In the long-running Halliburton securities litigation, a dispute has arisen between two rival class proponents. While readers of this blog are no doubt familiar with The Erica P. John Fund, Inc. v. Halliburton Co. case and...more
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
3/25/2017
/ Amicus Briefs ,
Appeals ,
CalPERS ,
CalPERS v ANZ Securities ,
Class Action ,
Opt-Outs ,
Public Pension ,
Putative Class Actions ,
Retirement Plan ,
SCOTUS ,
Securities Act of 1933 ,
Statute of Limitations ,
Statute of Repose ,
Tolling
Recently introduced legislation pending before the U.S. House of Representatives attempts to make wide-sweeping reforms to the procedural rules governing class actions and, if implemented, could permanently alter the class...more
As we have previously noted, Dutch Foundations (or Stichtings) have been considered a useful tool in seeking recovery for losses on foreign securities. After the Morrison decision closed U.S. courts to claims for purchases of...more
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
Recently, the United States District Court for the Northern District of California (the “Court”) dismissed claims against Yahoo, Inc., holding that a 16-year old exemption granted to Yahoo by the Securities and Exchange...more
On September 27, 2016, the Second Circuit ruled against an opt-out action brought in the continuing Vivendi litigation. The recently issued opinion, however, does have positive implications for institutional investor class...more
The Massachusetts Appeals Court issued an opinion on August 29, 2016, that has significant ramifications for developers seeking Comprehensive Permits for affordable housing projects under chapter 40B of the Massachusetts...more
Although this blog is focused typically on opportunities for institutional investors to recover losses as class members or plaintiffs, we think this decision in Youngers v. Virtus Investment Partners, Inc., may also be of...more
On June 29, 2016, the Dutch Court of East Brabant dismissed a foundation’s claims against Rabobank Group for alleged unlawful selling of interest rate swaps because it failed to meet the requirement of the Dutch Claim Code...more
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
A December 22, 2015 decision of the U.S. District Court of the Southern District of Florida in In re Ocwen Financial Corporation Securities Litigation illustrates the impact that an investigation and order of the Securities...more
Recently, in Lawrence E. Jaffe Pension Plan v. Household International, Inc., the United States District Court for the Northern District of Illinois granted the defendants’ Rule 39 motion for appellate costs and ordered the...more
Recently, class plaintiffs moved for the preliminary approval of a $1.865 billion settlement of the Credit Default Swap Antitrust Litigation. In this case the plaintiffs alleged that, in and around 2008 and 2009, a number of...more
As we have mentioned previously, in the wake of Morrison v. National Australia Bank, securities plaintiffs are no longer able to assert claims under the U.S. securities laws to recover potential losses for transactions that...more
The U.S. Court of Appeals for the D.C. Circuit recently reversed the dismissal of a securities fraud class action against Harman International Industries Inc., holding that the “safe harbor” for forward looking statements did...more
8/4/2015
/ Boilerplate Language ,
Dismissals ,
Financial Reporting ,
Inadequate Warning ,
Institutional Investors ,
Misleading Statements ,
PSLRA ,
Reversal ,
Safe Harbors ,
Securities Exchange Act ,
Securities Fraud
With the increasing barriers to successfully prosecuting a securities fraud case in the United States, including the jurisdictional limitations caused by the Morrison decision, institutional investors are sometimes now...more
7/23/2015
/ Attorney's Fees ,
Australia ,
Australian Stock Exchange ,
Class Action ,
Discovery ,
Indemnification ,
Institutional Investors ,
Jurisdiction ,
Legal Costs ,
Litigation Funding ,
Morrison v National Australia Bank ,
Securities Fraud ,
Testimony
Introduction:
Congress passed the Securities Act of 1933, 15 U.S.C. §§ 77a et seq. (Securities Act), and the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a et seq. (Exchange Act, collectively, the Acts) following...more
As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which...more
In what amounted to a 6-3 decision, the Supreme Court held in Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. ___ (2014) that the presumption of reliance based on the fraud-on-the-market theory, first articulated in...more
In its 2010 Morrison decision, the Supreme Court decided that Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (“Section 10(b)”),only reaches “transactions in securities listed on domestic exchanges”...more
Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more
5/6/2014
/ Broker-Dealer ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Cybersecurity Framework ,
Data Breach ,
Data Protection ,
Identity Theft ,
OCIE ,
Red Flags Rule ,
Securities and Exchange Commission (SEC)
On April 15, 2014 the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more
The Supreme Court heard arguments yesterday in Halliburton Co. v. Erica P. John Fund, Inc. One issue presented in the case is whether the court should overrule or substantially modify the holding of Basic Inc. v. Levinson, a...more
On February 26, 2014, the United States Supreme Court limited the reach of the Securities Litigation Uniform Standards Act of 1998 (SLUSA), thereby increasing the number of individuals and entities that may be surprised to...more