Some of the largest lawsuits of all time involve a combination of high-profile corporations, governments, and environmental disasters. These cases highlight the immense financial and societal impact of large-scale corporate misconduct, environmental disasters, and public health crises. Here are some of the most significant ones:
1. Tobacco Master Settlement Agreement (1998)
- Parties Involved: Major U.S. tobacco companies and 46 U.S. states
- Settlement Amount: Estimated $206 billion over 25 years
- Details: This was the largest civil litigation settlement in U.S. history. Tobacco companies agreed to pay for the medical costs of treating smoking-related illnesses and to change the way tobacco products are marketed and sold.
2. BP Deepwater Horizon Oil Spill (2010)
- Parties Involved: BP and the U.S. government (along with various states and private claimants)
- Settlement Amount: $20.8 billion
- Details: The settlement covered environmental damages and economic losses resulting from the catastrophic oil spill in the Gulf of Mexico, the largest in U.S. history.
3. Volkswagen Emissions Scandal (Dieselgate) (2015)
- Parties Involved: Volkswagen and U.S. regulatory agencies, along with consumers
- Settlement Amount: $14.7 billion
- Details: Volkswagen was found to have installed “defeat devices” in diesel engines to cheat emissions tests. The settlement covered fines, environmental reparations, and vehicle buybacks.
4. Enron Securities Class Action (2001)
- Parties Involved: Enron shareholders and executives
- Settlement Amount: $7.2 billion
- Details: Following the collapse of Enron, this class action was one of the largest in history, resulting in billions being paid out to investors who suffered losses due to the fraudulent activities of Enron executives.
5. WorldCom Accounting Scandal (2002)
- Parties Involved: WorldCom investors and executives
- Settlement Amount: $6.1 billion
- Details: The telecommunications company was involved in one of the largest accounting frauds in history, leading to massive losses for investors. The settlement was a result of class action lawsuits.
6. Exxon Valdez Oil Spill (1989)
- Parties Involved: ExxonMobil and U.S. government (along with Alaskan residents and businesses)
- Settlement Amount: $5 billion (initial punitive damages, later reduced)
- Details: Following the Exxon Valdez oil spill in Alaska, ExxonMobil faced significant legal consequences, leading to one of the largest environmental lawsuit settlements.
7. Bank of America Mortgage Settlement (2014)
- Parties Involved: Bank of America and the U.S. Department of Justice
- Settlement Amount: $16.65 billion
- Details: This was the largest civil settlement with a single entity in American history. It was related to the sale of mortgage-backed securities that contributed to the 2008 financial crisis.
8. Purdue Pharma and the Opioid Crisis (2020)
- Parties Involved: Purdue Pharma and U.S. state and local governments
- Settlement Amount: Over $8 billion
- Details: Purdue Pharma, the maker of OxyContin, was at the center of the opioid crisis in the U.S. The company reached a multi-billion-dollar settlement to resolve criminal and civil investigations.
9. Apple vs. Samsung (2012)
- Parties Involved: Apple and Samsung
- Settlement Amount: $1.05 billion (initial verdict)
- Details: Apple sued Samsung for patent infringement related to smartphone design. This lawsuit became one of the most significant intellectual property cases in tech history.
10. Pfizer Drug Marketing Settlement (2009)
- Parties Involved: Pfizer and the U.S. government
- Settlement Amount: $2.3 billion
- Details: Pfizer agreed to pay this amount to settle allegations that it illegally marketed certain drugs and engaged in health care fraud.