SEC Sues OnPassive Alleging It’s a Pyramid Scheme
Lawsuit claims company defrauded over 800,000 investors of more than $108 million.
Medela Inc. and consumers who filed a class action against the company for misrepresenting the safety and utility of its Medela 80ml Breastmilk Freezing and Storage Bottles with lids (“80ml bottles”) have reached a settlement agreement. Under the terms of the settlement, Qualifying Class Members (i.e., those who bought the 80ml bottles between July 1, 2008 and March 20, 2013) can receive up to $10 in discount certificates if they file a valid Claim Form by June 25, 2013. The Court is scheduled to have a Final Fairness Hearing regarding the settlement on September 25, 2013.
The original complaint, which was filed 2012, alleges that Medela deceptively advertised its 80ml bottles as “safe for baby,” “leak-proof storage, travel and freezing,” and safe for long-term breast milk storage, when, in fact, the material in the lids of the bottles becomes brittle when frozen and can break or shatter if dropped, destroying the bottle and ruining the stored breast milk. (Baghdasarian et al. v. Medela Inc., Case No. BC486632, Los Angeles Superior Court)
Lawsuit claims company defrauded over 800,000 investors of more than $108 million.
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