Hess Corporation (formerly Amerada Hess Corporation ) is an American global independent energy company involved in the exploration and production of crude oil and natural gas . It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO. The company has agreed to be acquired by rival oil company Chevron.
149-586: Headquartered in New York City , the company ranked 394th in the 2016 annual ranking of Fortune 500 corporations. In 2020, Forbes Global 2000 ranked Hess as the 1,253rd largest public company in the world. The company has exploration and production operations on-shore in the United States ( North Dakota ) and Libya; and off-shore in the United States ( Gulf of Mexico ), Canada, South America ( Guyana and Suriname ) and Southeast Asia (Malaysia and
298-482: A joint venture with A.T. Williams Oil Co. of Winston-Salem, North Carolina . The company and the gas stations were changed and called WilcoHess . After the joint merger, there existed some 1200 WilcoHess stations. Following on the heels of the Triton purchase, energy prices fell and global economies weakened. Amerada Hess struggled through the following years, and in 2002 posted a US$ 218 million loss due primarily to
447-795: A US$ 530 million charge relating to its write-down of the Ceiba oil field. In March 2002, TXU Europe bought the UK retail gas and electricity business of Amerada Hess. It also sold its 1.5 percent stake in the Trans-Alaska Pipeline System to ConocoPhillips in February 2003. In2June, the company 6 oil and gas fields in the Gulf of Mexico to the Anadarko Petroleum Corporation and agreed to trade some properties with
596-559: A barge containing 31,000 barrels (4,900 m) of kerosene struck a reef in the Hudson River , spilling 163,000 US gallons (620 m) of fuel. Immediately, Hess assumed responsibility for the cleanup; the Coast Guard worked alongside the barge's owner to clean and contain the spill. Coast Guard official Howard Holmes said "The weather and wind conditions are almost as close to perfect as they could get," and this contributed to
745-419: A class action ensures that all plaintiffs receive relief and that early-filing plaintiffs do not raid the fund (i.e., the defendant ) of all its assets before other plaintiffs may be compensated. See Ortiz v. Fibreboard Corp. , 527 U.S. 815 (1999). A class action in such a situation centralizes all claims into one venue where a court can equitably divide the assets amongst all the plaintiffs if they win
894-623: A class action may avoid the necessity of repeating "days of the same witnesses , exhibits and issues from trial to trial". Jenkins v. Raymark Indus. Inc. , 782 F.2d 468, 473 (5th Cir. 1986) (granting certification of a class action involving asbestos ). Second, a class action may overcome "the problem that small recoveries do not provide the incentive for any individual to bring a solo action prosecuting his or her rights". Amchem Prods., Inc. v. Windsor , 521 U.S. 591, 617 (1997) (quoting Mace v. Van Ru Credit Corp. , 109 F.3d 388, 344 (7th Cir. 1997)). "A class action solves this problem by aggregating
1043-634: A class of which the defendant is a member. Landeros v. Flood (1976) was a landmark case decided by the California Supreme Court that aimed at purposefully changing the behavior of doctors, encouraging them to report suspected child abuse. Otherwise, they would face the threat of civil action for damages in tort proximately flowing from the failure to report the suspected injuries. Previously, many physicians had remained reluctant to report cases of apparent child abuse, despite existing law that required it. Fourth, in "limited fund" cases,
1192-399: A class settlement. The ruling was a response to an objector who claimed Rule 23 required that the fee petition be filed before the time frame for class member objections to be filed; and payments to the class representative violates doctrine from two US Supreme Court cases from the 1800s. As of 2010, there was no publicly maintained list of nonsecurities class-action settlements, although
1341-440: A company could effectively supplement direct government regulation of securities markets and other similar markets. The second development was the rise of the civil rights movement , environmentalism and consumerism . The groups behind these movements, as well as many others in the 1960s, 1970s and 1980s, all turned to class actions as a means for achieving their goals. For example, a 1978 environmental law treatise reprinted
1490-519: A company specializing in the funding and management of litigation in Australia and New Zealand. It was the biggest class-action suit in New Zealand history. The Austrian Code of Civil Procedure ( Zivilprozessordnung – ZPO) does not provide for a special proceeding for complex class-action litigation. However, Austrian consumer organizations ( Verein für Konsumenteninformation (VKI) and
1639-457: A consolidated mass action against the pharmaceutical giant in the State of California. This opinion may arguably render nationwide mass action and class action impossible in any single state besides the defendant's home state. In 2020, the 11th Circuit Court of Appeals found incentive awards are impermissible. Incentive awards are a relatively modest payment made to class representatives as part of
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#17327867297591788-833: A contract or its clauses may be revoked. In two major 21st-century cases, the Supreme Court ruled 5–4 against certification of class actions due to differences in each individual members' circumstances: first in Wal-Mart v. Dukes (2011) and later in Comcast Corp. v. Behrend (2013). Companies may insert the phrase "may elect to resolve any claim by individual arbitration" into their consumer and employment contracts to use arbitration and prevent class-action lawsuits. Rejecting arguments that they violated employees' rights to collective bargaining, and that modestly-valued consumer claims would be more efficiently litigated within
1937-525: A coupon for future services or products with the defendant company) are a way for a defendant to forestall major liability by precluding many people from litigating their claims separately, to recover reasonable compensation for the damages. However, existing law requires judicial approval of all class-action settlements, and in most cases, class members are given a chance to opt out of class settlement, though class members, despite opt-out notices, may be unaware of their right to opt-out because they did not receive
2086-606: A day and 38% of its reserves were outside of the US and North Sea. Triton's major oil and gas assets in West Africa, Latin America and Southeast Asia would strengthen its exploration and production business and provide access to long life international reserves. Hess also stated that the purchase was expected to immediately increase the company's per-day barrel output by more than 25 percent. Similarly in 2001, Amerada Hess entered into
2235-631: A decade between Irish immigrants and Black people for work. Rioters burned the Colored Orphan Asylum to the ground. At least 120 people were killed. Eleven Black men were lynched over five days, and the riots forced hundreds of Blacks to flee. The Black population in Manhattan fell below 10,000 by 1865. The White working class had established dominance. It was one of the worst incidents of civil unrest in American history . In 1886,
2384-738: A group basis. Supporters (mostly pro-business) of the high court's ruling argue its holding is consistent with private contract principles. Many of those supporters had long-since argued that class action procedures were generally inconsistent with due process mandates and unnecessarily promoted litigation of otherwise small claims—thus heralding the ruling's anti-litigation effect. In 2017, the US Supreme Court issued its opinion in Bristol-Meyer Squibb Co. v. Superior Court of California, 137 S. Ct. 1773 (2017), holding that over five hundred plaintiffs from other states cannot bring
2533-554: A large number of plaintiffs, independent of class action procedures. For instance, under Ontario's Condominium Act, a condominium 's governing corporation may launch a lawsuit on behalf of the owners for damage to the condominium's common elements, even though the corporation does not own the common elements. The largest class action suit in Canada was settled in 2005 after Nora Bernard initiated efforts that led to an estimated 79,000 survivors of Canada's residential school system suing
