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In GAMCO v. Vivendi, the Second Circuit Affirms that Value Investors Can Rely on the Fraud-on-the-Market Presumption Unless Specific Facts Establish Non-Reliance

October 11, 2016 | Blog | By Joel Rothman

On September 27, 2016, the Second Circuit ruled against a value investor in an opt-out action brought in the continuing Vivendi litigation. The recently issued opinion, however, does have positive implications for institutional investor class participants.
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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.
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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.
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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.
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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. 
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Recent Developments in Petrobras Class Action Could Interfere with Trial Date

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. 
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Dutch Foundation Dismissed for Inadequate Safeguarding of Members’ Interests

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.
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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. 
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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. 
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Australian Court Manages Concurrent Class Actions By Giving The Class Members A Choice

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.
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Update: Vivendi Wins Summary Judgment Against Another Class Member As Litigation Winds Down

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.”
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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.
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Dutch Foundations Negotiate €1.204 billion Settlement with Ageas, formerly Fortis.

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.
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Ontario Superior Court Decision Confirms That “Public Correction” Requirement is a Temporal Marker

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.
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SEC’s Charges Provide Support for Class Plaintiffs’ Allegations in the Ocwen Securities Litigation

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.
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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.
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UPDATE: Challenges to Standing of Petrobras Opt-Out Plaintiffs Denied

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.
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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").
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The Debate Intensifies on the Best Strategy to Recover Foreign Securities Losses

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.
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Professor Coffee and Judge Rakoff Comment on Securities Class Actions

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. 
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