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Cornerstone Research

Parallel Derivative Action Settlement Outcomes: 2023 Review and Analysis

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The authors examine settlement outcomes of derivative lawsuits linked to securities class actions, focusing on 110 cases associated with securities class action settlements between 2019 and 2023....more

Alston & Bird

Class Action & MDL Roundup 2023 Q4 - Not All Cases Survive and Advance

Alston & Bird on

Welcome to the Class Action & MDL Roundup, our quarterly review of decisions and settlements in the class action arena. In this edition, student-athletes win an NIL round, Canadians in California isn’t personal...more

Husch Blackwell LLP

NYSE Publishes 2024 Listed Company Compliance Guidance Memo

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On January 31, 2024, the New York Stock Exchange (NYSE) published its 2024 Listed Company Compliance Guidance Memo. The NYSE Memo contains general guidance with important reminders for all NYSE listed companies, along with a...more

Marshall Dennehey

Superior Court: Yes, We Actually Mean Actual Authority for an Actual Settlement of a Civil Case

Marshall Dennehey on

Driscoll and King were partners in a venture operating a restaurant. Their relationship soured, and so as not to sour matters for their customers, they sought to separate amicably. The deal was to be that King would buy out...more

Bradley Arant Boult Cummings LLP

Ready for Launch (Finally): Settlement Paves the Way for EB-5 Financing Options

Subsequent to the March 15, 2022, enactment of the EB-5 Reform and Integrity Act of 2022 (the “Integrity Act”), the United States Citizenship and Immigration Services (USCIS), an agency of the Department of Homeland Security...more

White and Williams LLP

U.S. District Court for the Eastern District of Virginia Finds Bump-Up Exclusion Does Not Preclude Coverage for Underlying...

White and Williams LLP on

In Towers Watson & Co v. National Union Fire Insurance Company, 2021 U.S. Dist. LEXIS 192480 (E.D. Va. Oct. 5, 2021), the U.S. District Court for the Eastern District of Virginia recently held that the settlements reached in...more

SECIL Law

SEC’s Investigation into Wells Fargo Concludes with Actions Against Senior Executives

SECIL Law on

On Friday, November 13, 2020, the U.S. Securities and Exchange Commission (“SEC” or “Agency”) followed up its February 2020 action against Wells Fargo & Co. (“Wells Fargo”) with actions against two senior officers—former...more

Patterson Belknap Webb & Tyler LLP

Commercial Division Declines to Certify Class and Approve Settlement in Xerox-Fuji Case

There has been a new development in the Xerox and Fujifilm (“Fuji”) litigation: Justice Ostrager of the New York Commercial Division declined to (i) certify the putative class, (ii) approve the proposed class settlement, and...more

Seyfarth Shaw LLP

District Court Judge Rejects M&A Mootness Fee Settlement As A “Racket” That “Must End”

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Seyfarth Synopsis: Following Delaware’s lead in Trulia, an Illinois District Court judge refused to approve a mootness fee settlement as “worthless to the shareholders.” The judge noted that such settlements amounted to a...more

Patterson Belknap Webb & Tyler LLP

The First Department Reconsiders Approval of a Class Action Settlement

On April 11, 2019, the First Department unanimously affirmed a decision issued by Justice Shirley Werner Kornreich, formerly of the Commercial Division, which denied the plaintiffs’ motion for final approval of a class action...more

Patterson Belknap Webb & Tyler LLP

Directors and Officers Settle Over Yahoo Hack: A New Chapter in Derivative Litigation?

Yesterday, a Superior Court judge in Santa Clara, California approved what is believed to be the first monetary award to a company in a data breach-related derivative lawsuit....more

Proskauer - Corporate Defense and Disputes

Dutch Court Approves Collective Settlement of Fortis Shareholders’ Claims

The Amsterdam Court of Appeal has approved a €1.3 billion collective settlement of claims asserted on behalf of shareholders of the former Fortis (now Ageas). The July 13, 2018 decision again shows that the Dutch Act on...more

Proskauer - Corporate Defense and Disputes

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

Mintz - Privacy & Cybersecurity Viewpoints

Appeal in Home Depot Data Breach Derivative Action Results in Settlement of Corporate Governance Claims

Snatching victory of a sort from the jaws of defeat, shareholders who brought a derivative action alleging that the 2014 Home Depot data breach resulted from officers’ and directors’ breaches of fiduciary duties have reached...more

Stinson - Corporate & Securities Law Blog

SEC Targets Lapses in Ownership Reporting in Battles for Corporate Control

The SEC has recently announced settlement of enforcement actions targeting violations of beneficial reporting requirements under Section 13(d) of the Act. In one of the most recent actions (available here), the SEC’s...more

Proskauer - Corporate Defense and Disputes

Dutch Collective Actions vs. Collective Settlements

As U.S. law has become less willing to entertain certain types of lawsuits on behalf of worldwide classes of plaintiffs, litigants have looked for other forums that might allow the prosecution – or at least the resolution –...more

Carlton Fields

Cy Pres Standard Dispute Settled With Reasonable Approximation

Carlton Fields on

The District Court for the Southern District of New York recently addressed whether the “next best” or “reasonable approximation” standard should apply when the court evaluates proposed cy pres designations in class action...more

Morris James LLP

How to Win After You Lost: Examing "Trados"

Morris James LLP on

Perhaps the longest-running litigation in recent Delaware Court of Chancery history has been settled, after the plaintiff class lost at trial. The Jan. 20 settlement hearing in In re Trados Shareholder Litigation, Con. C.A....more

Mintz - Securities Litigation Viewpoints

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

Morgan Lewis

SIC Proposes Revisions to the Singapore Code on Take-Overs and Mergers

Morgan Lewis on

The MAS Consultation Paper is proposing to update parts of the Singapore Code on Take-Overs and Mergers in view of market innovations and evolving international practices. On 6 July, the Securities Industry Council...more

Morris James LLP

Court Of Chancery Awards Major Fee

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This decision will be remembered for the very large fee it awarded to some very entrepreneurial lawyers who risked their all to win a big case. ...more

Goodwin

New York Courts Reject Disclosure-Based Settlements of Merger Lawsuits

Goodwin on

In two recent rulings, the New York Supreme Court rejected settlements arising from lawsuits in which plaintiff stockholders challenged the defendant public companies’ merger-related disclosures. The court in each case...more

Morrison & Foerster LLP

SEC Charges Issuers, Corporate Insiders, and Other Significant Investors for Violating Laws Requiring Reporting of Transactions in...

On September 10, 2014, the U.S. Securities and Exchange Commission announced settlements with officers, directors, and significant shareholders for violating federal securities laws requiring information about their...more

Morrison & Foerster LLP

Many Activist Investors Keep Coming Back for More

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When activist investors strike, there’s often a sequel, even if a company has worked to address their concerns. Boards and managements are often tempted to consider a matter closed, once they have engaged with an...more

Perkins Coie

Revlon “Ring-Fencing” Settlement: Greater Risk Of SEC Enforcement Activity In Going Private Transactions?

Perkins Coie on

On June 13, 2013, the Securities and Exchange Commission announced the settlement of administrative proceedings against Revlon, Inc. In the settlement order, the SEC asserted that the company hid information regarding a 2009...more

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