A special litigation committee (“SLC”) is a committee appointed by a corporation’s Board of Directors when challenged by a shareholder derivative action and is tasked with considering whether it is in the corporation’s best interest is to pursue or terminate the derivative litigation.

​Where a disgruntled shareholder makes a demand upon a corporation to file a lawsuit against certain officers and directors, the Board of Directors may appoint a SLC, typically made up of two or more disinterested or independent directors. The SLC is charged with investigating the allegations made by the shareholders against the targeted officers and directors and determining if it is in the best interest of the company to pursue the claims against the officers and directors.

More commonly, a SLC is appointed where there is already a pending derivative lawsuit in which pre-suit demand on the board has been excused as futile by a court on a motion to dismiss under Rule 23.1. Even where a shareholder plaintiff has survived a motion to dismiss for failure to make pre-suit demand by showing reasonable doubt concerning the disinterest or independence of a majority of board members, that board can properly delegate its authority concerning litigation decisions on behalf of the corporation to an SLC consisting of disinterested and independent directors. The SLC is a last chance for a corporation to control a derivative claim when a court has determined that a majority of its directors cannot impartially consider the demand.

​After a SLC is formed, it must be given full authority and control to make its decisions. It must act independently and not under the influence or control of the board of directors despite the fact that the board appointed its members. The SLC’s procedures for investigating claims must be “adequate, appropriate, and pursued in good faith.”

The determination of whether the SLC’s procedures are proper depends on the nature of the particular investigation may include factors such as: the length and scope of the investigation; the SLC’s use of independent counsel or experts; the corporation or defendant’s participation, if any in the investigation; and the adequacy and reliability of the info supplied to the SLC.

The most important requirement of a SLC is its independence from the Board members who appointed them. The SLC member(s) must not have a relationship with any of the individual defendant or the derivative lawsuit itself that would impair an SLC member’s judgment. When reviewing the decision of a SLC, a Court finds the SLC lacked independence, the court may vacate the SLC’s recommendation despite the length, scope or thoroughness of its investigation.

Examples of when the members of a SLC will be found not to be independent include: if they are a defendant in the derivative lawsuit they are investigating; if a SLC member has a significant financial stake in the corporation they are advising; and, when the committee is simply advising the board of directors, most of whom are defendants in the derivative lawsuit, instead of acting with full power delegated by the board of directors.

​
The Board’s resolution establishing the SLC must delegate the board’s power to control the litigation. A mere advisory role of a SLC fails to bestow a sufficient legitimacy to warrant deference to the committee’s decision by the court. When a properly delegated SLC files a motion to dismiss a demand-excused derivative suit, the SLC has the burden of demonstrating the absence of genuine issues of material fact regarding the committee’s independence, meaning that SLC members are not given the benefit of the doubt as to their objectivity.

A court will examine the independence of the SLC and the process followed by the SLC in reaching its determination, and investigative lapses will undermine the court’s confidence in the SLC’s conclusion. The SLC must foreclose any reasonable basis to question whether non-merits factors operated in the SLC’s ultimate judgment. Generally, if the SLC recommends terminating the derivative suit, the court will defer to the recommendation if the committee shows that its members were independent, acted in good faith, and had a reasonable basis for their conclusions. As a result, a properly constituted SLC of disinterested and independent directors empowered by the board to investigate and determine whether the prosecution of derivative claims is in the best interests of the company can be a powerful aspect of a board’s management authority.

A personal injury lawsuit allows you to seek compensation for damages resulting from injuries in a court of law. If your case cannot be settled, your attorney will file a personal injury lawsuit, and you will have to prove to a judge or jury that the at-fault party was negligent.  This could take months or longer.

There are several stages in a personal injury lawsuit, including:

​Your attorney files the initial complaint with the court to ensure all parties are served with a copy.  This begins the legal process

​During discovery, the parties investigates the case by gathering evidence that supports their case through interrogatories, document requests and depositions and other discovery tools. At this point, either party may still make attempts to settle the case before it moves to trial.