2682-552: A local rule of court. The Federal Court of Canada permits class actions under Part V.1 of the Federal Courts Rules. Legislation in Saskatchewan , Manitoba , Ontario , and Nova Scotia expressly or by judicial opinion has been read to allow for what are informally known as national "opt-out" class actions, whereby residents of other provinces may be included in the class definition and potentially be bound by
2831-423: A multitude of persons may sue on behalf of, or for the benefit of, all persons "with the same interest in the subject matter of a proceeding". The presence and expansion of litigation funders have been playing a significant role in the emergence of class actions in New Zealand. For example, the "Fair Play on Fees" proceedings in relation to penalty fees charged by banks were funded by Litigation Lending Services (LLS),
2980-519: A parallel class action for residents of other provinces. The first court to certify will generally exclude residents of provinces whose courts have certified a parallel class action. However, in the Vioxx litigation, two provincial courts certified overlapping class actions whereby Canadian residents were class members in two class actions in two provinces. Both decisions are under appeal. Other legislation may provide for representative actions on behalf of
3129-523: A part of the colony of New York . It became a center of slavery , with 42% of households enslaving Africans by 1730. Most were domestic slaves ; others were hired out as labor. Slavery became integrally tied to New York's economy through the labor of slaves throughout the port, and the banking and shipping industries trading with the American South . During construction in Foley Square in
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#17327867297593278-646: A peak in 1926 with a net income of US$ 4.9 million. However, in the years leading to the Great Depression , weakness in the oil markets contributed to sluggish profits. The aftermath of the Wall Street Crash of 1929 aggravated an already unsteady oil industry. In the first quarter of 1930, the company experienced a minor loss. The early years of the Depression were a struggle against wavering demand and overproduction in some regions. Later into
3427-400: A plaintiff sues a defendant or a number of defendants on behalf of a group, or class, of absent parties. This differs from a traditional lawsuit, in which the plaintiffs sue one or more defendants, and all of the parties are present in court. For example, a group in a class action lawsuit could be any person who ever bought a specific dangerous product; in a traditional lawsuit, the plaintiff
3576-410: A public company may have losses too small to justify separate lawsuits, but a class action can be brought efficiently on behalf of all shareholders. Perhaps even more important than compensation is that class treatment of claims may be the only way to impose the costs of wrongdoing on the wrongdoer, thus deterring future wrongdoing. Third, class-action cases may be brought to purposely change behavior of
3725-472: A quicker and surer cleanup than would otherwise be the case. Holmes also said that 70 percent of the spill would be gone in three days due to the natural evaporation rate of kerosene. Even though most kerosene evaporates, toxic chemicals such as benzene stay in the water and harm certain fish. In September 1990, 5,000 gallons of oil spilled into the Arthur Kill when a six million-gallon Hess Oil tank at
3874-805: A reason for the merger. In May 1970, Amerada Hess drilled the first successful wildcat well in Prudhoe Bay on Alaska’s North Slope . In August, it joined with seven other companies to form Alyeska Pipeline Service Company in order to build and operate the $ 900‐million, 800‐mile Trans-Alaska Pipeline System . In October 1970, Hess stepped down from his role as chairman and CEO. However, after profits declined, he took back his roles in August 1972. The company's president and executive vice president resigned. In October 1974, Hess announced it would close its refinery in Port Reading, New Jersey . To compensate,
4023-519: A reputation as a despotic leader. He instituted regulations on liquor sales, attempted to assert control over the Dutch Reformed Church , and blocked other religious groups from establishing houses of worship. In 1664, unable to summon any significant resistance, Stuyvesant surrendered New Amsterdam to English troops, led by Colonel Richard Nicolls , without bloodshed. The terms of the surrender permitted Dutch residents to remain in
4172-531: A result of Sandy, and the economic losses in New York City were estimated to be roughly $ 19 billion. The disaster spawned long-term efforts towards infrastructural projects to counter climate change and rising seas, with $ 15 billion in federal funding received through 2022 towards those resiliency efforts. In March 2020, the first case of COVID-19 in the city was confirmed. With its population density and its extensive exposure to global travelers,
4321-553: A securities class-action database exists in the Stanford Law School Securities Class Action Clearinghouse and several for-profit companies maintain lists of the securities settlements. One study of federal settlements required the researcher to manually search databases of lawsuits for the relevant records, although state class actions were not included due to the difficulty in gathering the information. Another source of data
4470-526: A significant reduction of overall costs. The Austrian Supreme Court , in a judgment, confirmed the legal admissibility of these lawsuits under the condition that all claims are essentially based on the same grounds. The Austrian Parliament unanimously requested the Austrian Federal Minister for Justice to examine the possibility of new legislation providing for a cost-effective and appropriate way to deal with mass claims. Together with
4619-506: A single proceeding through the efforts of the representative plaintiff(s) and appointed class counsel. The antecedent of the class action was what modern observers call "group litigation," which appears to have been quite common in medieval England from about 1200 onward. These lawsuits involved groups of people either suing or being sued in actions at common law . These groups were usually based on existing societal structures like villages, towns, parishes, and guilds. Unlike modern courts,
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4768-485: A speech denying the request, which was paraphrased on the front page of the New York Daily News as "FORD TO CITY: DROP DEAD." The Municipal Assistance Corporation was formed and granted oversight authority over the city's finances. While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through that decade and into
4917-538: A storage terminal. thad cost $ 1.3 billion in loses over the previous three years. Hess took $ 525 million charge against its fourth-quarter 2011 earnings due to the shutdown. In May, the company sold its 15.67% interest in Schiehallion oil field , North Sea, to Royal Dutch Shell . In January 2013, Hess announced its plan to sell off its network of 19 storage terminals located on the East Coast and St. Lucia. By
5066-441: A way to uniformly settle all of the many claims brought via a mass action. Some states permit plaintiff's counsel to settle for all the mass action plaintiffs according to a majority vote, for example. Other states, such as New Jersey, require each plaintiff to approve the settlement of that plaintiff's own individual claims. Class actions were recognized in "Halabi" leading case ( Supreme Court , 2009). Class actions became part of
5215-465: Is US Bureau of Justice Statistics Civil Justice Survey of State Courts , which offers statistics for the year 2005. Proponents of class actions state that they offer a number of advantages because they aggregate many individualized claims into one representational lawsuit . First, aggregation can increase the efficiency of the legal process, and lower the costs of litigation. In cases with common questions of law and fact, aggregation of claims into
5364-474: Is a single individual person or business that bought the dangerous product. Although standards differ between states and countries, class actions are most common where the allegations usually involve at least 40 people who the same defendant has injured in the same way. Instead of each individual person bringing their own lawsuits separately, the class action allows all the claims of all class members—whether they know they have been damaged or not—to be resolved in
