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As the premier provider of litigation news for over 25 years, Mealey's follows cases from initial complaint and brief to final verdict, decision or settlement.

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Securities and D&O

  • This Week 
  • Last Week 

    • Judge Refuses To Dismiss Investor Suit Against Wells Fargo As Securities Trustee

      DENVER - A federal judge in Colorado on May 16 refused to dismiss an investor lawsuit against Wells Fargo Bank NA, as trustee of two residential mortgage-backed securities trusts, ruling that the investor properly pleaded a number of its claims (Galena Street Fund L.P. v. Wells Fargo Bank NA, No. 12-0587, D. Colo.).

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      Shareholders Fail To Show Holding Company's Breaches, Federal Judge Rules

      SALT LAKE CITY - A federal judge in Utah on May 13 denied a motion to dismiss the Federal Deposit Insurance Corp. from a shareholder derivative suit brought against the holding company and officers and directors of a failed bank, alleging breach of fiduciary duty, but dismissed the suit because the shareholders did not show that the alleged violations occurred at the holding company level and not the bank level (J. Canute Barnes, et al. v. Curtis H. Harris, et al., No. 12-1010, D. Utah; 2013 U.S. Dist. LEXIS 68465).

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      Judge Says Shareholders Failed To Prove Presuit Demand Futility

      AKRON, Ohio - A federal judge in Ohio on May 10 dismissed a shareholder derivative lawsuit, finding that the plaintiffs had failed to show that presuit demand upon a company's board of directors would have been futile (Robinson Family Trust, et al. v. Paul G. Greig, et al., No. 12-cv-01713, N.D. Ohio; 2013 U.S. Dist. LEXIS 66995).

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      Federal Judge Dismisses Libor Manipulation Suit Against Barclays, Others

      NEW YORK - Lead plaintiffs in a securities class action lawsuit against Barclays PLC and certain of its subsidiaries and former executive officers have failed to plead any material misrepresentations or loss causation in arguing that the defendants violated federal securities law by engaging in a scheme to manipulate the London Interbank Offered Rate (Libor) interest rate, a federal judge in New York ruled May 13 (Vladimir Gusinsky, as Trustee for the Vladimir Gusinsky Living Trust, v. Barclays PLC, et al., No. 12-5329, S.D. N.Y.).

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  • 2 Weeks ago 
  • 3 Weeks ago 

    • Judge Approves Revlon Directors' And Officers' Shareholder Suit Settlement

      WILMINGTON, Del. - A federal judge in Delaware on April 30 approved a $400,000 settlement of a shareholder derivative lawsuit against directors and officers of Revlon Inc. (Richard Smutek, derivatively on behalf of Revlon Inc., v. Ronald O. Perelman, et al., No. 10-cv-00392, D. Del.).

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      Judge Trims Claims In Grocery Store Chain Securities Class Action

      NEWARK, N.J. - A federal judge in New Jersey on April 30 trimmed federal securities law claims brought by lead plaintiffs in a securities class action lawsuit who allege that a grocery store chain and others misrepresented the company's business and financial condition in violation of federal securities law (Ricky Dudley v. Christian W.E. Haub, et al., No. 11-5196, D. N.J.; 2013 U.S. Dist. LEXIS 61386).

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      Panel Affirms Grant Of Class Certification In Securities Lawsuit

      NEW ORLEANS - A federal district court did not err in granting class certification in a securities class action lawsuit because price impact evidence does not bear on the inquiry into whether common issues predominate under Federal Rule of Civil Procedure 23(b)(3), a Fifth Circuit U.S. Court of Appeals panel ruled April 30 (Erica John Fund, et al. v. Halliburton Co., et al., No. 12-1398, 5th Cir.).

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      Lead Plaintiffs Pleaded Scienter, Loss Causation In Securities Suit, Judge Rules

      ST. LOUIS - Lead plaintiffs in a securities class action against a drug company and certain of its current and former executive officers have properly pleaded scienter and loss causation in making their federal securities law claims, a federal judge in Missouri ruled April 30 (Public Pension Fund Group, et al. v. KV Pharmaceutical Co., et al., No. No. 08-1859, E.D. Mo.; 2013 U.S. Dist. LEXIS 61361).

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      Judge Dismisses Securities Class Action Lawsuit With Prejudice

      OAKLAND, Calif. - Lead plaintiffs and defendants in a securities class action accusing the defendants of misrepresenting an information technology company's business and financial condition in violation of federal securities law have agreed to proceed with the filing of a second amended complaint and dismiss the action with prejudice, according to court documents filed in California federal court on April 29 (In re Cisco Systems Inc. Securities Litigation, No. 11-1568, N.D. Calif.).

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      Wells Fargo Settles MedCap Ponzi Scheme Claims For $105 Million

      SANTA ANA, Calif. - Wells Fargo Bank NA on April 30 agreed to pay $105 million to settle consolidated class action claims alleging that it breached its contract by giving noteholders' funds to Medical Capital Holdings Inc. (MedCap) as part of MedCap's alleged $1 billion Ponzi scheme (In Re: Medical Capital Securities Litigation $(Steven Masonek, et al. v. Wells Fargo Bank NA, No. 09-1048, Kenneth Bain, et al. v. Wells Fargo Bank, et al., No.10-0548, James L. Abbate, et al. v. Wells Fargo Bank, et al., No.10-6561$), No. 10-ml-2145, C.D. Calif.).

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2013

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