​If a settlement cannot be reached, the case will proceed to trial. Each side will present its argument and witnesses to the court and jury. This process may involve multiple hearings, and a settlement may still be pursued throughout the trial phase.

After all of the arguments are heard, the jury is dismissed to determine its verdict. If the jury rules in your favor, a compensation award amount is also determined.​

After a ruling is made, the losing side can still file an appeal. An appeal can lead to a new trial or still a settlement between the parties.

The statute of limitations for personal injury claims in Tennessee is set forth in Tennessee Code Ann. Code § 28-3-104 which provides that any action involving “injuries to the person” shall be brought “within one (1) year after the cause of action accrued.” Tennessee Code Ann. Code § 28-3-104(a)(1). Generally, the cause of action accrues when the person is injured. Thus, inTennessee, unless an exception exists, a party generally has one year from the date they are injured to file a personal injury complaint. If no exception exists, failure to file within one year of your injury will forever bar your claim under the statute of limitations in Tennessee.  Because of Tennessee’s short statut of limitations, you should promptly speak to a personal injury attorney after your injury and initial treatment. ​

​Tennessee’s one-year statute of limitations typically applies to injured victims who were hurt in accidents or incidents,
including, but not limited to, following type cases:

• Car Accidents
• Truck Accidents
• Motorcycle Accidents
• Slip & Fall
• Burn Injuries
• Dog Bites
• Boating Accidents
• Wrongful Death
• Brain and Spinal Cord Injuries
• Birth Injuries
• Negligent Security

​There are some types of injuries that may not be apparent right away after the accident. Under the discovery rule in Tennessee, the statute of limitations shall not begin to run until an injury victim becomes aware of their injury, or should have become aware.

​If after a goof faith effort, the defendant cannot be found and served with process, you may have grounds to toll the statute. If you can convince the court, you made a good faith effort to locate the defendant, but could not, you may be able to toll the statute until they can be found.  Tenn. Code Ann. §28-1-111.

​If cases where the injured victim is a minor, the statute of limitation does not begin to run. until the victim reaches age 18, then they have one year to a personal injury lawsuit. Tenn. Code Ann. §28-1-106.

If the injury victim suffers from a disability that deprives him or her of the ability to make sound decisions concerning
legal action may be ruled mentally incompetent by a Tennessee court.  Tenn. Code Ann. §28-1-106.

If you have been injured, contact Timothy L. Miles, a nationally known, experienced, and knowledgeable personal injury attorney in Nashville for a no-risk, Free Case Evaluation.

​Cy pres awards are funds given to charitable organizations in cases in which there is still money remaining in the settlement fund, even after all class members have been paid or the amount of the fund is too small to justify a distribution directly to class members.

​The term “Cy pres” originates from the French expression “cy pres comme possible” meaning as near as possible. In class action settlement agreements, cy pres provisions are commonly used to address the issue of unclaimed funds that are not distributed to class members for a variety of reasons. The remaining funds are often used for creating cy pres awards to charitable organizations that have a connection to the class action litigation, rather than having those funds revert back to the defendant.

​Both the American Law Institute (ALI) and the National Association of Consumer Advocates (NACA) have each issued guidelines on the appropriate use of cy pres awards in class action settlements. The two circumstances in which cy pres awards are appropriate according to the ALI guidelines are: (1) when funds are left over after all claims are satisfied or when distribution of funds to all class members is not feasible (for example, because recipients cannot be located); and (2) when the identified or administrative costs for distribution are too large and the interests of the recipients reasonably approximate the interests of the class members. (ALI, Principles of the Law of Aggregate Litig., Section 3.07 (2010).)

Conversely, the NACA guidelines provide for cy pres awards only for unclaimed portions of the settlement and state that unclaimed portions of the settlement should be used to either: (1) protect the interests of persons injured by illegal conduct and thus indirectly benefit absent class members; and (2) promote the purposes of the statutory prohibitions sought to be enforced in the underlying litigation. (NACA, Standards & Guidelines for Litig. & Settling Consumer Class Actions, Revised, 255 F.R.D. 215, 244 (2009).)

