MN Timberwolves Under Fire for Paperless Ticket Sales

March 7, 2016

Law360 reports that two MN Timberwolves season ticket holders are bringing a class action alleging that the NBA team’s new paperless ticketing sets a floor market price which makes it nearly impossible to sell their tickets. They allege that the NBA team introduced the new platform, Flash Seats, months into the 2015-16 season, forcing fans who would like to resell their tickets to do so at mandatory minimums—which has been a difficult feat due to the Timberwolves’ bleak standing. The fans, who are represented by Zimmerman Reed, claim that the Timberwolves abandoned a 25-year system for one that has not seen any positive output for consumers. “Defendant sets the mandatory minimum prices for resale of Timberwolves tickets very high – usually 75 percent or more of the tickets’ face value – despite the fact the market dictates that tickets to see a team having the Timberwolves’ record should be priced much lower,” the fans allege. “The inability to sell tickets at prices dictated by the fair market renders them worth far less than what plaintiffs and the class paid for them.” Additionally, Flash Seats only provides fans rights to a digital seat, which one can only redeem in person. This mechanism makes it difficult for fans to sell their tickets.

Categorised in: Class Action, Consumer Protection

Minnesota Dept. of Commerce Escheats Unclaimed Properties

January 28, 2016

Allegations have come forward regarding the Minnesota Department of Commerce seizing dormant accounts with large sums of money and making it harder for the rightful owners to claim it back—as reported by MinnPost. The unclaimed property program was initially put in place in 1969 to protect inactive financial accounts and properties from financial institutions. State legislature used to require that individuals receive a written notice when their property was seized and could be recorded by local newspapers, but this requisite was overturned in 2005. In 2006, the state had $318 million from unclaimed accounts and the number has spiked in recent years. As of December 2015, the State of Minnesota has racked up $711.5 million (and keeps rising). This money now sits in the state’s general fund for unlimited use. Zimmerman Reed attorneys are working with a class to retrieve and return the money to their rightful owners.

Categorised in: Consumer Protection

Hart Robinovitch Named Lead Counsel in Pacquiao MDL

December 14, 2015

Law 360 reports that a California federal judge appointed Zimmerman Reed partner, Hart Robinovitch, as interim lead counsel in pay-per-view subscribers’ multidistrict litigation claiming promoters lied about boxer Manny Pacquiao’s shoulder injury before his “Fight of the Century” in May with Floyd Mayweather Jr.

Categorised in: Attorneys, Pacquiao MDL

Regions Morgan Keegan Agrees to Pay Investors $125 Million

January 23, 2015

Reuters reports that Regions Financial Corp has agreed to $125 million of settlements to resolve lawsuits accusing it of mismanaging three Morgan Keegan bond mutual funds that collapsed in 2007 after investing heavily in subprime mortgages and other risky debt.

Categorised in: Investor Protection, Morgan Keegan