Step forward for Walmart class-action lawsuit by Zuzana Zelenakova

Walmart currently faces what could be the largest class action lawsuit in history of the United States. 1.5 million female employees of the company were reputedly discriminated in wages and promotions as compared to their male counterparts. The suit could cost the company billions of dollars and in addition its reputation is threatened. The Ninth Circuit US Court of Appeals in San Francisco announced that the case involving the world´s largest retailer could go to trial. Originally, it was filed back in 2001. Nine years ago, Walmart worker Betty Dukes sued the company for sex discrimination together with six other women. Later, the lawsuit extended to all women that w! orked for Walmart since 1998. The case was certified as a class-action matter in 2004. The latest decision of the court gives hope to all those women that worked for the company to get back pay and maybe even punitive damages. "The Court of Appeals rejected Walmart's argument, which was a variant of the 'too big to fail' argument," said an attorney for the plaintiffs Brad Seligman. "The court holds that all companies, the big as well as the small, have to comply with the law and may face a class action when they discriminate on a wide basis." Walmart informed it is assessing the situation and considers a review from the Supreme Court. "We do not believe the claims alleged by the six individuals who brought this suit are representative of the experiences of our female associates," said Walmart´s executive vice president and general counsel. "Walmart is an excellent place for women to work and fosters female leadership among our associates and in the larger business wor! ld." Walmart Stores, Inc. was founded in 1962 and it is the la! rgest pr ivate employer and grocery retailer in the United States.

related story (sgx17099): http://www.france24.com/en/20100426-wal-mart-biggest-class-a...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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Goldman Sachs faces information fraud by Milota Sidorova

One of major Democrats supporters, Goldman Sachs has been targeted for hiding information that caused billion loss to its shareholders. The accusation lawsuit has been filled on Monday and since then it is the no.1 case in financial world. So far, there has been a hunt for several financiers and officials who helped bankrupted investments of thousand, perhaps several million investors. But these cases were covered as soon as they begun. For the first time, the target is number one bank and it is the first time Goldman itself has been accused. Federal court on Manhattan accused Goldman of reporting misleading statements and hiding key details about risky transactions, for in! stance an Abacus collateralized debt obligation. Shareholders object they lost about one billion dollars that they believe was a profit for billionaire hedge fund investor John Paulson. Still, Goldman didn't make any step towards SEC allegations and Paulson hasn't been even touched. Goldman Sachs Group Inc and Chief executive Lloyd Blankfein is scheduled to testify before Senate on Tuesday. Blankfein along with Goldman vice president Fabrice Tourre are considered as creators of Abacus case. Blankfein denied he did anything that would harm investors. The case has been launched in crucial time when Democratic president Obama pulls the strings to tighten oversight on financial sector. But the image is getting wrong with Goldman as a bank receiving taxpayers bailout money, not only one restriction and generous support for Democratic party. Goldman Sachs shares lost $5.37 or 3.5 percent and closed down at $152.03 in the afternoon on the New York Stock Exchange on Monday.
related story (sgx17103): http://news.yahoo.com/s/nm/20100426/bs_nm/us_goldman_lawsuit...

by Milota Sidorova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.

SEC scours through Lehman Brothers tricks by Zivka Deleva

The officials of the US federal agency Securities and Exchange Commission (or very often known as SEO) have warned the largest banks to work more transparently, so the agency can act better if some other economic crises comes to the surface. The agency that holds responsibility for enforcing the federal securities laws and regulating the securities industry, stocks and options exchanges, wants to work with eyes wider opened after learned that its officials didn’t succeed to account the tricks that the investment bank Lehman Brothers has done before it bankrupted. In a written form, SEC Chairman Mary Schapiro asked 19 banks to return information about whether they ar! e doing the same as the Wall Street investment bank and use accounting tricks that hide the bank’s dangerous financial condition. Lehman’s melt down in September 2008 will be remembered as the largest corporate collapse in the American history. The thing is that with the accounting move known as Repo 105, this bank could mask its weakness. It has hidden $50billion in debt! The regulations must be straightened, and due to this, some charges have been filed against Goldman Sachs and other banks. "It's not clear any action by the SEC could have saved Lehman Brothers, but we are determined to use the lessons of that experience to be more effective," Schapiro said. "More vigorous oversight and a new approach are essential." Few people have been already asked about the case of Lehman. Michael Lee, former vice president of the Bank, got fired after he has tried to warn Lehman’s managers about the concerns he had about the bank’s accounting. After in May t! hat year he sent a letter to the chiefs, he got fired. One th! ing is f or sure: US must not allow themselves to have such surprises when a lot of people are concerned, or better said, when the whole world is concerned. Financial reforms are more than needed in the big country. Obama’s team should warm up the seats and to their best not for the history not to repeat again.

by Zivka Deleva for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.