May 3, 2016| Blog
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
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
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
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
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
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.
November 16, 2015| Blog
The Columbia Law Review has recently published an article, Is the Price Right: An Empirical Study of Fee-Setting in Securities Class Action, 115 Colum. L. Rev. 1371 (Oct. 2015), by Professors Lynn A. Baker, Michael A. Perino, and Charles Silver, with the involvement of Cornerstone Research, a litigation consulting firm.
Court Orders Plaintiffs to Pay Defendants' $13.3 Million Appellate Costs in Lawrence E. Jaffe Pension Plan v. Household International
November 12, 2015| Blog
Recently, in Lawrence E. Jaffe Pension Plan v. Household International, Inc., the United States District Court for the Northern District of Illinois granted the defendants’ Rule 39 motion for appellate costs and ordered the plaintiffs to pay a total of $13,281,282.
The Credit Default Swap Settlement - Antitrust Cases Provide Recovery Opportunities for Institutional Investors
November 5, 2015| Blog
Recently, class plaintiffs moved for the preliminary approval of a $1.865 billion settlement of the Credit Default Swap Antitrust Litigation.
October 15, 2015| Blog
A recent motion to dismiss filed by the defendants in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing of several institutional opt-out plaintiffs.
September 29, 2015| Blog
Section 18 of the Securities Exchange Act, while seldom used in the past, has been increasingly used by institutional investors in suits against banks and other entities.
U.S. Courts Continue to Deny Attempts to Bring Foreign Law Actions in U.S. Courts to Recover for Potential Losses in Foreign Transactions
September 16, 2015| Blog
As we have mentioned previously, in the wake of Morrison v. National Australia Bank, securities plaintiffs are no longer able to assert claims under the U.S. securities laws to recover potential losses for transactions that occur on non-U.S. exchanges.
September 2, 2015| Blog
We previously reported on what we thought at the time were “unusual” arguments from Vivendi Universal, S.A. (“Vivendi”) in its summary judgment motion in opposition to the recovery of certain class-action members in the long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.).
UPDATE - First Circuit Upholds Method of Distribution of Notice in Hill v. State Street Corp., But Cautions Against Practice of Delivering Late Notice to Small Investors
August 11, 2015| Blog
The United States Court of Appeals for the First Circuit recently issued a summary dismissal denying a number of objections to the Settlement Agreement reached in Hill v. State Street Corporation.
D.C. Circuit Holds "Boilerplate" Forward-Looking Statements Are Not Entitled to PSLRA's "Safe Harbor"
August 4, 2015| Blog
The U.S. Court of Appeals for the D.C. Circuit recently reversed the dismissal of a securities fraud class action against Harman International Industries Inc., holding that the “safe harbor” for forward looking statements did not apply to the statements at issue. In re Harman Int’l Inds., Inc. Sec. Litig., -- F.3d --, No. 14-7017 (D.C.Cir. June 23, 2015).
July 23, 2015| Blog
With the increasing barriers to successfully prosecuting a securities fraud case in the United States, including the jurisdictional limitations caused by the Morrison decision, institutional investors are sometimes now looking to other jurisdictions to sometime recover their losses.
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