News & Analysis as of

Opt-Outs Class Action

Treasury Wine Decision Confirms Shift in Class Action Closure Process

Recently, in Melbourne City Investments Pty Ltd v. Treasury Wine Estates Limited (“Treasury Wine”), the Full Court of the Federal Court of Australia considered a primary judge’s class closure order which broke new ground in...more

Supreme Court Decision Imposes Strict Filing Deadline on Civil Actions Related to Securities Offerings

On June 26, 2017, the United States Supreme Court issued its opinion on California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, ruling that actions involving securities offerings and sales are...more

SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities Claims

by Perkins Coie on

In a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals...more

Tolling Securities Claims: “In No Event” Means ... What It Says

by Latham & Watkins LLP on

US Supreme Court: Securities Act’s 3-year statute of repose is not subject to equitable tolling, providing greater certainty to underwriters. Key Points: ..Case has significant implications for financial Institutions...more

Supreme Court Intensifies Timing Pressure on Federal Securities Claimants

by Benesch on

It is not uncommon for unnamed class members to opt out of the class when securities class actions veer toward settlement. They might deem the proposed settlement inadequate, and would prefer at that point to go it alone,...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

Supreme Court Rules American Pipe Doesn't Toll 3-Year Limit on Securities Claims

On June 26, 2017, the U.S. Supreme Court issued a decision that will have a significant effect on securities class action litigation, changing the strategic calculus for both institutional plaintiffs and defendants. In...more

The Supreme Court Holds that the Securities Act’s Statute of Repose Is Not Subject to American Pipe Tolling, in CalPERS v. ANZ...

In a 5-4 decision split along traditional ideological lines, the U.S. Supreme Court held in CalPERS v. ANZ Securities, Inc., 582 U.S. ___ (2017), that the statute of repose in Section 13 of the Securities Act cannot be tolled...more

US Supreme Court Holds that 3-Year Time Limit to Challenge Registration Statements Cannot Be Tolled, Precluding Opt-Out Plaintiffs...

by Dechert LLP on

Officers, directors, and underwriters frequently become targets of securities fraud litigation after a public offering. In a landmark case decided yesterday, the U.S. Supreme Court provides defendants with another tool to...more

Supreme Court Decides California Public Employees' Retirement System v. ANZ Securities, Inc., No. 16-373

by Faegre Baker Daniels on

On June 26, 2017, the United States Supreme Court decided California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, holding that the three-year statute of repose in the Securities Act of 1933 cannot...more

Dutch Court Denies Approval of Collective Settlement Unless Changes Are Made as to Allocation of Compensation and Fees

The Amsterdam Court of Appeal denied approval of the €1.204 billion collective settlement of former Fortis (now Ageas) shareholders’ claims unless the parties agree to restructure the allocation of the settlement amount among...more

TCPA Tracker-May 2017

by Kelley Drye & Warren LLP on

Recent News - Class Action Plaintiffs Seek En Banc Review of D.C. Circuit Fax Advertisement Decision - On April 28, 2017, the class action plaintiff petitioners in Bais Yaakov of Spring Valley et.al. v. FCC (No....more

Competition class actions off to a slow but steady start

by Allen & Overy LLP on

The first judgment on class certification for competition class actions has been issued by the Competition Appeal Tribunal. The judgment will reassure potential defendants, as the Tribunal demanded greater rigour from the...more

Update: Briefs Filed in CalPERS v. ANZ Securities

The Supreme Court is set to hear arguments on Monday in CalPERS v. ANZ Securities. Previously we provided a comprehensive overview of CalPERS’s brief. In anticipation of oral arguments, below we discuss the arguments raised...more

D.C. Circuit: TCPA Does Not Empower FCC to Mandate Opt-Out Notices in Solicited Faxes

by Goodwin on

On March 31, 2017, the D.C. Circuit held in Bais Yaakov of Spring Valley v. FCC that, based on a plain reading of the TCPA, the FCC does not have the authority to mandate that senders of solicited fax advertisements include...more

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

by Ballard Spahr LLP on

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

Just the Fax: DC Circuit Rejects FCC Requirement of Opt-Out Language on Solicited Faxes Under the TCPA

In a March 31, 2017 ruling, the US Court of Appeals for the DC Circuit invalidated a 2006 Federal Communications Commission (FCC) rule requiring businesses to include opt-out notices on solicited fax advertisements sent with...more

SPECIAL ALERT: D.C. Circuit Invalidates FCC's Solicited Fax Rule

In a significant victory for TCPA junk fax defendants, a split panel of the U.S. Court of Appeals for the District of Columbia Circuit invalidated the Federal Communication Commission's Solicited Fax Rule. The Solicited Fax...more

D.C. Circuit May Have Finally Killed TCPA Class Actions Over Solicited Faxes Without Opt-Out Notices!

by BakerHostetler on

On Friday, in a split decision, the United States Court of Appeals for the District of Columbia Circuit entered its long-awaited ruling in Yaakov v. Federal Communications Commission, holding that “the FCC’s 2006 Solicited...more

Lessons from the Competition Appeal Tribunal Hearings in Merricks v. MasterCard and Gibson v. Pride Mobility Scooters

by Reed Smith on

The UK held the first two hearings under its new opt-out class action procedure. The precise rules governing UK class actions will be developed over time from the general guidelines in the statute. There are significant...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

NLRB's General Counsel Issues Memo on Arbitration Issue Pending at Supreme Court

by Littler on

As a result of the Supreme Court’s recent decision to grant certiorari and address the dispute over whether class and collective action waivers are lawful in an arbitration agreement, many employers have asked whether similar...more

Ninth Circuit: In-Box Arbitration Clause Not a Binding Contract

by Ballard Spahr LLP on

Adding more complexity to the issue of arbitration contract formation, the Ninth Circuit has rejected Samsung's attempt to compel individual arbitration of fraud claims asserted by plaintiffs in two class actions. Ruling in...more

Court in the BP p.l.c. Securities Litigation Upholds Opt-Out Procedures But Then Allows Individual Action Plaintiffs to Opt Back...

On November 4, 2016, Judge Keith Ellison of the United States District Court for the Southern District of Texas granted preliminary approval of a $175 million settlement in the federal securities class action In re: BP p.l.c....more

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