defendant;
or
(b) The prosecution of separate actions by individual members of
the Class would create a risk of adjudications which would as a
practical matter, be dispositive ofthe interests of other members of
the class who are not parties to the adjudications, or which would
substantially impair or impede the ability of other Class members
to protect their interests.
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13. VIII. CLAIMS FOR RELIEF
COUNT I
BREACH OF FIDUCIARY DUTY
51. Plaintiff restates and incorporates the allegations contained in each paragraph
above as though fully set forth herein.
52. Defendant had substal1tial discretion and control over Plaintiffs and the Class's
assets and FX transactions.
53. This discretion and control gave rise to a fiduciary duty and duty of care on the
part of Defendant to Plaintiff and the Class.
a. Defendant occupied a superior position over Plaintiff and
the Class with respect to the execution of FX transactions, and had
superior access to confidential information about prevailing market
FX rates at the time FX transactions were actually executed.
b. Defendant's superior position necessitated that Plaintiff and
the Class repose their trust and confidence in Defendant to fulfill
its duties and properly execute FX transactions at the prevailing
market rate at the time of the transaction, and Plaintiff and the
Class did so place their trust and cOl1fidence in Defendal1t by
execllting FX transactions through Defendant.
c. Defendant held itself out as a provider of superior custodial
and FX trading services, and evinced an understanding that it was a
fiduciary of Plaintiff and the Class. Plaintiff and the Class
reasonably and foreseeably relied upon such representations, and
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Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 13 of 16
14. trusted in Defendant's purported skill, expertise, and experience by
executing FX transactions through Defendallt.
54. As a fiduciary, Defelldant was required to discharge its obligations with respect to
Plaintiff and the Class (a) solely in the interest of Plailltiff and the Class, (b) for the exclusive
pllrpose of providing benefits to Plaintiff and the Class, (c) with the care, skill, prudence, and
diligence under the circumstances then prevailing that a prudent perSOll acting in a like capacity
and familiar with SUCll matters would use in the conduct of an enterprise of a like character and
with like aims, and (d) in accordance with the applicable documents and illstruments.
55. Defendant breached its fiduciary duties to Plaintiff and the Class by failing to
properly execute FX transactions, charging false FX rates, alld pocketing the difference between
the actual FX rates incurred by the Defendants and the false FX rates charged to Plaintiff and the
Class.
56. Plaintiff and the Class have been damaged as a direct and proximate result of
these breaches of fiduciary duty and are entitled to damages, and appropriate equitable relief,
illcluding accounting and imposition of a constructive trust.
COUNT II
UNJUST ENRICHMENT
57. Plaintiff restates and incorporates the allegations contained in each paragraph
above as though fully set forth herein.
58. Defendant benefitted from its unlawful acts, omISSIons and breaches of its
fiduciary duties to Plailltiff and the Class as detailed herein. These unlawful acts, onlissions and
fiduciary breaches caused Plaintiff alld the Class to suffer injury and monetary loss.
59. As a result of the foregoing, it is unjust and inequitable for Defendant to have
enriched itself through the mallipulation of FX trallsactions as described herein.
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15. 60. Equity and good conscience require that Defendant disgorge all SUCll lUljUSt gains
and that Defendant should pay tIle amounts by whicll it was unjustly enriched to Plaintiff and the
Class in all amount to be determined at trial.
61. Plaintiff and the Class seek restitution from Defendant, and seek an order of this
Court disgorging all profits, benefits, and other such compensation obtained by Defendant
through its wrongful conduct and fiduciary breaches.
62. Plaintiff and tIle Class are entitled to the establishment of a constructive trust
impressed upon the benefits derived by Defendant fronl its unjust enrichment and inequitable
conduct.
IX. PRAYER FOR RELIEF
WHEREFORE, Plaintiff requests the following:
a) Certification of this action as a class action, proper and maintainable pursuant to
Rule 23 of the Federal Rules of Civil Procedure and declaration of the proposed
named Plaintiff as proper Class representative;
b) Such preliminary and permanent equitable relief, includillg imposition of a
constructive trust, as is appropriate to preserve the assets wrongfully taken from
Plaintiff and the Class;
c) Compensatory, consequential, and general damages In an amount to be
determined at trial;
d) Disgorgement and restitution of all earnings, profits, compensation, and benefits
received by Defendant as a result of its 1111lawful acts, omissions, and practices;
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Case 2:11-cv-01628-TON Document 1 Filed 03/07/11 Page 15 of 16
16. e) Punitive damages for each claim to the maximum extent available under the law
on aCCOl111t of the olltrageous nature of Defendant's willful and wanton disregard
for the rights ofthe Plaintiff and the Class;
t) Costs and disbursenlents of the action;
g) Pre- and post-judgment interest;
h) Reasonable attorneys' fees; and
i) Such other and further relief as this Court may deem just and proper.
x. JURY TRIAL DEMANDED
Plaintiff hereby demands a jury trial.
Dated: March 7, 2011 Respectfully submitted,
BARROWAY TOPAZ KESSLER MELTZER &
CHECK, LLP
J H. Meltzer
ean M. Handler
Darren J. Check
Nallmon A. Amjed
Ryan T. Degnan
280 King of Prussia Road
Radnor, PA 19087
Tel: (610) 667-7706
Fax: (610) 667-7056
Lead Counselfor PlaintiffSoutheastern
Pennsylvania Transportation Authority
NIX PATTERSON & ROACH, LLP
Jeffery J. Angelovich
Bradley E. Beckworth
Brad Seidel
205 Linda Drive
Daingerfield, TX 75638
Tel: (903) 645-7333
Fax: (903) 645-5389
Additional Counsel
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