5513-467: Is an established safe haven for global investors. As of 2023 , New York City is the most expensive city in the world for expatriates and has by a wide margin the highest U.S. city residential rents; and Fifth Avenue is the most expensive shopping street in the world. New York City is home by a significant margin to the highest number of billionaires , individuals of ultra-high net worth (greater than US$ 30 million), and millionaires of any city in
5662-441: Is attributable to the award of the coupons shall be based on the value to class members of the coupons that are redeemed". 28 U.S.C.A. 1712(a). A common critique is that class actions are a form of judicially sanctioned extortion . The extortion thesis was first articulated by law professor Milton Handler , who published a famous law review article in 1971 calling the class action a form of "legalized blackmail". It has garnered
5811-401: Is available against defendant classes at all. In a class action, the plaintiff seeks court approval to litigate on behalf of a group of similarly situated persons. Not every plaintiff looks for or could obtain such approval. As a procedural alternative, plaintiff's counsel may attempt to sign up every similarly situated person that counsel can find as a client. Plaintiff's counsel can then join
5960-454: Is buying Amerada with Amerada's money." Proponents of the deal won and the $ 2.4 billion merger combining a pure production company with a refinery and marketer operation was completed. However, the controversy was not yet extinguished. A federal class-action lawsuit was filed in 1972, which claimed that the proxy vote information was misleading. In 1976, a court agreed that the company falsely claimed to have considered each company's assets as
6109-499: Is found liable, and the declaratory judgment can be used then to pursue damages in the same procedure or in individual ones in different jurisdictions. If the latter is the case, the liability cannot be discussed, but only the damages. There under the Chilean procedural rules, one particular case works as an opt-out class action for damages. This is the case when defendants can identify and compensate consumers directly, i.e. because it
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6258-552: Is now known as Hartree Partners. In 2014, Hess completed a multi-year transformation to be recognized as an exploration and production company by exiting all downstream operations, generating $ 13 billion in asset sales since the beginning of 2013. In April 2015, ExxonMobil announced its discovery of a significant oil reserve off the coast of Guyana in South America. At the time, it was estimated to contain more than 700 million barrels of oil. Hess began acquiring interest in
6407-866: The Atlantic port to the agricultural markets and commodities of the North American interior via the Hudson River and the Great Lakes . Local politics became dominated by Tammany Hall , a political machine supported by Irish and German immigrants . In 1831, New York University was founded. Several prominent American literary figures lived in New York during the 1830s and 1840s, including William Cullen Bryant , Washington Irving , Herman Melville , Rufus Wilmot Griswold , John Keese , Nathaniel Parker Willis , and Edgar Allan Poe . Members of
6556-811: The Austrian Ministry for Social Security, Generations and Consumer Protection , the Justice Ministry opened the discussion with a conference held in Vienna in June 2005. With the aid of a group of experts from many fields, the Justice Ministry began drafting the new law in September 2005. With the individual positions varying greatly, a political consensus could not be reached. Provincial laws in Canada allow class actions. All provinces permit plaintiff classes and some permit defendant classes. Quebec
6705-732: The Bakken formation near Tioga, North Dakota . In 1955, robust post-war growth grew the company to over US$ 100 million in annual sales. In 1964, Amerada, Shell plc , Marathon , and Continental formed the Oasis Group, a consortium to explore in Libya. Hess Oil and Chemical was founded in 1933 by Leon Hess as an operation out of Asbury Park that sold refining leftovers to hotels as heating fuel. In 1938, he purchased land in Perth Amboy for his first oil storage terminal and in 1958 opened
6854-454: The Canadian government . The settlement amounted to upwards of $ 5 billion. Chile approved class actions in 2004. The Chilean model is technically an opt-out issue class action, followed by a compensatory stage which can be collective or individual. This means that the class action is designed to declare the defendant generally liable with erga omnes effects if and only if the defendant
7003-590: The Class Action Fairness Act of 2005 , passed by the United States Congress, found: Class-action lawsuits are an important and valuable part of the legal system when they permit the fair and efficient resolution of legitimate claims of numerous parties by allowing the claims to be aggregated into a single action against a defendant that has allegedly caused harm. There are several criticisms of class actions. The preamble to
7152-909: The Crown , with as many as 10,000 escaped slaves crowded into the city during the British occupation, the largest such community on the continent. When the British forces evacuated New York at the close of the war in 1783, they transported thousands of freedmen for resettlement in Nova Scotia , England, and the Caribbean . The attempt at a peaceful solution to the war took place at the Conference House on Staten Island between American delegates, including Benjamin Franklin , and British general Lord Howe on September 11, 1776. Shortly after
7301-730: The EnCana Corporation . Further, Amerada Hess cut exploration and production jobs by 30 percent and reduced office space in Aberdeen, Scotland, and London. However, from 2003 through 2006, Amerada Hess posted steadily increasing profits as the company reported US$ 1.920 billion in net income. In May 2006, Amerada Hess Corp. changed its name to Hess Corp. In May 2010, Hess announced a joint venture with Toreador Resources of France to develop Toreador's one million gross acres in France's Paris Basin . In July, Hess announced it would acquire
7450-567: The Federal Rules of Civil Procedure . A major revision of the FRCP in 1966 radically transformed Rule 23, made the opt-out class action the standard option, and gave birth to the modern class action. Entire treatises have been written since to summarize the huge mass of law that sprang up from the 1966 revision of Rule 23. Just as medieval group litigation bound all members of the group regardless of whether they all actually appeared in court,
7599-742: The New York City Fire Department and 71 law enforcement officers. The area was rebuilt with a new World Trade Center , the National September 11 Memorial and Museum , and other new buildings and infrastructure, including the World Trade Center Transportation Hub , the city's third-largest hub. The new One World Trade Center is the tallest skyscraper in the Western Hemisphere and the seventh-tallest building in
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#17327867297597748-692: The Northeast megalopolis and the New York metropolitan area , the largest metropolitan area in the U.S. by both population and urban area . New York is a global center of finance and commerce , culture , technology , entertainment and media , academics and scientific output , the arts and fashion , and, as home to the headquarters of the United Nations , international diplomacy . With an estimated population in 2023 of 8,258,035 distributed over 300.46 square miles (778.2 km ),
7897-1000: The Northwest Passage to the Orient for the Dutch East India Company . He sailed up what the Dutch called North River (now the Hudson River), named first by Hudson as the Mauritius after Maurice, Prince of Orange . Hudson claimed the region for the Dutch East India Company. In 1614, the area between Cape Cod and Delaware Bay was claimed by the Netherlands and called Nieuw-Nederland (' New Netherland '). The first non–Native American inhabitant of what became New York City
8046-576: The Statue of Liberty , a gift from France , was dedicated in New York Harbor. The statue welcomed 14 million immigrants as they came to the U.S. via Ellis Island by ship in the late 19th and early 20th centuries, and is a symbol of the United States and American ideals of liberty and peace. In 1898, the City of New York was formed with the consolidation of Brooklyn (until then a separate city),
