As an expert in class action lawsuits, I have seen firsthand the impact these collective agreements can have on consumers' daily lives. From tobacco companies to tech giants, these lawsuits have resulted in some of the largest settlements in U. S. history.
In this article, I will provide a summary of 10 of the most significant class action agreements and how they have affected consumers.
The Master Tobacco Settlement Agreement
Without a doubt, the biggest lawsuit in history was the Master Tobacco Settlement Agreement in November 1998. This agreement was reached between the four largest tobacco companies in the United States and 46 states, resulting in a settlement of $206 billion over 25 years. This groundbreaking agreement also included restrictions on tobacco advertising and marketing, as well as funding for anti-smoking campaigns.The Wyeth Fen-Phen Settlement
In 1997, a Mayo Clinic study linked the diet drug fen-phen to heart damage, leading to a massive class action lawsuit against Wyeth Pharmaceuticals. The company, which changed its name to Wyeth two years after the agreement was approved, had sold products under the Pondimin brand until 1997. More than 6 million people had taken fen-phen before sales were stopped. The resulting settlement amounted to $3.75 billion for those affected by the drug.The Enron Securities Litigation
In December 2001, energy company Enron filed for bankruptcy after it was revealed that they had been involved in massive accounting fraud.This led to a class action lawsuit by shareholders who had purchased Enron shares between September 1997 and December 2001. The resulting settlement was $7.2 billion, making it one of the largest securities fraud settlements in U. history.
The Volkswagen Emissions Scandal
In 2015, it was discovered that Volkswagen had been using illegal software to cheat on emissions tests for their diesel vehicles. This led to a class action lawsuit by consumers who had purchased these vehicles, resulting in a settlement of $14.7 billion. This was the largest consumer class action settlement in U.history at the time.
The BP Deepwater Horizon Oil Spill
In 2010, an explosion on the Deepwater Horizon oil rig resulted in the largest marine oil spill in U. This led to a class action lawsuit by those affected by the spill, including fishermen, business owners, and property owners along the Gulf Coast. The resulting settlement was $20 billion, making it one of the largest environmental settlements in U. history.The WorldCom Securities Litigation
In 2002, telecommunications company WorldCom filed for bankruptcy after it was revealed that they had been involved in accounting fraud.This led to a class action lawsuit by shareholders who had purchased WorldCom stock between April 1999 and June 2002. The resulting settlement was $6.1 billion, making it one of the largest securities fraud settlements in U. history.
The Exxon Valdez Oil Spill
In 1989, the Exxon Valdez oil tanker ran aground in Alaska, resulting in one of the worst oil spills in U. This led to a class action lawsuit by those affected by the spill, including fishermen and Native Alaskans. The resulting settlement was $1 billion, making it one of the largest environmental settlements at the time.The Ford Pinto Fuel Tank Litigation
In the 1970s, it was discovered that the Ford Pinto had a design flaw that made it prone to exploding in rear-end collisions.This led to a class action lawsuit by those injured or killed in accidents involving the Pinto. The resulting settlement was $127 million, making it one of the largest product liability settlements in U. history.
The Dalkon Shield Litigation
In the 1970s, pharmaceutical company A. H.Robins released the Dalkon Shield, an intrauterine device (IUD) for birth control. However, it was later discovered that the device caused serious health complications for many women. This led to a class action lawsuit by those affected by the device, resulting in a settlement of $2.4 billion.
