Jonathan Richman

Jonathan Richman

Proskauer Rose LLP

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Latest Posts › Class Action


Ninth Circuit Rejects Adverse-Interest Exception in Fraud-on-the Market Securities Class Actions

Last week, the Ninth Circuit issued a decision that could affect analyses of corporate scienter in securities class actions. The court reversed the dismissal of In re ChinaCast Education Corporation Securities Litigation and...more

10/28/2015 - Apparent Authority Board of Directors CEOs Class Action Corporate Counsel Corporate Officers Exceptions Fraud-on-the-Market Professional Misconduct Scienter Securities Fraud Shareholder Litigation

Southern District of Florida Case Challenging Bylaw Requiring Minimum Stake to Sue Dismissed

As we have previously discussed, there has been a growing trend of corporations’ adopting various types of bylaws to define the bounds of shareholder litigation. These include forum-selection bylaws and fee-shifting bylaws...more

10/27/2015 - Board of Directors Bylaws Class Action Corporate Governance Derivative Suit Duty of Loyalty Fee-Shifting Forum Selection Mootness Motion to Dismiss Motion To Intervene Shareholder Litigation Voluntary Dismissals

U.S. Court Dismisses Foreign Residents’ Foreign-Law Claims Arising from Securities Purchased on U.S. Markets

Much ink has been spilled since the Supreme Court’s 2010 decision in Morrison v. National Australia Bank about the federal securities laws’ applicability to foreign transactions in foreign securities.  But what happens when...more

9/29/2015 - Application of Foreign Laws BP Canada Class Action Corporate Counsel Cross-Border Transactions Foreign Nationals Forum Non Conveniens Morrison v National Australia Bank NYSE SCOTUS Securities Litigation

A Farewell to Alms? Peppercorn Settlements of M&A Litigation

An apparently frustrated Delaware Vice Chancellor recently approved yet another disclosure-only settlement of yet another challenge to a merger, but seemed intent on signaling that such proposed class-action settlements might...more

9/21/2015 - Attorney's Fees Class Action Conflicts of Interest Estimated Value Disclosures Mergers Proxy Statements Purchase Price Settlement Shareholder Litigation Supplemental Disclosures

Seventh Circuit Reverses $2.46 Billion Judgment in Securities-Fraud Class Action

The Court of Appeals for the Seventh Circuit last week reversed a $2.46 billion judgment in a long-running securities-fraud class action against Household International and granted a new trial on limited issues. The opinion...more

5/29/2015 - Appeals Burden-Shifting Class Action False Statements Janus Capital Group Lenders Loss Causation Misrepresentation Reversal Rule 10b-5 Securities Fraud Stock Drop Litigation

Presumption of Reliance Survives in Securities Cases, But Defendants Can Dispute Price Impact at Class Certification

The U.S. Supreme Court yesterday declined to abandon the efficient-market theory, with its rebuttable presumption of reliance that enables securities class actions to proceed without proof of actual reliance on alleged...more

6/24/2014 - Basic v Levinson Class Action Class Certification Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund Presumption of Reliance SCOTUS Securities Fraud

U.S. Supreme Court Rejects Need to Prove Materiality at Class-Certification Stage in Securities Class Actions

The U.S. Supreme Court ruled on February 27, 2013 that a plaintiff need not prove materiality as a prerequisite to obtaining class certification in a securities class action. The Court's ruling in Amgen Inc. v. Connecticut...more

2/28/2013 - Amgen Amgen Inc. v Connecticut Retirement Plans Class Action Class Certification Rebuttable Presumptions SCOTUS Securities Fraud Securities Litigation

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