8195-709: The Stonewall riots were a series of violent protests by members of the gay community against a police raid that took place in the early morning of June 28, 1969, at the Stonewall Inn in Greenwich Village . They are widely considered to be the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . Wayne R. Dynes , author of the Encyclopedia of Homosexuality , wrote that drag queens were
8344-480: The entire text of Rule 23 and mentioned "class actions" 14 times in its index. Businesses targeted by class actions for inflicting massive aggregate harm have sought ways to avoid class actions altogether. In the 1990s, the US Supreme Court issued several decisions that strengthened the "federal policy favoring arbitration ". In response, lawyers have added provisions to consumer contracts of adhesion called "collective action waivers", which prohibit those signing
8493-612: The steamship General Slocum caught fire in the East River , killing 1,021 people. In 1911, the Triangle Shirtwaist Factory fire , the city's worst industrial disaster, killed 146 garment workers and spurred the growth of the International Ladies' Garment Workers' Union and major improvements in factory safety standards. New York's non-White population was 36,620 in 1890. New York City
8642-415: The waterfronts since Dutch colonial times; reclamation is most prominent in Lower Manhattan, with developments such as Battery Park City in the 1970s and 1980s. Some of the natural relief in topography has been evened out, especially in Manhattan. Class action A class action , also known as a class action lawsuit , class suit , or representative action , is a type of lawsuit where one of
8791-410: The 1930s, financial forecasts for Amerada became more positive. In December 1941, the company reorganized by merging the holding company and the principal operating subsidiary , Amerada Petroleum Corporation, into a simplified operating company. The new entity also adopted the former subsidiary's name. During the 1950s, the company expanded into pipelining and refining. In 1951, it discovered oil in
8940-416: The 1990s, the African Burying Ground was discovered; the cemetery included 10,000 to 20,000 graves of colonial-era Africans, some enslaved and some free. The 1735 trial and acquittal in Manhattan of John Peter Zenger , who had been accused of seditious libel after criticizing colonial governor William Cosby , helped to establish freedom of the press in North America . In 1754, Columbia University
9089-418: The 19th century, the city was transformed by both commercial and residential development relating to its status as a national and international trading center , as well as by European immigration, respectively. The city adopted the Commissioners' Plan of 1811 , which expanded the city street grid to encompass almost all of Manhattan. The 1825 completion of the Erie Canal through central New York connected
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#17327867297599238-479: The Archdiocese's churches were cited as a defendant class. This was done to include their assets (local churches) in any settlement. Where both the plaintiffs and the defendants have been organized into court-approved classes, the action is called a bilateral class action. In the United States, only a few hundred defendant class actions have been filed (mostly in securities cases and constitutional challenges), and circuit courts are split as to whether injunctive relief
9387-414: The Australian legal landscape only when the Federal Parliament amended the Federal Court of Australia Act in 1992 to introduce "representative proceedings", the equivalent of the American "class actions". Likewise, class actions appeared slowly in the New Zealand legal system. However, a group can bring litigation through the action of a representative under the High Court Rules which provide that one or
9536-409: The British occupation began, the Great Fire of New York destroyed nearly 500 buildings, about a quarter of the structures in the city, including Trinity Church . In January 1785, the assembly of the Congress of the Confederation made New York City the national capital. New York was the last capital of the U.S. under the Articles of Confederation and the first capital under the Constitution of
9685-410: The Bronx , and Staten Island . Anchored by Wall Street in the Financial District, Manhattan , New York City has been called both the world's premier financial and fintech center and the most economically powerful city in the world. As of 2022 , the New York metropolitan area is the largest metropolitan economy in the world , with a gross metropolitan product of over US$ 2.16 trillion. If
9834-540: The Class Action Fairness Act stated that some abusive class actions have harmed class members possessing legitimate claims and defendants acting responsibly; have adversely affected interstate commerce; and have undermined public respect for the country's judicial system. Class members often receive little or no benefit from class actions. Examples cited for this include large fees for the attorneys, while leaving class members with coupons or other awards of little or no value; unjustified awards are made to certain plaintiffs at
9983-1164: The Company's downstream businesses, including retail, energy marketing, and energy trading." The 1,350 gas stations in the Northeast, Carolinas, and Florida accounted for just 4% of its revenue. It also noted that Hess would sell its holdings in Indonesia and Thailand. Hess would focus exclusively on oil production, following a trend in the oil industry for companies to spin off their downstream assets and focus on their more profitable upstream business; ConocoPhillips and Marathon Oil also made similar spinoffs in recent years with Phillips 66 and Marathon Petroleum , respectively. In April 2013, Hess Corp announced it would be selling its Russian unit to Lukoil for $ 2.05 billion. In July 2013, Hess Corp said it would sell its energy marketing unit to UK firm Centrica for around $ 1.03 billion. In July 2013, Hess agreed to sell its wholesale and retail oil, natural gas and electricity marketing business to Direct Energy . In October 2013, Hess Corp announced it would sell its East Coast and St. Lucia storage terminal network to Buckeye Partners LP for $ 850 million. In December 2013, Hess Corp announced that it
10132-399: The County of New York (which then included parts of the Bronx), the County of Richmond, and the western portion of the County of Queens. The opening of the New York City Subway in 1904, first built as separate private systems, helped bind the new city together. Throughout the first half of the 20th century, the city became a world center for industry, commerce, and communication. In 1904,
10281-459: The Dutch West India Company relinquished its monopoly over the fur trade, leading to growth in the production and trade of food, timber, tobacco, and slaves (particularly with the Dutch West Indies ). In 1647, Peter Stuyvesant began his tenure as the last Director-General of New Netherland. During his tenure, the population of New Netherland grew from 2,000 to 8,000. Stuyvesant has been credited with improving law and order; however, he earned
10430-413: The Dutch colonial Director-General Peter Minuit , as charged by the Dutch West India Company , purchased the island of Manhattan from the Canarsie , a small Lenape band, for "the value of 60 guilders " (about $ 900 in 2018). A frequently told but disproved legend claims that Manhattan was purchased for $ 24 worth of glass beads. Following the purchase, New Amsterdam grew slowly. To attract settlers,
10579-478: The Dutch instituted the patroon system in 1628, whereby wealthy Dutchmen ( patroons , or patrons) who brought 50 colonists to New Netherland would be awarded land, local political autonomy, and rights to participate in the lucrative fur trade. This program had little success. Since 1621, the Dutch West India Company had operated as a monopoly in New Netherland, on authority granted by the Dutch States General . In 1639–1640, in an effort to bolster economic growth,
10728-477: The Federal Chamber of Labour / Bundesarbeitskammer ) have brought claims on behalf of hundreds or even thousands of consumers. In these cases, the individual consumers assigned their claims to one entity, who has then brought an ordinary (two-party) lawsuit over the assigned claims. The monetary benefits were redistributed among the class. This technique, labeled as "class action Austrian style," allows for
10877-746: The Joint Development Area of Malaysia and Thailand). In 1919, British oil entrepreneur Lord Cowdray formed the Amerada Corporation to explore oil production in North America. The firm was incorporated on February 7, 1920, in Delaware as a holding company for its principal subsidiary, the Amerada Petroleum Corporation . The oil producer experienced growth during most of the 1920s, hitting
