Securities Fraud Class Action

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Key Takeaways from Cornerstone Research’s Securities Class-Action Filings 2016 Midyear Assessment

Cornerstone Research recently released its 2016 midyear assessment of federal securities class-actions filings. The report finds an increase in filings in the first half of 2016, with particular increases in M&A filings,...more

New District Court Ruling Makes It Easier for Mutual Fund Investors to Bring Securities Fraud Claims in Class Actions

For years, mutual fund shareholders have been limited in their ability to successfully allege securities fraud in class actions under the federal securities laws against mutual fund executives, directors and advisers. These...more

Sixth Circuit Court of Appeals Accepts Materialization-of-Risk Standard for Loss Causation

On July 20, 2016, the U.S. Court of Appeals for the Sixth Circuit recognized the “materialization of the risk” standard as a means of proving loss causation in securities-fraud cases. The court’s decision in Ohio Public...more

Omnicare, Inc., One Year Later: Its Salutary Impact on Securities-Fraud Class Actions in the Lower Federal Courts

Just over a year ago, on March 24, 2015, the U.S. Supreme Court issued its opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund. Omnicare held that a statement of opinion is only false...more

Your daily dose of financial news - The Brief – 7.11.16

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

Business Litigation Report - June 2016

Federal Circuit Recognizes New, but Limited, Privilege for Patent Agent Communications - Introduction - Patent agents are licensed to practice before the United States Patent and Trademark Office (“USPTO”), and...more

Australia: An Increasingly Attractive Plaintiffs’ Forum for Securities Class Actions

The United States has long been the primary home for securities class actions around the world. This trend, however, was curtailed to some degree with the Supreme Court decision in Morrison v. National Australia Bank, 130 S....more

Your daily dose of financial news - The Brief – 6.17.16

Dealbook’s Strategies feature reviews the Fed’s latest non-move and suggests that the current bind in which the Fed finds itself is—at least in part—a problem of its own making....more

Canadian Court Holds That Evidentiary Requirement For Leave To File Securities Class Action Is “Not A Low Bar”

In January of 2016, this blog commented on the Supreme Court of Canada’s decision in the seminal case of Canadian Imperial Bank of Commerce v. Green. There, the Court held that a prospective plaintiff must move for leave to...more

Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States

Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are...more

Inside the Courts: An Update From Skadden Securities Litigators - May 2016 / Volume 8 / Issue 2

We are pleased to present Inside the Courts (Volume 8, Issue 2), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Eighth Circuit Reverses District Court for Ignoring Price-Impact Evidence That Rebutted the Fraud-on-the-Market Presumption and...

In IBEW Local 98 Pension Fund v. Best Buy Co., Inc., No. 14-3178 (8th Cir. Apr. 12, 2016), the United States Court of Appeals for the Eighth Circuit held, in a Rule 10b-5 securities fraud action, that the district court...more

Update: Vivendi Wins Summary Judgment Against Another Class Member As Litigation Winds Down

We speculated in September that a decision to grant summary judgment against a class member in the long-running In re Vivendi Universal, S.A. Securities Litigation, 02 Civ. 5571 (SAS) (S.D.N.Y.) “could have implications for...more

Second Circuit Issues Amended Order Affirming Dismissal in Transocean

On April 29, the United States Court of Appeals entered an amended order (previously decided on March 17, 2016) that affirmed the decision of the United States District Court for the Southern District of New York in DeKalb...more

Why I’m So Passionate about Omnicare

On March 24, 2015, the U.S. Supreme Court issued its opinion in Omnicare, Inc. v. Laborers Dist. Council Const. Industry Pension Fund, 135 S. Ct. 1318 (2015). My partner Claire Davis and I are publishing a forthcoming...more

Dutch Foundations Negotiate €1.204 billion Settlement with Ageas, formerly Fortis.

Following up on our December 15 post on the debate over the best strategy to recover foreign securities losses, a collection of Dutch Foundations (known as Stichtings) negotiated a substantial collective settlement with Ageas...more

US$1.3 Billion Fortis Settlement Ushers in New Era in Globalization of Securities Laws

A closely-watched set of claims stemming back to the 2008 global financial crisis has settled for a massive €1.204 billion (US$1.3 billion), making it one of the highest settlements ever and ushering in a new era in the...more

Second Circuit Addresses Statutes of Repose and Tolling in Securities Class Actions

The Second Circuit has clarified the applicable statutes of repose for securities-fraud and proxy-related claims under §§ 9(f), 14(a), and 18(a) of the Securities Exchange Act. The court’s March 17, 2016 decision in DeKalb...more

Inside the Courts: An Update From Skadden Securities Litigators - February 2016 / Volume 8 / Issue 1

We are pleased to present Inside the Courts (Volume 8, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

2015 Securities Class Actions by the Numbers

2015 was a busy, fast-paced year for securities class action filings. According to a report published by NERA Economic Consulting, 234 federal securities class action complaints were filed in 2015. This is the highest number...more

Judge Scheindlin Approves Class Certification in Barclays High-Frequency Trading Securities Fraud Action

U.S. District Judge Shira Scheindlin of the Southern District of New York recently certified a class in Strougo v. Barclays PLC, 14 Civ. 5797 (SAS), (S.D.N.Y. Feb. 2, 2016), a high-profile securities class action based on the...more

Inside the Courts: An Update From Skadden Securities Litigators - November 2015 / Volume 7 / Issue 4

We are pleased to present Inside the Courts (Volume 7, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

California District Court Holds Class Action Alleging Securities Act Claims Not Removable Under SLUSA

The United States District Court for the Northern District of California recently clarified the criteria for removal of a securities class action filed in state court under the Securities Act of 1933, 15 U.S.C. §§ 77a, et...more

Barclays Bids to Halt High-Frequency Trading Class Action in Its Tracks

A high-profile class action against Barclays over so-called high-frequency trading is heading into a key phase this month, with the court set to decide plaintiffs’ motion for class certification—a pivotal moment in the case’s...more

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

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