Certain states, including Tennessee, have adopted statutes or court rules at the state level codifying the principle that organizations which promote legal aid and access to justice are always an appropriate use for residual funds in class action cases.

​A court has the authority to approve a cy pres award pursuant to Fed. R. Civ. P. 23(e). A court will approve a cy pres award if the court finds that the settlement, taken as a whole, is fair, reasonable and adequate. Courts will look at several factors to determine whether a cy pres award is appropriate, including: (1) the adequacy of the nexus between the alleged class injury and the cy pres recipient; (2) whether the award to the class is nondistributable; (3) the compensation to class members as compared to the cy pres award; and (4) whether counsel or the court faces criticism or a conflict of interest.

​In a coupon settlement, class members receive coupons or other promises for products or services instead of a cash award. If appropriately structured, settlements remain a realistic, acceptable means to resolve class litigation in the wake of the Class Action Fairness Act of 2005 (CAFA).

​CAFA Does not Hinder Coupon Settlements Continuing Role in Resolving Class Litigation
Despite their criticism and the passage of CAFA, coupon settlements remain an appropriate method of resolving class actions, especially ones in which individual consumers have minimal damages. Often criticized as a means for plaintiffs’ counsel to reap a windfall in fees at the expense of class members, CAFA sought to ensure that coupon settlements are properly reviewed by the courts, and to remove the economic incentive for lawyers to negotiate such settlements at the expense of absent class members. Specifically, Congress included several provisions in CAFA, 28 USC Sections 1332(d), 1453, and 1711, et seq., that regulate coupon settlements. Notably, however, CAFA did not eliminate coupon settlements nor materially restrict their use. As a result, Coupon settlements are still an acceptable means to resolve class litigation if appropriately structured.

Provisions of CAFA Related to Coupon Settlements
(1) Hearings and Written Findings: 28 U.S.C. Section 1712(e):

In addition to Federal Rule of Civil Procedure 23(e)(2) requires *courts to hold a hearing to review class action settlements to ensure that they are “fair, reasonable, and adequate,” CAFA requires courts to hold a hearing and issue written findings in order to ensure that a coupon settlement is “fair, reasonable, and adequate for class members.” 28 U.S.C. Section 1712(e). Despite the identical language in Rule 23(e)(2) and Section 1712(e), several courts have interpreted CAFA as requiring heightened judicial scrutiny of coupon settlements even while employing the factors typically considered by courts under Rule 23(e)(2).

(2). Expert Testimony: 28 U.S.C. Section 1712(d):

CAFA provides that a court “may, in its discretion upon the motion of a party, receive expert testimony from a witness qualified to provide information on the actual value to the class members of the coupons that are redeemed.” 28 U.S.C. Section 1712(d). Such testimony may assist the court in determining the fairness of the proposed settlement and the appropriate amount of attorney’s fees.

(3). Cy Pres Distribution: 28 U.S.C. 1712(e):

Recognizing a cy pres award may be an appropriate means to supplement a coupon settlement in a particular case, CAFA expressly authorizes a court to “require that a proposed settlement agreement provide for the distribution of a portion of the value of unclaimed coupons to 1 or more charitable or governmental organizations, as agreed to by the parties.” 28 U.S.C. Section 1712(e).

Attorneys’ Fees: CAFA Section 1712(b), (c)
CAFA was enacted by Congress, in part, due to the concern that attorneys were receiving excessive fees with little or no recovery for the class members due to the fact that only a small percentage of coupons are actually redeemed by class members. As a result, CAFA contained provisions to limit attorneys from linking their fee awards to the nominal value of the coupons available to the settlement class. Specifically, attorneys’ fees are limited in coupon settlements by CAFA as follows: (1) When coupons provide sole basis of relief “the portion of any attorneys’ fee award to class counsel that is attributable to the award of coupons shall be based on the value to class members of the coupons that are redeemed,” not the face value of the coupons issued; (2) if the attorneys’ fee award is not based on the recovery to the class then the loadstar method must be used which may include a reasonable multiplier; (3) if a proposed settlement provides for coupons and for equitable or injunctive relief, attorneys’ fees may be based in part on the value of the coupons redeemed and in part on the lodestar method; and (4) if a proposed settlement includes a cy pres provision, the distribution of any such proceeds “shall not be used to calculate attorneys’ fees.” 28 U.S.C. Section 1712(e). Notwithstanding, courts may consider the cy pres distribution in deciding the overall reasonableness of an attorneys’ fee award, even though they may not be using the cy pres distribution to “calculate” the fee.