11026-597: The Native Americans and epidemics brought on by contact with the Europeans caused sizeable population losses for the Lenape between 1660 and 1670. By 1700, the Lenape population had diminished to 200. New York experienced several yellow fever epidemics in the 18th century, losing ten percent of its population in 1702 alone. In the early 18th century, New York grew in importance as a trading port while as
11175-480: The New York metropolitan area were its own country , it would have the tenth-largest economy in the world . Despite having a 24/7 rapid transit system , New York also leads the world in urban automobile traffic congestion . The city is home to the world's two largest stock exchanges by market capitalization of their listed companies: the New York Stock Exchange and Nasdaq . New York City
11324-716: The Revolutionary War and escaped slaves, a significant free-Black population gradually developed in Manhattan. The New York Manumission Society worked for abolition and established the African Free School to educate Black children. It was not until 1827 that slavery was completely abolished in the state . Free Blacks struggled with discrimination and interracial abolitionist activism continued. New York City's population jumped from 123,706 in 1820 (10,886 of whom were Black and of which 518 were enslaved) to 312,710 by 1840 (16,358 of whom were Black). Also in
11473-465: The United States . As the U.S. capital, New York City hosted the inauguration of the first President, George Washington , and the first Congress , at Federal Hall on Wall Street . Congress drafted the Bill of Rights there. The Supreme Court held its first organizational sessions in New York in 1790. In 1790, for the first time, New York City surpassed Philadelphia as the nation's largest city. At
11622-476: The United States thanks to the influence of Supreme Court Associate Justice Joseph Story , who imported it into US law through summary discussions in his two equity treatises as well as his opinion in West v. Randall (1820). However, Story did not necessarily endorse class actions, because he "could not conceive of a modern function or a coherent theory for representative litigation." The oldest predecessor to
11771-502: The acreage in 2018. By 2022, the estimation surpassed 11 billion barrels. In October 2023, Chevron Corporation announced that it would acquire Hess Corporation in an all-stock deal for $ 53 billion, or $ 60 billion including debt. However, since this would give Chevron control of Hess' 30% interest in the Guyana oil fields, Exxon protested and claim to have a right of first refusal to acquire those assets. In March 2024, Exxon and CNOOC ,
11920-483: The adverse interests of the plaintiffs and the defendants in the suit properly before it. But in such cases, the decree shall be without prejudice to the rights and claims of all the absent parties. This allowed for representative suits in situations where there were too many individual parties (which now forms the first requirement for class-action litigation – numerosity). However, this rule did not allow such suits to bind similarly situated absent parties, which rendered
12069-663: The area for France and named it Nouvelle Angoulême (New Angoulême ). A Spanish expedition, led by the Portuguese captain Estêvão Gomes sailing for Emperor Charles V , arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River , which he named Río de San Antonio ('Saint Anthony's River'). In 1609, the English explorer Henry Hudson rediscovered New York Harbor while searching for
12218-493: The beginning of the 1990s. By the mid-1990s, crime rates started to drop dramatically due to revised police strategies, improving economic opportunities, gentrification , and new residents, both American transplants and new immigrants from Asia and Latin America. New York City's population exceeded 8 million for the first time in the 2000 United States census ; further records were set in 2010 , and 2020 U.S. censuses. Important new sectors, such as Silicon Alley , emerged in
12367-587: The business elite lobbied for the establishment of Central Park , which in 1857 became the first landscaped park in an American city. The Great Irish Famine brought a large influx of Irish immigrants, of whom more than 200,000 were living in New York by 1860, representing over a quarter of the city's population. Extensive immigration from the German provinces meant that Germans comprised another 25% of New York's population by 1860. Democratic Party candidates were consistently elected to local office, increasing
12516-498: The case. Finally, a class action avoids the situation where different court rulings could create "incompatible standards" of conduct for the defendant to follow. See Fed. R. Civ. P. 23(b)(1)(A). For example, a court might certify a case for class treatment where a number of individual bond-holders sue to determine whether they may convert their bonds to common stock . Refusing to litigate the case in one trial could result in different outcomes and inconsistent standards of conduct for
12665-613: The city from New Jersey. The East River—a tidal strait —flows from Long Island Sound and separates the Bronx and Manhattan from Long Island. The Harlem River , another tidal strait between the East and Hudson rivers, separates most of Manhattan from the Bronx. The Bronx River , which flows through the Bronx and Westchester County , is the only entirely freshwater river in the city. The city's land has been altered substantially by human intervention, with considerable land reclamation along
12814-425: The city is the most densely populated major city in the United States. New York City has more than double the population of Los Angeles , the nation's second-most populous city. With more than 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York City is one of the world's most populous megacities . The city and its metropolitan area are
12963-439: The city rapidly replaced Wuhan , China as the global epicenter of the pandemic during the early phase, straining the city's healthcare infrastructure. Through March 2023, New York City recorded more than 80,000 deaths from COVID-19-related complications. New York City is situated in the northeastern United States , in southeastern New York State, approximately halfway between Washington, D.C. and Boston . Its location at
13112-632: The city's economy. The advent of Y2K was celebrated with fanfare in Times Square . New York City suffered the bulk of the economic damage and largest loss of human life in the aftermath of the September 11, 2001, attacks . Two of the four airliners hijacked that day were flown into the twin towers of the World Trade Center, resulting in the collapse of both buildings and the deaths of 2,753 people, including 343 first responders from
13261-794: The city's ties to the South and its dominant party. In 1861, Mayor Fernando Wood called on the aldermen to declare independence from Albany and the United States after the South seceded, but his proposal was not acted on. Anger at new military conscription laws during the American Civil War (1861–1865), which spared wealthier men who could afford to hire a substitute, led to the Draft Riots of 1863 , whose most visible participants were ethnic Irish working class. The draft riots deteriorated into attacks on New York's elite, followed by attacks on Black New Yorkers after fierce competition for
13410-514: The claims of all of these persons in one complaint, a so-called "mass action", hoping to have the same efficiencies and economic leverage as if a class had been certified. Because mass actions operate outside the detailed procedures laid out for class actions, they can pose special difficulties for both plaintiffs, defendants, and the court. For example, settlement of class actions follows a predictable path of negotiation with class counsel and representatives, court scrutiny, and notice. There may not be
13559-399: The class but may be treated the same. Proposed settlements could offer some groups (such as former customers) much greater benefits than others. In one paper presented at an ABA conference on class actions in 2007, authors commented that "competing cases can also provide opportunities for collusive settlement discussions and reverse auctions by defendants anxious to resolve their new exposure at
