Brazil's top labor court has knocked down a judge's order that Shell Brasil SA and BASF SA deposit $382 million into a fund for workers allegedly contaminated at a chemicals plant.

An emailed statement from the court Wednesday says its lead judge ruled a day earlier in favor of an appeal against immediate payment. A class-action lawsuit seeking compensation from the companies remains before the labor court.

A federal judge in late June ordered the subsidiaries of Royal Dutch Shell PLC and BASF SE to pay into the fund now. Prosecutors sought the order, saying the cash should be immediately available in case workers win the overall lawsuit.

Both Shell and BASF welcomed the new ruling and say they will abide by all legal decisions in the case.
 

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of all persons or entities who purchased or otherwise acquired the common stock of Tibet Pharmaceuticals, Inc. pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering, including all those who purchased Tibet stock after December 28, 2010.

Tibet focuses on the research, development, manufacturing, marketing and selling of modernized traditional Tibetan medicines in China. The Complaint asserts violations of the federal securities laws against Tibet, its officers and directors, and underwriters of the IPO for issuing allegedly inaccurate statements of material fact about the Company’s financial and business condition, which ultimately caused trading of Tibet’s stock to be halted and delisted by the NASDAQ, causing investors to lose nearly their entire investment. The Complaint alleges that defendants misrepresented and failed to disclose the Company’s material internal control deficiencies, which rendered the Registration Statement and Prospectus materially false and misleading.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Tibet common stock pursuant or traceable to the Company’s IPO and/or after December 28, 2010, you have certain rights, and have until July 25, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.

http://www.howardsmithlaw.com.