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Business Torts Updates

Read Business Torts updates, news, and legal commentary from leading lawyers and law firms:

Supreme Court: Certain Securities Class Actions to Remain in State Court

by Dorsey & Whitney LLP on

The Supreme Court concluded that a securities class action based solely on claims arising under the Securities Act can proceed in state court and can not be removed to federal court. In reaching its conclusion the Court...more

Supreme Court Rules That State Courts Can Adjudicate Class Actions Under the Securities Act of 1933

by Proskauer Rose LLP on

The Supreme Court ruled today that the 1998 amendments to the federal securities laws did not strip state courts of jurisdiction over class actions alleging violations of only the Securities Act of 1933. The Court further...more

U.S. Supreme Court Holds that Securities Act Class Actions May Be Brought in State Courts

Today, the Supreme Court of the United States held that state courts have jurisdiction over class actions brought under the Securities Act of 1933 (Securities Act) and that such actions filed in state court may not be removed...more

Another Vantage Case, South Carolina style

by Ary Rosenbaum on

Knight’s Companies, a septic tank, trucking and concrete block business in sued Vantage Benefits and their principals Jeff and Wendy Richie in Federal District Court in South Carolina, The suit claims that Vantage and the...more

The Supreme Court - March 20, 2018

by Dorsey & Whitney LLP on

The Supreme Court of the United States issued one decision today: Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439: Respondents are three pension funds and an individual who purchased shares of Cyan, Inc....more

Cyan And The California Company

by Allen Matkins on

On March 20, 2018, the United States Supreme Court issued its decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, reaffirming that a class action alleging only violations of the federal Securities Act of 1933...more

Supreme Court Decides Cyan, Inc. v. Beaver County Employees Retirement Fund

by Faegre Baker Daniels on

On March 20, 2018, the Supreme Court decided Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, unanimously holding that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) does not remove state...more

Blog: SCOTUS upholds state court jurisdiction over class actions asserting only ’33 Act claims

by Cooley LLP on

Yesterday, SCOTUS issued its opinion in Cyan Inc. v. Beaver County Employees Retirement Fund. The opinion by Justice Kagan for a unanimous Court answered two questions: Did the Securities Litigation Uniform Standards Act of...more

U.S. Supreme Court Rules State Courts Can Hear Certain ’33 Act Claims

by Alston & Bird on

On March 20, 2018, the U.S. Supreme Court issued a much-anticipated decision in Cyan Inc. v. Beaver County Employees Retirement Fund, ruling that, pursuant to the Securities Litigation Uniform Standards Act of 1998 (SLUSA),...more

Supreme Court Holds That Class Actions Brought Under Securities Act in State Court Are Not Removable

Today, in a unanimous decision, the U.S. Supreme Court held in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund, et al., No. 15-1439, slip op. at __ (Mar. 20, 2018), that state and federal courts have concurrent...more

Supreme Court affirms state courts' jurisdiction to adjudicate 1933 Act class actions and rejects claims that such class actions...

by Burr & Forman on

In Cyan, Inc. v. Beaver County Employees Retirement Fund, the Supreme Court resolved two critical issues for class action claims brought under the Securities Act of 1933 (1933 Act)....more

Court Of Appeal Upholds Dismissal Of Purely Foreign Dispute

by Allen Matkins on

Seven years ago, I wrote about California's "million dollar contract" statute - CCP § 410.40. That statute permits any person to maintain an action against a foreign corporation or nonresident person when the action arises...more

Court Affirms Punitive Damages In A Breach-Of-Fiduciary-Duty/Partnership Dispute

by Winstead PC on

In Home Comfortable Supplies, Inc. v. Cooper, the defendant induced others to start a new limited partnership with his corporation. No. 14-16-00906-CV, 2018 Tex. App. LEXIS 1381 (Tex. App.—Houston [14th Dist.] February 22,...more

The Cash-Out Merger Solution to the Problem Minority Owner

by Farrell Fritz, P.C. on

How can majority business owners legally rid themselves of a problematic minority owner? Not by transferring the business’s assets to another entity for no consideration. ...more

Vantage defaults in first case decision

by Ary Rosenbaum on

It didn’t take long for the first decision in a lawsuit against vantage Benefits and its owners when they defaulted. A default judgment was handed down by Judge David C. Godbey of the U.S. District Court for the Northern...more

Business Judgment or Entire Fairness: The Meaning of Delaware’s Interested Director Statute

Cummings v. Eden et al was a case where the Delaware Court of Chancery examined allegations that members of a board of directors breached their fiduciary duties in connection with the approval an asset acquisition at an...more

Another Vantage lawsuit with an advisor twist

by Ary Rosenbaum on

A great scene is in GoodFellas is when Jimmy chastises Henry for getting arrested because he allowed himself to be incriminated through wiretaps. For years, I’ve been warning advisors about the referrals they make and it...more

Auto Company Pays $2 Million to Settle SCRA Claims Over Military Leasing Practices

by Weiner Brodsky Kider PC on

The financial arm of a national automobile company has agreed to settle claims brought by the U.S. Department of Justice (DOJ) for failing to refund up-front auto lease payments to service members who terminated their leases...more

Healthcare Fraud & Abuse Review 2017

by Bass, Berry & Sims PLC on

A LOOK BACK... A LOOK AHEAD - While the uncertainty associated with legislative efforts to repeal the Patient Protection and Affordable Care Act (PPACA) dominated most of the headlines for the healthcare industry last year,...more

6th Circuit Says No Standing for FDCPA Claim under Spokeo

by Weiner Brodsky Kider PC on

The Sixth Circuit Court of Appeals recently held that two plaintiffs did not have standing to pursue their FDCPA claim for failure to make a required disclosure where the non-disclosure did not hurt the plaintiffs. The Sixth...more

Court Considers Interaction between Alleged Controlling Stockholder and Corwin

In Re Rouse Properties, Inc. Fiduciary Litigation considers what the Delaware Court of Chancery describes as a pattern in the post-Corwin, post-MFW world....more

Judge Salinger: Defendant’s Letter Disputing Existence of Contract Does Not Trigger Start of Statute of Limitations Period for...

In Bay Colony, Judge Salinger denied the defendants’ motion to dismiss a contract claim as time barred even though one defendant (AMB) had sent a letter to the plaintiffs more than six years earlier disputing the existence of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

No US? No big deal. At least when it comes to the once-and-future TPP pact, which Japan, Canada, Australia, and 8 other US allies signed yesterday in Santiago, Chile....more

Court Of Chancery Explains Proper Evidence To Support Inspection Claim

by Morris James LLP on

In Re UnitedHealth Group Inc. Section 220 Litigation, C.A. 2017-0681-VCMR (February 28, 2018) - To obtain inspection rights from a Delaware corporation to investigate alleged wrongdoing, the petitioner needs some evidence...more

Delaware Superior Court Upholds Coverage For Fraud Claim

by Morris James LLP on

Arch Insurance Company v. Murdock, C.A. N16C-01-104 EMD CCLD (March 1, 2018) - This decision upholds coverage under a D&O policy for a claim alleging fraud by directors. This is not too surprising as the Delaware...more

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