13708-512: The class-action rule in the United States was in the Federal Equity Rules , specifically Equity Rule 48, promulgated in 1842. Where the parties on either side are very numerous, and cannot, without manifest inconvenience and oppressive delays in the suit, be all brought before it, the court in its discretion may dispense with making all of them parties, and may proceed in the suit, having sufficient parties before it to represent all
13857-633: The colony and allowed for religious freedom. In 1667, during negotiations leading to the Treaty of Breda after the Second Anglo-Dutch War , the victorious Dutch decided to keep the nascent plantation colony of what is now Suriname , which they had gained from the English, and in return the English kept New Amsterdam. The settlement was promptly renamed "New York" after the Duke of York (the future King James II and VII). The duke gave part of
14006-622: The colony to proprietors George Carteret and John Berkeley . On August 24, 1673, during the Third Anglo-Dutch War , Anthony Colve of the Dutch navy seized New York at the behest of Cornelis Evertsen the Youngest and rechristened it "New Orange" after William III , the Prince of Orange . The Dutch soon returned the island to England under the Treaty of Westminster of November 1674. Several intertribal wars among
14155-807: The company acquired the London-based Monsanto Oil Company from Monsanto to increase its interests in two oilfields in the North Sea. In July 1988, Amerada Hess announced it would acquire Whitehall Ltd., a British oil and gas exploration company, from Pearson PLC for $ 160 million. The deal included Whitehall's interests in the Ivanhoe, Rob Roy, Waverley, Forties , Alba, and Anglia oil fields, as well as significant North Sea gas reserves. In September 1990, Amerada Hess acquired British Petroleum's stake in Norway's Brage oil field , which
14304-582: The company was added to the Dow Jones Sustainability World Index . In August 1976, 600 gallons of oil seeped into the Arthur Kill and Raritan River when a barge heading to Hess' Perth Amboy facility struck a rock. A month later, Amerada Hess and eight other oil companies that operated in the area, announced plans to form a mutual aid cooperative that would clean up major oil spills in the harbor. On October 28, 1990,
14453-653: The company would expand its activities at its Virgin Islands and Mississippi locations, including an $ 18 million container port in St. Croix. In December 1981, Hess joined with Mobil in its bid to acquire Marathon and avoid antitrust concerns. However the deal ultimately fell through and United States Steel Corporation proved to be the winning bid. Hess stepped down from his role as CEO in May 1982. Company president Philip Kramer replaced him, while Hess remained chairman. In November 1985,
14602-414: The company's Perth Amboy Terminal collapsed. New York City New York , often called New York City or NYC , is the most populous city in the United States , located at the southern tip of New York State on one of the world's largest natural harbors . The city comprises five boroughs , each coextensive with a respective county . The city is the geographical and demographic center of both
14751-491: The company's board due to his past communications with OPEC . Hess outlined in its 2006 Corporate Sustainability Report a "four-element" strategy to reduce and control greenhouse gas emissions . The strategy's steps included monitoring, measuring, managing, and mitigating the emissions. The company intended to improve its environmental impact through reporting results, increasing energy efficiency and recovery, and participating in carbon capture and trading. In December 2022,
14900-691: The company's first refinery, located in Port Reading. The company went public in 1962 after merging with the Cletrac Corporation, a company that made farm equipment. In October 1966, the company opened an oil refinery on Saint Croix of the US Virgin Islands under Hess Oil Virgin Islands Corporation. In 1966, Hess paid $ 100 million to the British government to acquire 10% of Amerada. Albert Levinson became
15049-443: The company. The new claims would be employed in a May stockholder vote deciding the merger's fate. The voting took place amidst shareholder rancor that, in addition to echoing Adler's arguments, objected to Amerada's financing of the recently completed tender offer. Hess planned to cancel the shares, and the newly formed company would absorb the cost of the acquisition. One shareholder at the meeting quipped, "It looks to me as if Hess
15198-635: The contracts from bringing class-action suits. In 2011, the US Supreme Court ruled in a 5–4 decision in AT&;T Mobility v. Concepcion that the Federal Arbitration Act of 1925 preempts state laws that prohibit contracts from disallowing class-action lawsuits, which will make it more difficult for consumers to file class-action lawsuits. The dissent pointed to a saving clause in the federal act which allowed states to determine how
15347-417: The court's judgment on common issues unless they opt-out in a prescribed manner and time. Court rulings have determined that this permits a court in one province to include residents of other provinces in the class action on an "opt-out" basis. Judicial opinions have indicated that provincial legislative national opt-out powers should not be exercised to interfere with the ability of another province to certify
15496-496: The defendant corporation . Thus, courts will generally allow a class action in such a situation. See, e.g., Van Gemert v. Boeing Co. , 259 F. Supp. 125 (S.D.N.Y. 1966). Whether a class action is superior to individual litigation depends on the case and is determined by the judge's ruling on a motion for class certification. The Advisory Committee Note to Rule 23, for example, states that mass torts are ordinarily "not appropriate" for class treatment. Class treatment may not improve
15645-417: The development of large housing tracts in eastern Queens and Nassau County , with Wall Street leading America's place as the world's dominant economic power. The United Nations headquarters was completed in 1952, solidifying New York's global geopolitical influence, and the rise of abstract expressionism in the city precipitated New York's displacement of Paris as the center of the art world. In 1969,
15794-528: The efficiency of a mass tort because the claims frequently involve individualized issues of law and fact that will have to be re-tried on an individual basis. See Castano v. Am. Tobacco Co. , 84 F.3d 734 (5th Cir. 1996) (rejecting nationwide class action against tobacco companies). Mass torts also involve high individual damage awards; thus, the absence of class treatment will not impede the ability of individual claimants to seek justice. Other cases, however, may be more conducive to class treatment. The preamble to
15943-406: The end of 1790, the national capital was moved to Philadelphia . During the 19th century, New York City's population grew from 60,000 to 3.43 million. Under New York State's gradual emancipation act of 1799, children of slave mothers were to be eventually liberated but to be held in indentured servitude until their mid-to-late twenties. Together with slaves freed by their masters after
16092-478: The end of February 2013, and while Elliott waged its proxy fight, Hess permanently closed its Port Reading, New Jersey petroleum refinery. Gas prices had risen to their highest levels since October 2012 and Hess said it would lay off 170 of 217 employees at the plant, exit the refinery business and look for a buyer for its 19 storage terminals. On March 4, 2013, Hess announced that it would sell its domestic refineries and retail operations and would be "fully exiting
16241-696: The expected $ 324 million in proceeds to pay off debt. It also allowed the company to focus on its more profitable operations in the Virgin Islands and North Sea . In February 1998, Hess sold 50% of its Virgin Islands refinery for $ 625 million. Operations were taken over by Hovensa LLC, a joint venture between Hess and the Venezuelan state-owned PDVSA . In February 2000, Hess acquired the Meadville Corporation and rebranded all 178 Merit gas stations as Hess. The Merit gas station chain
16390-401: The expense of other class members; and confusing notices are published that prevent class members from being able to fully understand and effectively exercise their rights. For example, in the United States, class lawsuits sometimes bind all class members with a low settlement . These " coupon settlements " (which usually allow the plaintiffs to receive a small benefit such as a small check or
