Securities Litigation News

February 25, 2013

Will Cybersecurity Issues Drive the Next Big Securities Litigation Wave?

D & O Diary | February 25, 2013

Although the recent disclosures are quite troubling, it is not news that cybersecurity risks represent a significant concern for just about every company involved in the current economy.

Tags: Securities Litigation

February 22, 2013

Schwab gets OK to ban client class-action suits

ThomsonReuters | February 22, 2013

Charles Schwab Corp. can ban its clients from bringing class-action lawsuits, a securities industry regulatory panel ruled Thursday in a sweeping decision that is likely to influence other U.S. brokerage firms to follow Schwab's policy.

Tags: Arbitration - ADR, Class Action, Securities Litigation

February 21, 2013

Lockheed Securities Settlement Follows Defense Assault on Robbins Geller

American Lawyer | Subscription Required | February 21, 2013

Plaintiffs lawyers at Robbins Geller Rudman & Dowd revealed in court papers on Tuesday that they'd reached a $19.5 million settlement with Lockheed Martin in a securities class action over the company's financial disclosures.

Tags: Class Action, Securities Litigation

February 19, 2013

Attorneys Continue to Press for Fees in Dropped Suit over Goldman Sachs Bonuses

American Lawyer | Subscription Required | February 19, 2013

The lawyers who represented the plaintiff investors in a suit against The Goldman Sachs Group Inc. over executive bonuses are arguing that they're entitled to legal fees, even though the investors quickly dropped the suit.

Tags: Lawsuit Abuse Impact, Securities Litigation, Trial Lawyers' Influence

Fight over MBS Trustee Liability Heads to the Second Circuit

American Lawyer | Subscription Required | February 19, 2013

On Thursday, a U.S. district court judge refused to reconsider his earlier decision allowing a purported class action to proceed against The Bank of New York Mellon Corporation over its role as trustee to Countrywide Financial Corporation. The pension funds bringing the suit have accused BNY of failing to stem Countrywide's collapse due to overexposure from mortgage-backed securities.

Tags: Class Action, Securities Litigation

February 15, 2013

Dismissals Don't Bode Well for Facebook IPO Plaintiffs, But It's Early Yet

American Lawyer | Subscription Required | February 15, 2013

U.S. District Judge Robert Sweet in Manhattan filled 70 pages on Wednesday listing his reasons for throwing out shareholder derivative claims over Facebook's much-maligned IPO last May.

Tags: Securities Litigation

Merck to Pay $688 Million to Settle Suits From Drug Study

Wall Street Journal | Subscription Required | February 15, 2013

Merck & Co. agreed to pay $688 million to settle lawsuits claiming that shareholders lost money when the company reported negative results of a clinical trial of cholesterol-lowering drug Vytorin in 2008.

Tags: Securities Litigation

February 14, 2013

Judge throws out some Facebook IPO lawsuits

Associated Press | February 14, 2013

A New York judge is dismissing a key group of the many lawsuits against Facebook over its initial public offering in May, saying the plaintiffs did not show that they lost money because of corporate wrongdoing.

Tags: Securities Litigation

Merck to pay $688 million to settle Enhance lawsuits

ThomsonReuters | February 14, 2013

Merck & Co on Thursday said it has agreed to pay $688 million to settle two U.S. investor lawsuits over disclosures of the results of a clinical trial involving the anti-cholesterol drug Vytorin.

Tags: Securities Litigation

Takeover Litigation in 2012

D & O Diary | February 14, 2013

Litigation related to M&A activity continued at an “extremely high rate” in 2012, according to the latest research update from Ohio State law professor Steven Davidoff and Notre Dame business professor Matthew Cain. According to the professors’ analysis, presented in their February 1, 2013 paper entitled “Takeover Litigation in 2012”, 91.7% of all merger transactions that met the professors’ criteria attracted at least one lawsuit, compared to 91.4% in 2011.

Tags: Securities Litigation