Federal Courts Taking Differing Approaches on the Applicable Standard in Approval of Coupon Settlements
In evaluating coupon-based class action settlements, several federal courts have refused to apply a heightened level of scrutiny noting that CAFA’s requirements for evaluating coupon settlements are no higher than the requirements of fairness, reasonableness, and adequacy under Rule 23(e). Some courts have expressly held that the scrutiny under Section 1712(e) of CAFA is the exact same as that of Rule 23(e). Several other federal courts, however, have interpreted CAFA to require a “heightened scrutiny” of coupon settlements. The reasoning. as expressed by one court, in imposing a heightened scrutiny is to achieve Congress’s goal of making coupon settlements fairer.

​Limited Liability Companies (LLCs) are the easiest and most inexpensive business structures that provide owners with protections against personal liability. The members of an LLC are not personally liable for the actions of the company and their personal assets are protected from the business’s creditors. They are the also simplest and most inexpensive business structure in the United States. Below are the steps necessary to forming an LLC in Tennessee.

1. Choose and Register a Name
Tennessee law requires that an LLC name must contain the words “Limited Liability Company” or the abbreviations “L.L.C.” or “LLC.” After choosing a name for your LLC, you will need to register is with the Secretary of State in the state where you plan to conduct business. Your name must be unique and distinguishable from the names of other business entities already registered with the Tennessee Secretary of State. To ensure someone else is not already using your name, you can check for availability at the Tennessee Secretary of State business name database.

For a filing fee of $20, you may reserve a name of an LLC for up to four months and prior to filing articles of origination by filing an Application for Reservation of Limited Liability Company Name (Form ss-4228) and paying the required $20 fee.

2. Choose a Registered Agent
Tennessee law requires that every LLC must have an agent for service of process in the state. Your registered agent will be the person you designate to receive all official correspondence and legal papers including a lawsuit against the LLC. The registered agent may be a Tennessee resident or a business entity authorized to do business in Tennessee, and must have a physical street address in Tennessee. The registered agent must be chosen prior to filing articles of organization because most state require the registered agent’s name and address to be listed on the form.

3. File Articles of Organization
In Tennessee, an LLC is created by filing Articles of Organization (Form ss-4270) with the Secretary of State which officially brings your LLC into existence. The articles require basic information about your LLC such as the name, principal place of business, management type, name and address of the registered agent and the duration of the LLC if not perpetual.

The articles may be filed online, with an additional convenience fee, or by postal mail. The filing fee is $50 per LLC member. The minimum fee is $300 and the maximum fee is $3,000.

4. Obtain an Employer Identification Number; Business Licenses and Register with the Dept. Rev.
Any business that has employees or operates as a corporation or partnership is required by the IRS to have an EIN, a nine-digit number assigned to businesses for tax purposes. This rule is applicable because since LLCs are creatures of state law, they are classified for federal tax purposes as either a corporation partnership. An EIN may be obtained by completing an online EIN application on the IRS website. There is no filing fee.

Additionally, depending on its type of business and where it is located, an LLC may need to obtain other local and state business licenses.

Finally, in some instances, for example if the LLC will be selling goods and collecting sales tax, you will need to register with the Tennessee Department of Revenue. This can be done online or by completing a paper form.

5. Draft an Operating Agreement
Tennessee, like many states, does not require an operating agreement. Nevertheless, it is highly advisable and useful document to have. An LLC’s operating agreement should include detailed information about its management structure, including an ownership breakdown, by percentage member voting rights, powers and duties of members and managers, and how profits and losses are to be distributed.

