Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a Class Action
October 5, 2016 | Blog
As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing – or defending against – a securities class action for secondary market misrepresentation.
Court in LendingClub Class Action Requires Due Diligence by Lead Plaintiff Before Approving Lead Counsel
September 27, 2016 | Blog | By Terry McMahon
In a recent decision in the now-consolidated LendingClub class action cases, Judge William Alsup of the Northern District of California appointed a lead plaintiff but unexpectedly declined to appoint lead counsel at the same time.
Virtus Investment Partners Asks the Court to Certify for Interlocutory Appeal Its Decision on Loss Causation Concerning Mutual Fund Disclosures
September 13, 2016 | Blog | By Joel Rothman
Although this blog is focused typically on opportunities for institutional investors to recover losses as class members or plaintiffs, we think this decision in Youngers v. Virtus Investment Partners, Inc., may also be of interest.
After Adopting the "Fraud-on-the-Market" Presumption of Reliance, Australia is Poised to Become a Plaintiff-Friendly Venue
August 18, 2016 | Blog
The United States is a popular location for securities class actions, due in large part to its reputation as a generally plaintiff-friendly system.
July 29, 2016 | Blog | By Terry McMahon
There have been several recent and interesting updates to the In re Petrobras Securities Litigation, 14-cv-9662 (S.D.N.Y.) that we have discussed several times on this blog. First, the Second Circuit has decided to accept review of the class certification question.
July 14, 2016 | Blog | By Kevin Mortimer, Joel Rothman
On June 29, 2016, the Dutch Court of East Brabant dismissed a foundation’s claims against Rabobank Group for alleged unlawful selling of interest rate swaps because it failed to meet the requirement of the Dutch Claim Code that a foundation sufficiently safeguard the interests of its members.
Canadian Court Holds That Evidentiary Requirement For Leave To File Securities Class Action Is "Not A Low Bar"
June 14, 2016 | Blog
In January of 2016, this blog commented on the Supreme Court of Canada’s decision in the seminal case of Canadian Imperial Bank of Commerce v. Green.
Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States
June 9, 2016 | Blog | By Terry McMahon
Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are “domestic” and thus amenable to class-action securities claims.
May 18, 2016 | Blog
As securities litigation becomes increasingly globalized, the Mintz Levin Institutional Investor Class Action Recovery practice is constantly monitoring and participating in jurisprudential developments in a number of countries, both alone and through collaboration with foreign counsel.
May 3, 2016 | Blog | By Terry McMahon
We speculated in September that a decision to grant summary judgment against a class member in the long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.) “could have implications for class members, but more likely for opt-outs.”
Will Antitrust Cases Relating to Securities Transactions Invite More Objections Because of Their Complexity?
April 12, 2016 | Blog | By Terry McMahon
The deadline for parties to object to the settlement in the In re Credit Default Swaps Antitrust Litigation, Master Docket No. 13-MD-2476 (DLC) in the Southern District of New York recently passed on February 29, 2016.
March 22, 2016 | Blog | By Kevin Mortimer, Joel Rothman
Following up on our December 15 post on the debate over the best strategy to recover foreign securities losses, a collection of Dutch Foundations (known as Stichtings) negotiated a substantial collective settlement with Ageas SA/NV, the successor-in-interest to Fortis Holdings.
March 1, 2016 | Blog
Under the Ontario Securities Act (“OSA”), a statutory right of action exists for secondary market misrepresentation for any person who acquires or disposes of an issuer’s securities within the relevant time period.
February 18, 2016 | Blog | By Joel Rothman, Kevin Mortimer
A December 22, 2015 decision of the U.S. District Court of the Southern District of Florida in In re Ocwen Financial Corporation Securities Litigation illustrates the impact that an investigation and order of the Securities Exchange Commission (“SEC”) may have on a plaintiff’s ability to allege actionable false statements by an issuer regarding its internal controls.
Court in BP Oil Spill Litigation Denies Standing for Special Purpose Entities Created Solely for Litigation
February 4, 2016 | Blog | By Terry McMahon
A January 4, 2016 opinion in the Southern District of Texas by Judge Keith Ellison (“Op.”) in the In re: BP p.l.c. Securities Litigation, MDL No. 4:10-md-2185, has taken up the issue of whether plaintiffs can properly assign their claims to entities created solely for the purpose of litigating those claims.
January 19, 2016 | Blog | By Terry McMahon
As a follow-up to our October 15 discussion about challenges to the standing of certain opt-out plaintiffs in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation, Judge Rakoff has resolved those issues in two decisions.
CIBC v. Green: The Supreme Court of Canada Clarifies Key Provisions of the Ontario Securities Act and the Ontario Class Proceedings Act
January 5, 2016 | Blog
A recent decision by the Supreme Court of Canada offers both clarity and further questions on the timing of secondary market misrepresentation claims brought under the Ontario Securities Act (the "Securities Act").
December 15, 2015 | Blog
Recent doubts have been raised as to the effectiveness of Dutch Foundations, which have become an important vehicle in foreign recoveries. While Dutch Foundations have negotiated settlements in some situations, some foreign commentators have begun to question their utility.
December 1, 2015 | Blog
Since its inception, the concept of class action litigation – in a securities context or otherwise – has been met with arguments for and against it.
Limiting Securities Litigation Risks in EB-5 Offerings: What Regional Centers and Issuers Need to Know
November 29, 2015 | Advisory | By Douglas Hauer, Adam Sisitsky, Francis Earley
The flurry of federal suits filed by the U.S. Securities and Exchange Commission (SEC) in the past few months against several companies and individuals for alleged fraud and false statements in soliciting foreign investors under the EB-5 Immigrant Investor Program shows that the government is taking a tougher approach to enforcement in the EB-5 space.
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