Shareholders Launch Follow-On Securities Lawsuit Against Goldman Sachs

The SEC's high-profile enforcement action against Goldman Sachs and one of its investment bankers may or may not revitalize the waning subprime and credit crisis-related litigation wave, but it has at least sparked an outbreak of follow on civil litigation against Goldman Sachs. According to their...

The Sands of Time: An Interesting New Subprime Securities Suit

The subprime and credit crisis-related litigation wave may now be in its fourth year, but lawsuits continue to come in. The latest of these suits - a securities class action lawsuit involving Las Vegas Sands - has a number of interesting features, and it also raises the question whether we may see even...

2 Subprime Suit Dismissal Motion Rulings

In two separate decisions, two courts issued opinions in cases that each related in different ways to Credit-Based Asset Servicing and Securitization, LLC , also known as C-Bass. As discussed below, Judge Rakoff has issued an opinion substantiating his prior dismissal motion rulings in the C-Bass subprime...

Cornerstone Releases 2010 Securities Litigation Study

As a result of a spike in second half filings, the number of new securities class action lawsuits increased slightly in 2010 compared to the year before, although the 2010 filing levels remained below historical averages, according to the annual study released jointly by Cornerstone Research and the...

Interview With Stanford Law Professor Joseph Grundfest About The State Of Securities Class Action Litigation

Every year, the Stanford Law School Securities Class Action Clearinghouse , in conjunction with Cornerstone Research , releases its annual overview of securities class action lawsuit flings. As I noted in a post last week, this year's version introduced a number of innovations and reflected a host...

NERA Releases Updated Canadian Securities Class Action Report

The number of outstanding securities class action lawsuits in Canada reached an all-time high during 2010 according to a January 31, 2011 report by NERA Economic Consulting entitled "Trends in Canadian Securities Class Actions: 2010 Update." The report can be found here . The report includes...

2nd Circuit Reinstates Blackstone Group IPO Securities Suit

In a February 10, 2010 opinion ( here ), the Second Circuit reversed the lower court's dismissal of the securities class action lawsuit relating to The Blackstone Group's June 2007 IPO. The decision, which represents a noteworthy victory for plaintiffs, contains an extensive analysis of "materiality"...

IMAX Defendants Denied Leave To Appeal Rulings, Allowing Ontario Securities Case To Proceed As Global Class Action

In a February 14, 2011 order ( here ), an Ontario Superior Court Justice has denied the motion of the defendants in the IMAX securities lawsuit pending in Ontario for leave to appeal the December 2009 rulings of Ontario Superior Court Justice Katherine van Rensberg granting the plaintiffs leave to pursue...

Satyam Agrees To Pay $125 Million To Settle Securities Lawsuit

In a settlement that has a number of interesting features, Satyam Computer Services, an Indian technology outsourcing company, has agreed to pay $125 million to settle the consolidated securities class action litigation pending against the company in Southern District of New York. The only settling...

Vivendi Court Narrows Securities Suit Class, Applying Morrison

In the long-awaited rulings on the post-trial motions in the Vivendi securities case , Judge Richard Holwell has entered a February 22, 2011 order materially narrowing the plaintiff class based on the U.S. Supreme Court's holding in Morrison v. National Australia Bank . A copy of Judge Holwell's...

Ontario Court Certifies Another Plaintiff Class In A Secondary Market Misrepresentation Claim

For the second time, a court has given investors leave to proceed and also certified a plaintiff class in a secondary market misrepresentations claim under the revised Ontario Securities Act. In an order dated March 1, 2011, Ontario Superior Court Justice Wolfram Tausendfreund granted leave to investors...

Study: 2010 Median Settlement Amount Of Securities Class Actions Hit Record

Though the average dollar value of securities class action settlements approved in 2010 declined slightly compared to 2009, the median settlement amount reached record levels, according to Cornerstone Research's annual 2010 Securities Class Action Settlement Study. Cornerstone's March 10, 2010...

Credit Suisse Subprime-Related Securities Class Action Settles For $70 Million

In resolution of a securities case that at one time had actually been dismissed and that even after being revived was substantially narrowed based on the U.S. Supreme Court's Morrison decision, the parties to the Credit Suisse subprime-related securities class action lawsuit have reached a settlement...

High Court Rejects 'Statistical Significance' Requirement For Securities Lawsuit Materiality

In a unanimous March 22, 2011 opinion by Justice Sonia Sotomayor , the U.S. Supreme Court rejected the argument of Matrixx Initiatives that adverse product reports must be "statistically significant" in order for a manufacturer to have an obligation to disclose the reports to investors. As...

Flood Of Mergers And Acquisition Lawsuits Drive First Quarter Securities Litigation Activity

Largely as a result of a flood of M&A related lawsuits, there were a significant number of new securities class action lawsuits filed in the first quarter of 2011, and even factoring out the M&A lawsuits, the first three months of the year still represented an active period for securities lawsuit...

Kevin M. LaCroix Takes Closer Look At Life Sciences Companies And Securities Litigation

In my year-end securities litigation survey , I noted that while a number of new trends emerged during 2010, one securities lawsuit filing trend had remained constant during the year - that is, life sciences companies remained a favored securities class action lawsuit target. The heightened exposure...

Chinese Company Alleges Lawsuit Against It Is Scheme By Short Sellers To Manipulate Share Price

The wave of new securities class action lawsuits involving accounting scandals at U.S-listed Chinese firms is already a well-established phenomenon . But in the latest twist on the tale, Deer Consumer Products , one of the U.S.-listed Chinese companies most recently sued based on allegations of accounting...

Proof of Loss Causation Not Needed At Class Certification Stage, High Court Rules In Halliburton Case

As many observers had expected, the U.S. Supreme Court has reversed the Fifth Circuit's opinion in the Halliburton case. In a brief June 6, 2011 opinion from Chief Justice John Roberts , writing for a unanimous court, the Court held that securities class action lawsuit plaintiffs do not need to prove...

Securities Class Action Lawsuits Against Chinese Companies Evolving

One of the most distinct securities litigation filing trends during the last twelve months has been the filing of securities class action lawsuits against U.S.-listed companies based or operating in China. With a phenomenon this well-established, it is only natural that the trend should begin to evolve...

Some Securities Class Action Lawsuits Still Being Filed After Considerable Delay

Among other things, Cornerstone Research's mid-year 2011 analysis of securities class action lawsuit filings reported that during the year's first half lawsuits were filed more quickly. The report said that in the first six months of 2011 "the median lag between the end of the class periods...

14 Former Lehman Brothers Execs Agree To Settle Securities Class Action For $90 Million

In a development that undoubtedly will attract comment and controversy, fourteen former Lehman Brothers executives--including former Lehman Chairman and CEO Dick Fuld --have reached an agreement to settle the consolidated securities class action litigation that has been filed against them for $90 million...

California Federal Judge Denies Class Certification In Securities Lawsuit Against China Agritech

During 2010 and 2011, a number of securities class action lawsuits were filed against U.S.-listed Chinese companies. Plaintiffs' lawyers seemed eager to pursue these cases despite likely procedural and practical challenges such as likely difficulties in obtaining discovery, as well as language and...

2nd Circuit Enforces FLSA Class Action Waiver

Earlier this summer when the U.S. Supreme Court issued its opinion in Italian Colors v. American Express , in which the Court enforced a class action waiver in an arbitration agreement to compel the claimants to arbitrate their antitrust claims, the decision seemed likely to have widespread impact even...