6. Set Up a Business Checking Account
One of the most important things you can do to ensure that limited liability remains in place is to ensure you keep your business and personal finances separate. One of the most critical things you can do is t set up a small business checking account in the name of the LLC. Having a separate checking account for your LLC draws a bright line between business and personal affairs.

7. File Annual Returns and Pay Franchise and Excise Taxes
To administer you LLC each year you must file a annual report. All Tennessee LLCs and foreign LLCs authorized to do business in the state must file an annual report with the Tennessee Secretary of State. There is a $50 filing fee per member (minimum of $300 and maximum of $3,000). Annual reports are due on or before the first day of the fourth month following the LLC’s fiscal year closing. Finally, Tennessee also imposes a franchise tax and an excise tax on most LLCs.

A Limited Liability Company (LLC) is simplest and most inexpensive business structure in the United States whereby the owners or members of the LLC are not personally liable for the company’s debts or liability. Two advantages to purchasing a home using an LLC include privacy and protection. By choosing to buy a home using an LLC, the owners of the LLC remain anonymous as their name does not become a part the public record and they are personally protected from individual liability in the event of a lawsuit.

Privacy for Homeowners Because the LLC Is Listed as the Property Owner
An LLC is the preferred way to acquire property for buyers who do not want their names or addresses in public record. An LLC prevents a buyer’s name from entering the public record because the name of the LLC appears on all public records, and not the name of the members or owners of the LLC. Thus, for those who do not want others digging through public records and obtaining their names and addresses, the LLC is a perfect solution. By using an LLC, it is difficult for someone to figure out your address or how much you paid for a property unless they know the name of your LLC.

An LLC Provides Owners More Protection in the Event of a Lawsuit
If someone owns their residence in their name, anyone who is injured on their property can sue them directly. Any lawsuit that exceeds their homeowner’s insurance (and umbrella insurance) will place other assets––including savings, investments and home equity––at risk of being garnished to pay the rest of the damages.

On the other hand, the biggest advantage of an LLC is that the members are not personally liable for the actions of company. The members personal assets (homes, cars, bank accounts, investments, etc.) are protected from creditors seeking to collect from the LLC. Therefore, if you own your home in an LLC, then the lawsuit can only name the LLC, and the only assets that can be used to pay off the suit are those assets held in the LLC, which usually would be limited to your home.

Investors purchasing properties they intend to rent to tenants commonly use an LLC because of the liability protection offered by the structure. When owning property as an LLC, property taxes and other homeowner expenses are paid by the LLC. One additional cost with an LLC (in addition to start-up costs such as legal and filing fees), is an annual-report filing fee which varies from state-to-state.

Pursuant to 8 Del .C. § 220, stockholders of Delaware corporations the ability to inspect certain corporate books and records provided they have a “proper purpose” for seeking such materials. This statute can provide an important tool for stockholders seeking to investigate allegations of corporate wrongdoing.

What Must a Stockholder Establish to Enforce an Inspection Right Under Section 220?
First, pursuant to Section 220(b), the stockholder must make a demand under oath and state his status as a stockholder, and provide documentary evidence of his beneficial ownership of the stock, and state that such documentary evidence is a true and correct copy of what it purports to be. The demand must be directed to the corporation at its registered office in this State or at its principal place of business.

Then, in order to be able to enforce an inspection right under Section 220, the stockholder must establish both: (1) a “proper purpose” for the inspection (DGCL Section 220(b)); and (2) that the scope of the books and records the stockholder seeks to inspect is no broader than what is “necessary and essential to accomplish the stated, proper purpose.” Saito v. McKesson HBOC, Inc., 806 A.2d 113, 116 (Del. 2002).

What Constitutes a Proper Purpose?
Section 220(b) defines a proper purpose as “a purpose reasonably related to such person’s interest as a stockholder.” Delaware court have recognized that alleged mismanagement, waste, or wrongdoing by fiduciaries as proper purposes for a books and records inspection and are frequently asserted by stockholders making inspection demands. However, the courts have also repeatedly recognized they may not be asserted in conclusory fashion to meet the proper purpose requirement. Instead, a stockholder must explain why that purpose is relevant to its interest as a stockholder; for example: to seek corporate governance or other reforms; to prepare for a proxy fight; or to file a shareholder derivative action.

