Miix Securities Fraud Class Action

On the eve of the bankruptcy, Seeger Weiss LLP, as Lead Counsel for the class action, secured a settlement of $2,520,000 on behalf of the member of the class action against MIIX and its officers.

Resolved

Prior results do not guarantee or predict a similar outcome in any future matter.

Our Role

In 2003, Seeger Weiss was appointed by the US District Court of New Jersey to serve as Lead Counsel in this securities fraud class action against MIIX and various of its current and former directors and officers. Seeger Weiss’s attorneys lead the charge for a class action filing against a MIIX and several officers involved in the alleged defrauding. As lead counsel, Seeger Weiss secure da settlement of $2,520,000 on behalf of the members of the class before MIIX filed for bankruptcy.

Seeger Weiss LLP has represented hundreds of clients in Consumer Protection and Securities litigation. If you would like to know more or you have questions about ERISA or consumer protection lawsuits, a free consultation may help evaluate your case and determine your eligibility for compensation.

Case Name

Glasser v. MIIX Group, et al

Case Began

2003

Case Location

U.S. District Court, District of New Jersey

Case Number

3:03-cv-00586-AET-JJH

Seeger Weiss’s role

Court-Appointed Lead Counsel

Our Role

The MIIX Group was one of the largest medical malpractice liability insurers in the United States until 2002 when the company disclosed that its loss reserves were wholly inadequate, and the company would be unable to pay future liability claims and that it would be putting its non-New Jersey insurance business into a solvent run-off.

The company expanded by setting predatory pricing that would not meet the risks of future losses and using the expansion as a platform to take the company public. Investors who purchased stock were unaware of the inadequate funding, and the announcement of pending closures resulted in a financial loss for these investors.

In addition, despite claims that the company would continue business in New Jersey, company officers actually planned to sell the New Jersey underwriting business to a privately held company, which they controlled. These executives did not disclose their ownership of the private company and falsely told investors that the sale was fair and impartially negotiated when it was not.