Jonathan Richman

Jonathan Richman

Proskauer Rose LLP

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U.S. Court of Appeals to Consider Class-Certification Ruling in Petrobras Securities Litigation

The U.S. Court of Appeals for the Second Circuit has allowed the defendants in the Petrobras securities litigation to pursue an immediate appeal from the District Court’s order certifying classes of investors who had...more

6/21/2016 - Amicus Briefs Ascertainable Class Class Certification Corporate Counsel Extraterritoriality Rules Morrison v National Australia Bank Petrobras Putative Class Actions Rule 23(f) Securities Litigation SIFMA

Cornerstone Research Reports “Surge” in Securities Class-Action Settlements in 2015

Cornerstone Research’s latest annual report discloses that the number and average size of securities class-action settlements increased in 2015 as compared to 2014. Total settlement dollars rose to more than $3 billion –...more

4/4/2016 - Class Action Corporate Counsel Damages SEC Securities Litigation Settlements Young Lawyers

Second Circuit Reinforces Liability Standard in Securities Cases Based on Statements of Opinion

The U.S. Court of Appeals for the Second Circuit reinforced the stringency of the new standard for liability in securities cases arising from allegedly misleading statements of opinion. Construing the Supreme Court's 2015...more

3/9/2016 - Corporate Issuers Investors Material Misrepresentation Misleading Statements Omissions Omnicare v Laborers District Council SCOTUS Securities Litigation Statement of Opinion

U.S. Court Certifies Classes in Petrobras Securities Litigation

The United States District Court for the Southern District of New York yesterday certified two classes of investors who had purchased Petrobras securities on U.S. exchanges or in other U.S. transactions. The February 2, 2016...more

2/4/2016 - Ascertainable Class Class Action Class Certification Corporate Counsel Morrison v National Australia Bank Petrobras Res Judicata SCOTUS Securities Litigation

U.S. Securities Laws Not Applicable to Certain Purchases of Petrobras Debt Securities

The narrowing of the federal securities laws’ applicability to non-U.S. transactions continues. On December 21, 2015, the U.S. District Court for the Southern District of New York held in In re Petrobras Securities Litigation...more

12/23/2015 - Debt Securities Morrison v National Australia Bank Petrobras SCOTUS Securities Fraud Securities Litigation Transfer of Title

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

Supreme Court May Reject Argument that Opinion Statements Are Actionable Simply Because False

During oral arguments in Omnicare v. Laborers District Council last week, the Supreme Court appeared to signal a rejection of the Sixth Circuit Court of Appeals’ position that a sincerely held statement of opinion or belief...more

11/14/2014 - False Statements Omnicare Pharmaceutical Industry SCOTUS Securities Act of 1933 Securities Litigation Whistleblowers

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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