To establish a proper purpose of investigating corporate, Delaware courts require “some evidence” suggesting a “credible basis” from which a court can infer that mismanagement might have occurred. A stockholder may meet this standard, by presenting evidence, in the form of “documents, logic, testimony or otherwise,” from which the court can infer wrongdoing. In determining whether there is a credible basis to infer wrongdoing or mismanagement, the Court of Chancery will consider allegations raised in a separate complaint to determine whether there is a credible basis to infer wrongdoing or mismanagement, when such complaint is supported by sufficient and extensive supporting documents and testimony.

For example, in In re UnitedHealth Group, Inc. Section 220 Litig., C.A. No. 2017-0681-TMR (Del. Ch. Feb. 28, 2018), the court granted plaintiff*s Section 220 demand. The Court found that allegations raised in a complaint filed by the U.S. Department of Justice against the Defendant corporation, UnitedHealth Group, Inc. established a credible basis to infer wrongdoing or mismanagement based on the allegations in the qui tam action, when such allegations were sufficiently supported by documentation and testimony.

What Documents Are Deemed Necessary when Investigating Wrongdoing?
Delaware courts have observed that the following materials are typically necessary and essential when investigating alleged wrongdoing: (1) minutes from relevant board meetings and board committee meetings; (2) materials provided to the board or its committees in connection with those meetings, including presentations made to the board or its committees; and (3) relevant corporate policies and procedures.

In order for a stockholder to obtain documents beyond relevant portions of board minutes and other board materials, and corporate policies and procedures, he must establish the requested documents are “necessary and essential.” Documents are “necessary and essential: when they: (1) address the crux of the stockholder’s stated purpose; and (2) are unavailable from other sources.

Finally, under the Garner doctrine, a stockholder may access a corporation’s privileged documents in certain circumstances on a showing of “good cause.” In determining whether good cause exist, because is a fact driven inquiry, courts may rely on a number of factors to find good cause, including: (1) the nature of the stockholder’s claim and its viability; (2) the necessity of the stockholder having the information and its availability from other sources; and (3) if the stockholder’s claim is of wrongful action by the corporation, whether the action is criminal, illegal, or of doubtful legality. Garner v. Wolfinbarger, 430 F.2d 1093, 1104 (5th Cir. 1970).

​The toxic baby formula lawsuits involve claims for defective products against the manufacturers.  Specifically, that their products failed to warn parents of the associated health risks of the bad formula, which caused unsuspecting parents to give it to their prematurely born children.  As your toxic baby formula will explain, a product liability lawsuit must be filed within a period of time designated by each state called statutes of limitations. In a majority of states, the time period does not start to run until the plaintiff who was injured discovered or should have discovered his or her injury, under the "discovery rule" which tools the start of the statute of limitations until the plaintiff actually discovers they were injured.  In a few states the time begins to run when the injury actually occurred.  

For example, your baby could have consumed toxic baby formula but you did not realize he was injured by doing so until sometime later when he developed NEC. Finally, some states have also enacted statutes of repose, which bar actions that are not brought within a specified period of time after some event has occurred, such as the initial sale of a product.
​
A State-by-State Comparison of the Statutes of Limitations for Product Liability Claims
 

• Alabama             

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• Alaska  

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• Arizona

An action must be brought within two years from the time when the injury is or should have been discovered. The state has enacted a 12-year statute of repose that begins to run once the product is first sold. The statute of repose does not apply to actions based on negligence or breach of warranty.
 

• Arkansas             

An action must be brought within three years from the time when the injury is or should have been discovered.
 

• California            

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• Colorado             

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• Connecticut       

An action must be brought within two three years from the time when the injury is or should have been discovered. The state has enacted a 10-year statute of repose that begins to run once the manufacturer or seller has last parted with the product.
 

