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 | By Joel Rothman
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 | By Terry McMahon
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 | By John Nucci
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 | By Joel Rothman
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 | By Joel Rothman
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.
July 8, 2015 | Blog | By John Nucci
The Southern District of Ohio recently reached an interesting decision that may be relevant to institutional investors in Pharos Capital Partners, L.P. v. Touche, L.L.P. (In re Nat’l Century Fin. Enters.), 905 F. Supp. 2d 814 (S.D. Ohio 2012).
June 24, 2015 | Blog | By John Nucci
The United States Court of Federal Claims recently issued an Order in Starr International Company, Inc. v. United States, No. 11-779C, regarding the consequences of an intentional waiver of the attorney-client privilege by the United States Government.
UPDATE: Vivendi Employs Creative Arguments on Damages and the Fraud-on-the-Market Theory to Prevent Class Recovery
June 18, 2015 | Blog | By Terry McMahon
We posted on June 11 about some novel arguments used by Vivendi Universal, S.A. (“Vivendi”) as part of its defense against Southeastern Asset Management, Inc. (“Southeastern”), a class member in In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.).
Vivendi Employs Creative Arguments on Damages and the Fraud-on-the-Market Theory to Prevent Class Recovery
June 11, 2015 | Blog | By Terry McMahon
The long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.), recently took an interesting turn as defendant Vivendi Universal, S.A. has deployed some unusual arguments in opposing the recovery of certain class-action members.
Court Denies Objection to Timeliness of Class Action Settlement Notice Where Method of Dissemination Was Reasonable
June 4, 2015 | Blog | By John Nucci
A Magistrate Judge for the United States District Court for the District of Massachusetts recently issued a Report and Recommendation ("R&R") on the Lead Plaintiffs’ Motion for Final Approval of Class Action Settlement and Plan of Allocation in Hill v. State Street Corporation.
May 14, 2015 | Blog | By Joel Rothman
On March 19, 2015, in what can be characterized as terse and sternly worded Memorandum Order (the “Order”), Judge Swain of the Southern District denied a Motion to Sever Individual Claims (the “Motion to Sever”) filed by three funds managed by D. E. Shaw & Co (the “D. E. Shaw Funds”).
May 13, 2015 | Blog
In the context of our representation of institutional investors, our experience reveals that they have been confronting an increasingly difficult process in recovering their losses from alleged violations of securities laws.
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