Securities Litigation Class Action

News & Analysis as of

Securities Class Action Filings 2015: More Cases, Small Issuers

A new report on securities class actions records an increase in the number of filings in 2015. Most of those actions were brought against smaller issuers, according to the report. PWC, Small Companies, Big Targets – 2015...more

Second Circuit Narrowly Applies Supreme Court’s Decision in Omnicare

In In re Sanofi Securities Litigation, No. 15-588-cv, 2016 U.S. App. LEXIS 4107 (2d Cir. Mar. 4, 2016), the United States Court of Appeals for the Second Circuit affirmed the dismissal of class action complaints alleging that...more

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

Class Action Settlements, Cases Paralleled by SEC Up in 2015

Cornerstone Research released a report on Securities Class Action Settlements, “Securities Class Action Settlements, 2015 Review and Analysis”. It records an increased number of settled securities class actions last year....more

Supreme Court Affirms Class Certification and Judgment Predicated upon "Representative Evidence"

On March 22, 2016, the Supreme Court issued a decision permitting class plaintiffs to rely on "representative" or "sample" evidence to satisfy the prerequisites to class certification and certain elements of their claims. ...more

Court Dismisses Secondary Market Securities Class Action Based on Extensive Evidence

In Coffin v. Atlantic Power Corp., the Ontario Superior Court of Justice considered two motions: (1) for leave under section 138.8 of the Ontario Securities Act (the “OSA”) to commence an action for secondary market...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 Affirms District Court in Tongue v. Sanofi

On March 4, 2016, the United States Court of Appeals for the Second Circuit affirmed the District Court for the Southern District of New York in Tongue v. Sanofi, No. 15-588-CV, 2016 WL 851797 (2d Cir. Mar. 4, 2016), holding...more

Fifth Circuit upholds dismissal of securities fraud cases for failure to allege scienter

The heightened pleading requirements of the Private Litigation Securities Reform Act (PSLRA) remain strong in the 5th Circuit. On January 13, 2016, the 5th Circuit in Local 731 I.B. of T. Excavators and Pavers Pension Trust...more

MLB Litigation Brief: Class Action Questions Open After Scalia’s Death, Arbitration Fees and American Rule & More

2015 Witnesses Record Securities Class Actions: The National Economic Research Associates, Inc. (NERA) recently released its report, Recent Trends in Securities Class Action Litigation: 2015 Full-Year Review, detailing the...more

Looking Forward: Canadian Class Actions in 2016

Looking Forward - The last few years have been active for class actions in Canada, and the activity did not slow down in 2015. This past year, Bennett Jones was involved with some of the most important class...more

Court in BP Oil Spill Litigation Denies Standing for Special Purpose Entities Created Solely for Litigation

A January 4, 2016 opinion in the Southern District of Texas by Judge Keith Ellison (“Op.”) in the In re: BP p.l.c. Securities Litigation, MDL No. 4:10-md-2185, has taken up the issue of whether plaintiffs can properly assign...more

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

Securities Class Action Suits Increased in 2015

Last year there were more class action suits filed compared to the prior year. The actions were brought largely against companies traded on the two major exchanges in the biotech and healthcare sectors, according to a recent...more

M&A Litigation Update: Delaware Chancery Court Delivers Devastating Blow to Disclosure Settlements

A new decision makes clear that parties should no longer expect the Delaware Court of Chancery to approve broad settlements of M&A class actions based on supplemental proxy disclosures. Chancellor Andre Bouchard issued a...more

Merck Resolves Investors’ Class Action Lawsuit Related To Vioxx

In 2004, Merck pulled its painkiller, Vioxx, from the market after a study linked the drug to increased risks for heart attack and strokes. On Friday, January 15, 2016, Merck announced that it had agreed to pay $830 million...more

UPDATE: Challenges to Standing of Petrobras Opt-Out Plaintiffs Denied

As a follow-up to our October 15 discussion about challenges to the standing of certain opt-out plaintiffs in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation, Judge Rakoff has...more

"2015-16 Supreme Court Update"

In its current term, the U.S. Supreme Court is once again poised to address a range of disputes relevant to businesses. These include significant constitutional issues, class action practice and other procedural matters, and...more

"Insights Conversations: Securities Litigation"

From the impacts of U.S. Supreme Court Omnicare and Halliburton cases to the uptick in Securities Act class actions, litigation partners Scott Musoff and Susan Saltzstein discuss the latest securities litigation developments....more

Supreme Court Declines to Hear NECA-IBEW Pension Trust Fund v. Lewis

On January 11, 2016, the United States Supreme Court denied the petition for writ of certiorari filed October 29, 2015, by Plaintiff/Appellant NECA-IBEW Pension Trust Fund in its case against Bank of America, its former CEO...more

Swisscanto v. Blackberry: What constitutes a “public correction” for the purpose of secondary market misrepresentation class...

In Swisscanto v. Blackberry(“Swisscanto”), the Ontario Superior Court of Justice considered, for the first time, what constitutes a “public correction” of an alleged misrepresentation in a secondary market securities class...more

Legal Trends: Litigation & Dispute Resolution

In 2016, regulated persons in Canada are increasingly likely to find themselves facing prosecution before tribunals, rather than in courts, and facing significant exposure to monetary penalties in those...more

Class Action Round-Up: Fall 2015

Where the (Class) Action Is - Moving into the second half of 2015, there is no shortage of interesting cases across the spectrum of class action issues and claims. In this edition of the Round-Up, courts continue to...more

Interaction between Ontario Securities Act and the Class Proceedings Act: Supreme Court of Canada trilogy affirms the reasonably...

Background On Friday, the Supreme Court of Canada released its decision1 in a trilogy of cases concerning the interaction between the Ontario Securities Act (“OSA”)2 and the Class Proceedings Act, 1992 (“CPA”)3. The...more

Supreme Court of Canada Releases Securities Class Actions Trilogy - Clarifies that the Leave Test has Teeth in Common Law...

The Supreme Court of Canada released reasons in its highly-anticipated trilogy of securities class action cases. In Canadian Imperial Bank of Commerce v. Green, a deeply divided Court reached differing conclusions on...more

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