• Delaware            

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• District of Columbia       

An action must be brought within three years from the time when the injury is or should have been discovered.
 

• Florida 

An action must be brought within four years from the time when the injury is or should have been discovered. The state has enacted a 12-year statute of repose, subject to various exceptions.
 

• Georgia

An action must be brought within two years from the time when the injury is or should have been discovered or one year from the date on which death has occurred. The state has enacted a 10-year statute of repose, subject to various exceptions.
 

• Hawaii  

An action must be brought within two years from the time when the injury is or should have been discovered.
 

• Idaho   

An action must be brought within two years of the date on which the injury occurred. The state has enacted a 10-year statute of repose, subject to various exceptions.
 

• Illinois  

An action must be brought within two years of the date on which the injury occurred. The state has enacted a 12-year statute of repose that begins to run once the product is sold and a 10-year statute of repose that begins to run once the product is delivered to the first owner.
 

• Indiana

An action must be brought within two years of the date on which the injury occurred. The state has enacted a 10-year statute of repose.
 

• Iowa     

An action must be brought within two years of the date on which the injury occurred.
 

• Kansas 

An action must be brought within two years of the date on which the injury occurred.
 

• Kentucky            

An action must be brought within one year of the date on which the injury occurred. If injury, death, or property damage does not occur within eight years of the product's use, then this creates a rebuttable presumption that the product does not contain a defect.
 

• Louisiana            

An action must be brought within one year of the date on which the injury occurred. This statute does not apply to minors.
 

• Maine  

An action must be brought within six years of the date on which the injury occurred.
 

• Maryland            

An action must be brought within three years of the date on which the injury occurred.
 

• Massachusetts

An action must be brought within three years of the date on which the injury occurred.
 

• Michigan             

An action must be brought within two years of the date on which the injury occurred. If a product is in use for more than 10 years, then liability cannot be based on strict liability.
 

• Minnesota         

An action must be brought within four years of the date on which the injury occurred.
 

• Mississippi         

An action must be brought within two years of the date on which the injury occurred.
 

• Missouri              

An action must be brought within five years of the date on which the injury occurred.
 

• Montana            

An action must be brought within three years of the date on which the injury occurred.
 

• Nebraska            

An action must be brought within four years of the date on which the injury occurred. The state has enacted a 10-year statute of repose, which begins to run from the date in which a product is first sold.
 

• Nevada

An action must be brought within four years of the date on which the injury occurred.
 

• New Hampshire

An action must be brought within three years of the date on which the injury occurred, except where a legal duty has been imposed by the government, in which case the action must be brought within six years. The state has enacted a 12-year statute of repose, which begins to run once the product is manufactured and sold.
 

• New Jersey        

An action must be brought within two years of the date on which the injury occurred.
 

• New Mexico      

An action must be brought within three years of the date on which the injury occurred.
 

• New York            

An action must be brought within three years of the date on which the injury occurred.
 

• North Carolina  

An action must be brought within six years from the date of the initial purchase.
 

• North Dakota    

An action must be brought within 10 years from the date of the initial purchase or within 11 years of the date of manufacture.
 

• Ohio     

An action must be brought within two years of the date on which the injury occurred.
 

• Oklahoma          

An action must be brought within two years of the date on which the injury occurred.
 

• Oregon

An action must be brought within two years of the date on which the injury occurred. The state has enacted an eight-year statute of repose.
 

• Pennsylvania    

An action must be brought within two years of the date on which the injury occurred.
 

• Rhode Island     

An action must be brought within three years of the date on which the injury occurred.
 

• South Carolina  

An action must be brought within three years of the date on which the injury occurred.
 

• South Dakota    

An action must be brought within three years of the date on which the injury occurred. The state has enacted a six-year statute of repose, which begins to run after purchase.
 

• Tennessee         

An action must be brought within four years of the date on which the injury occurred. The state has enacted a statute of repose that runs six years after an injury and 10 years after the initial purchase of a product.
 

• Texas   

An action must be brought within two years of the date on which the injury occurred.
 