16539-457: The founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on a citadel and Fort Amsterdam , later called Nieuw Amsterdam (New Amsterdam), on present-day Manhattan Island. The colony of New Amsterdam extended from the southern tip of Manhattan to modern-day Wall Street , where a 12-foot (3.7 m) wooden stockade was built in 1653 to protect against Native American and English raids. In 1626,
16688-473: The ice (and its subsequent retreat) contributed to the separation of what is now Long Island and Staten Island. That action left bedrock at a relatively shallow depth, providing a solid foundation for most of Manhattan's skyscrapers. The Hudson River flows through the Hudson Valley into New York Bay . Between New York City and Troy, New York , the river is an estuary . The Hudson River separates
16837-531: The impetus for most types of group litigation removed, it went into a steep decline in English jurisprudence from which it never recovered. It was further weakened by the fact that equity pleading, in general, was falling into disfavor, which culminated in the Judicature Acts of 1874 and 1875. Group litigation was essentially dead in the United Kingdom after 1850. Class actions survived in
16986-674: The independent American Oil & Gas for $ 445 million. In the first half of 2013, Hess was subjected to a proxy battle against activist investor Elliott Associates , which owned 4% of its stock at the time. Elliott criticized Hess for being "distracted" from oil exploration and production by other activities, wasting capital, and relying too heavily on the Hess family and their allies. In January 2013, Elliott announced its intentions to acquire additional Hess stock. It also called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure
17135-491: The last American stronghold in Manhattan, causing George Washington and his forces to retreat across the Hudson River to New Jersey , pursued by British forces. After the battle, in which the Americans were defeated, the British made the city their military and political base of operations in North America. The city was a haven for Loyalist refugees and escaped slaves who joined the British lines for freedom promised by
17284-509: The medieval English courts did not question the right of the actual plaintiffs to sue on behalf of a group or a few representatives to defend an entire group. From 1400 to 1700, group litigation gradually switched from being the norm in England to the exception. The development of the concept of the corporation led to the wealthy supporters of the corporate form becoming suspicious of all unincorporated legal entities, which in turn led to
17433-411: The modern class action binds all members of the class, except for those who choose to opt out (if the rules permit them to do so). The Advisory Committee that drafted the new Rule 23 in the mid-1960s was influenced by two major developments. First was the suggestion of Harry Kalven Jr. and Maurice Rosenfield in 1941 that class-action litigation by individual shareholders on behalf of all shareholders of
17582-738: The modern concept of the unincorporated or voluntary association . The tumultuous history of the Wars of the Roses and then the Star Chamber resulted in periods during which the common law courts were frequently paralyzed, and out of the confusion the Court of Chancery emerged with exclusive jurisdiction over group litigation. By 1850, Parliament had enacted several statutes on a case-by-case basis to deal with issues regularly faced by certain types of organizations, like joint-stock companies, and with
17731-594: The most economic cost". Advertising or otherwise soliciting to find lead plaintiffs may also be unethical, as the plaintiff may not genuinely be aggrieved. Although normally plaintiffs are the class, defendant class actions are also possible. For example, in 2005, the Roman Catholic Archdiocese of Portland in Oregon was sued as part of the Catholic priest sex-abuse scandal . All parishioners of
17880-419: The most populous urbanized area in the world in the early 1920s, overtaking London . The metropolitan area surpassed 10 million in the early 1930s, becoming the first megacity . The Great Depression saw the election of reformer Fiorello La Guardia as mayor and the fall of Tammany Hall after eighty years of political dominance. Returning World War II veterans created a post-war economic boom and
18029-556: The mouth of the Hudson River , which feeds into a naturally sheltered harbor and then into the Atlantic Ocean , has helped the city grow in significance as a trading port. Most of the city is built on the three islands of Long Island, Manhattan, and Staten Island. During the Wisconsin glaciation , 75,000 to 11,000 years ago, the New York City area was situated at the edge of a large ice sheet . The erosive forward movement of
18178-522: The new company. Before the stockholder vote on the matter, Phillips Petroleum , an integrated oil firm, approached Amerada with its merger proposal, but the offer was declined in March 1969. Still interested, Phillips nonetheless stated it would not carry out a lawsuit against the proposed Hess deal. Hess, fearing such a strategy, made a cash tender offer of US$ 140 million for an additional 1.1 million shares of Amerada, which would double its holding in
18327-422: The notice, did not read it or did not understand it. The Class Action Fairness Act of 2005 addresses these concerns. An independent expert may scrutinize coupon settlements before judicial approval in order to ensure that the settlement will be of value to the class members (28 U.S.C.A. 1712(d)). Further, if the action provides for settlement in coupons, "the portion of any attorney's fee award to class counsel that
18476-553: The oil firm and thus boost its share price. "Buried within Hess Corp. is one of the premier U.S. resource play -focused companies," Elliott wrote. Another Hess Stockholder, Relational Investors , came out in support of Elliott. A point of contention was that several members of the company's board were close associates of the Hess family and did not have experience in oil. These included former New Jersey governor Thomas Kean , former Georgia senator Samuel A. Nunn , and Gregory Hill,
18625-445: The only " transgender folks around" during the June 1969 Stonewall riots. The transgender community in New York City played a significant role in fighting for LGBT equality. In the 1970s, job losses due to industrial restructuring caused New York City to suffer from economic problems and rising crime rates. Growing fiscal deficits in 1975 led the city to appeal to the federal government for financial aid; President Gerald Ford gave
18774-729: The parameters of one lawsuit, the U.S. Supreme Court, in Epic Systems Corp. v. Lewis (2018), enabled the use of class action waivers . Citing its deference to freedom to contract principles, the Epic Systems opinion opened the door dramatically to the use of these waivers as a condition of employment, consumer purchases and the like. Some commentators in opposition to the ruling see it as a "death knell" to many employment and consumer class actions, and have increasingly pushed for legislation to circumvent it in hopes of reviving otherwise-underrepresented parties' ability to litigate on
18923-408: The parties is a group of people who are represented collectively by a member or members of that group. The class action originated in the United States and is still predominantly an American phenomenon, but Canada, as well as several European countries with civil law , have made changes in recent years to allow consumer organizations to bring claims on behalf of consumers. In a typical class action,
19072-482: The premier gateway for legal immigration to the United States . As many as 800 languages are spoken in New York City, making it the most linguistically diverse city in the world. In 2021, the city was home to nearly 3.1 million residents born outside the U.S., the largest foreign-born population of any city in the world. New York City traces its origins to Fort Amsterdam and a trading post founded on Manhattan Island by Dutch colonists around 1624. The settlement
19221-455: The president of worldwide exploration and production for Hess. Elliott announced five candidates for board seats. In March, Hess announced that it was acting on some of Elliott's suggestions. It replaced six directors, raised its dividends, and introduced a stock buyback. The company also announced its plan to sell off the Hess stations division and all other consumer-facing endeavors. However, Elliott said that Hess' changes fell far short of what
