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$624 Million Proposed Settlement Announced In Countrywide Securities Class Action

LOS ANGELES — (Mealey’s) The lead plaintiffs in a consolidated class action complaint against former subprime mortgage lending giant Countrywide Financial Corp. (CFC) and others for alleged violations of federal securities laws announced a $624 million proposed settlement May 7 ( In re Countrywide...

BP Shareholders File Lawsuit Over Gulf Oil Spill In Eastern District Of Louisiana

NEW YORK - Citing the company's history of safety lapses, cost cutting and workplace disasters, shareholders who purchased stock in BP on June 10 filed a class action lawsuit based on claims that the company mislead investors before the Deepwater Horizon oil spill in the Gulf of Mexico ( Lore...

High Court: Investors Properly Pleaded Materiality In Securities Class Action Suit

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on March 22 unanimously affirmed that shareholders of a drug maker properly showed that the drug maker violated federal securities law by failing to disclose that one of its products caused adverse effects ( Matrixx Initiatives, Inc., et al. v...

U.S. Supreme Court Hears Oral Argument In Market Timing Case

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Jan. 8 heard oral arguments in an appeal of a Second Circuit U.S. Court of Appeals ruling allowing the Securities and Exchange Commission to seek penalties against defendants for securities fraud for conduct that was not fraudulently concealed...