• Utah     

An action must be brought within two years of the date on which the injury occurred.
 

• Vermont             

An action must be brought within three years of the date on which the injury occurred.
 

• Virginia

An action must be brought within two years of the date on which the injury occurred.
 

• Washington       

An action must be brought within two years of the date on which the injury occurred. The state has enacted a 12-year statute of repose.
 

• West Virginia     

An action must be brought within two years of the date on which the injury occurred.
 

• Wisconsin           

An action must be brought wit

​With billions of dollars in recoveries at issue in securities class cases, many investors are are not recouping all the money they could because few have the time or possess the legal knowledge to monitor their investments. As a result, most investors are not even aware of the existence of fraud in connection with securities they own because often the red flags indicating corporate fraud are unapparent and could otherwise go unnoticed until investors have incurred substantial losses. Therefore, when corportate fraud occurs investors are unually unaware and are not advised of their legal options. Futhermore, investors usually have no way of being updated on the status of the case including, most notably, when a case has settled and of the necessaty of submitting the required claim forms to recover their losses which can be significantly in many instances.

Fortunately for investors, with the emergence of portfolio monitoring services which is offered by plaintifff’s securities firms (“Firms”) of charge, they now have a way to prevent this from happening in the future. With portfolio monoriting investor are advised of their legal options when fraud has been detected or committed in connection with stocks they own and are notified if a case settles and are provided help filling out claims ensuring they recover a portion of their losses.

​Generally, portfolio monitoring utilizes sophisticated technology, along with other research tools and subscription services to track the stock market in real time and is managed by attorneys. accountants and analysts trained to identify indicators of corporate fraud. Portfolio Monitoring a typically free service offered by plaintiff firms to investors. Investors provide the Firm with information on their stock holdings and the Firm monitors the investments in order to alert investors to corporate wrongdoing and potential claims premised upon violations of the securities laws or breach of fiduciary duty. Attorneys will advise investors of their legal options, and explain the case process, and will even help investors fill out class action claim forms so they can receive their share of the settlement proceeds.

Whenever corporate fraud or other wrongdoing is exposed to the market, the market responds and the company’s stock price will fall dramatically when the truth is revealed. Additonally, the stock price will continue to drop for some time afer the truth has been exposed. Investors who purchased shares before the truth is revealed to the maket, purchased those shares at artificially inflated prices. When the fraud is exposed and the stock price collapses, investors incur losses due to the fraud and other wrongdoing by company insiders or directors.
Many investors simply do not have the time to constantly monitor all of their investments and do not realize when one of their investments has been negatively affected by corporate wrongdoing and the price of the stock has dropped causing them to suffer losses. Many times these loses can be significant. When investors utilize a Portfolio Monoriting Service, the Firm will alert them when one their investments is under an active investigation or has been negatively affected by fraud or other corporate misconduct.

​After explaining the results of their investigation, including analizing losses, and evaluating the merits of a potential claim, the Firm will advise investors of all their legal options including whether they may have a potential claim. There is no obligation to take action, but if an investor chooses to do so, plaintiff Firms will usually represent investors free of charge on a contingency basis, and there is no obligation to retain the Firm monitoring an investors portfolio.

Generally, the Firm will contact investors if they identify violations of securities laws, insider trading, accounting fraud, unfair mergers or acquisitions, and other unlawful activity that may negatively impact investor holdings.

If a company in which an investor has invested decides to settle a case brought against it, the Firm will notify investors, for example, by sending them a link to the claim form and the Firm willl assist investors in filling it out. After that, investors will receive a check for their portion of the settlement.

​Protecting the privacy, confidentiality, and security of their clients’ information is of utmost importance to plaintiff Firms, and all data is protected by administrative, physical, and technical controls.

​In short, there are no risk or costs to utilizing a Portfolio Monoriting Service and investors will receive the benefits of having their investments constantely monitored by a team of professionals, adivised when their investments have been effected by cororate wroingding, advised of their legal options, and helped with the claims process when a case involving one of their investment settles ensuring investors reeive their fair share of the settlement proceeds.