19370-456: The relatively paltry potential recoveries into something worth someone's (usually an attorney's) labor." Amchem Prods., Inc. , 521 U.S. at 617 (quoting Mace , 109 F.3d at 344). In other words, a class action ensures that a defendant who engages in widespread harm – but does so minimally against each individual plaintiff – must compensate those individuals for their injuries. For example, thousands of shareholders of
19519-621: The retail unit of Hess Corp for $ 2.87 billion. Following the closure of the acquisition in late 2014, it was announced that all Hess gas stations were to be rebranded as Speedway gas stations by the end of 2017, although a few stations ended up taking on another company. The company also sold its 50% interests in the Bayonne Energy Center and Newark Energy Center , as well as its 50% interest in Hess Energy Trading Company (HETCO) to Oaktree Capital . HETCO
19668-530: The rule ineffective. Within ten years, the Supreme Court interpreted Rule 48 in such a way so that it could apply to absent parties under certain circumstances, but only by ignoring the plain meaning of the rule. In the rules published in 1912, Equity Rule 48 was replaced with Equity Rule 38 as part of a major restructuring of the Equity Rules, and when federal courts merged their legal and equitable procedural systems in 1938, Equity Rule 38 became Rule 23 of
19817-408: The senior vice president and designed the modern-day Hess logo. In December 1968, Hess and Amerada announced plans for a merger. Some Amerada stockholders, led by Morton Adler, criticized the arrangement as being too favorable for Hess. Adler argued that Amerada's oil reserves would contribute most of the assets for the proposed company, and that Amerada stockholders should retain greater control of
19966-475: The support of a significant minority of the justices of the U.S. Supreme Court , along with prominent judges like Henry Friendly and Richard Posner . However, empirical studies have generally found the extortion thesis to be "overstated". Class action cases present significant ethical challenges. Defendants can hold reverse auctions and any of several parties can engage in collusive settlement discussions. Subclasses may have interests that diverge greatly from
20115-550: The third partner in the offshore Stabroek block, filed arbitration cases with the International Chamber of Commerce to stop the deal. Hess shareholders, meanwhile, approved the acquisition that May. The arbitration hearing is expected to be heard in May 2025. In September 2024, the Federal Trade Commission conditioned approval of the merger upon John B. Hess being prohibited from serving on
20264-597: The world by pinnacle height, with its spire reaching a symbolic 1,776 feet (541.3 m), a reference to the year of U.S. independence . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and popularizing the Occupy movement against social and economic inequality worldwide. New York City
20413-513: The world. In 1664, New York was named in honor of the Duke of York (later King James II of England ). James's elder brother, King Charles II , appointed the Duke as proprietor of the former territory of New Netherland , including the city of New Amsterdam , when the Kingdom of England seized it from Dutch control. In the pre-Columbian era , the area of present-day New York City
20562-422: Was Juan Rodriguez , a merchant from Santo Domingo who arrived in Manhattan during the winter of 1613–14, trapping for pelts and trading with the local population as a representative of the Dutch colonists. A permanent European presence near New York Harbor was established in 1624, making New York the 12th-oldest continuously occupied European-established settlement in the continental United States , with
20711-566: Was heavily affected by Hurricane Sandy in late October 2012. Sandy's impacts included flooding that led to the days-long shutdown of the subway system and flooding of all East River subway tunnels and of all road tunnels entering Manhattan except the Lincoln Tunnel . The New York Stock Exchange closed for two days due to weather for the first time since the Great Blizzard of 1888 . At least 43 people died in New York City as
20860-539: Was a prime destination in the early 20th century for Blacks during the Great Migration from the American South, and by 1916, New York City had the largest urban African diaspora in North America. The Harlem Renaissance of literary and cultural life flourished during the era of Prohibition . The larger economic boom generated construction of skyscrapers competing in height. New York City became
21009-629: Was due to start producing in 1994. The company closed a Mississippi refinery in January 1994, eliminating 160 jobs. In October, Amerada Hess formed a joint venture with Gabon to gain access to the Rabi-Kounga oil field . In 1995, Hess stepped down as chairman and CEO of the company, and was replaced by his son, John Hess. He died in May 1999. In April 1996, Petro-Canada paid $ 538 million to Amerada Hess Corp. for all shares of its Amerada Hess Canada Ltd subsidiary. In May, Hess announced it would sell nine United States oil and natural gas fields and use
21158-615: Was finally reached hours before the company's annual investor meeting with shareholders. Hess agreed to give Elliott three board seats if it supported the company's five nominees. As of the fourth quarter of 2014, Elliott owned 17.8 million shares of Hess, worth $ 1.3 billion, making it Elliott's largest holding. On January 18, 2012, the company announced that it would close the Hovensa refinery in St. Croix , United States Virgin Islands by mid-February 2012. The refinery would continue to serve as
21307-809: Was founded. The Stamp Act Congress met in New York in October 1765, as the Sons of Liberty organization emerged in the city and skirmished over the next ten years with British troops stationed there. The Battle of Long Island , the largest battle of the American Revolutionary War , was fought in August 1776 within modern-day Brooklyn. A British rout of the Continental Army at the Battle of Fort Washington in November 1776 eliminated
21456-534: Was inhabited by Algonquians , including the Lenape . Their homeland, known as Lenapehoking , included the present-day areas of Staten Island , Manhattan , the Bronx , the western portion of Long Island (including Brooklyn and Queens ), and the Lower Hudson Valley . The first documented visit into New York Harbor by a European was in 1524 by explorer Giovanni da Verrazzano . He claimed
21605-468: Was named New Amsterdam in 1626 and was chartered as a city in 1653. The city came under English control in 1664 and was temporarily renamed New York after King Charles II granted the lands to his brother, the Duke of York , before being permanently renamed New York in November 1674. New York City was the U.S. capital from 1785 until 1790. The modern city was formed by the 1898 consolidation of its five boroughs : Manhattan , Brooklyn , Queens ,
21754-407: Was needed. Relational was also unimpressed. In April, it was reported that Hess would close its London office on Elliott's advice. By May, Elliott had the support of influential advisors Institutional Shareholder Services and Glass Lewis . The company announced it would split the chief executive and president roles in a move to appease shareholders. John B. Hess remained as chief executive. A deal
21903-587: Was primarily located in the Boston , New York, and Philadelphia markets. In April, the company spent $ 555 million for a 49% stake in the state-owned Sonatrach to develop the El Gassi, El Agreb and Zotti fields in Algeria. In July 2001, Amerada Hess purchased Triton Energy Limited for $ 2.6 billion in order to put more focus on exploration. After the deal, the company's oil production increased to 535,000 barrels
22052-431: Was selling its Indonesian assets to an Indonesian petroleum consortium. By the end of the On January 8, 2014, Hess filed for a tax-free spin-off of its gas station network. The newly formed company was to be known as Hess Retail and would include over 1,200 stores throughout the Eastern United States. Before completing the spin-off, Marathon Petroleum subsidiary Speedway LLC announced on May 22, 2014, that it would acquire
22201-450: Was the first province to enact class proceedings legislation, in 1978. Ontario was next, with the Class Proceedings Act, 1992. As of 2008, 9 of 10 provinces had enacted comprehensive class actions legislation. In Prince Edward Island , where no comprehensive legislation exists, following the decision of the Supreme Court of Canada in Western Canadian Shopping Centres Inc. v. Dutton , [2001] 2 S.C.R. 534, class actions may be advanced under
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