NEW YORK - A federal judge did not err in denying lead plaintiffs the chance to amend their complaint in a securities class action lawsuit because amendment was futile, a Second Circuit U.S. Court of Appeals panel ruled June 15 (NECA-IBEW Pension Trust Fund, et al. v. Kenneth D. Lewis, et al., No. 14-0402, 2nd Cir.).
WASHINGTON, D.C. - The Judicial Panel on Multidistrict Litigation on June 9 transferred two securities class action lawsuits to the U.S. District Court for the Southern District of New York and consolidated the actions with four similar actions already filed in the District Court, ruling that the actions meet statutory requirements for pretrial consolidation (In re Alibaba Group Holding Limited Securities Litigation, MDL No. 2631, JPMDL).
NEW YORK - A federal district court did not err in rejecting a shareholder's objection to a securities class action lawsuit settlement because the settlement notice was adequate and the attorney fee award was "acceptable," a Second Circuit U.S. Court of Appeals panel ruled June 10 (J. Robert Arbuthnot, et al. v. Donald R. Pierson II, et al., No. 14-2135, 2nd Cir.).
NEW YORK - A federal judge in New York on June 5 denied motions for reconsideration filed by defendants in a securities class action lawsuit, ruling that the defendants' arguments fail as a matter of law (In re BioScrip Inc. Securities Litigation, No. 13-6922, S.D. N.Y.; 2015 U.S. Dist. LEXIS 73484).
MINNEAPOLIS - In a June 9 conditional order, the Judicial Panel on Multidistrict Litigation (JPMDL) ruled that the many existing claims against health care provider Anthem Inc., related to a January 2015 data intrusion, will be consolidated and transferred to the U.S. District Court for the Northern District of California (In Re: Anthem Inc., Customer Data Security Breach Litigation, No. MDL 2617, JPMDL).
NEW ORLEANS - The Fifth Circuit U.S. Court of Appeals on June 5 affirmed wire fraud and conspiracy convictions and 20-year prison sentences for two employees of investment companies of Ponzi scheme operator R. Allen Stanford, finding in part that the trial court did not commit harmful error in excluding certain testimony by two experts for the accused employees (United States of America v. Mark Kuhrt and Gilbert T. Lopez, Jr., No. 13-20115, 5th Cir.; 2015 U.S. App. LEXIS 9438).
BROOKLYN, N.Y. - A federal judge in New York on June 5 adopted a federal magistrate's report and recommendation that the federal judge grant preliminary approval of a settlement in a securities class action lawsuit, ruling that adopting the report and recommendation was proper because neither party objected to it (Waterford Township Police & Fire Retirement System v. Smithtown Bancorp, Inc., et al., Nos. 10-0864, E.D. N.Y.; 2015 U.S. Dist. LEXIS 73025).
PASADENA, Calif. - A federal judge in California did not err in dismissing claims in a securities class action lawsuit because the lead plaintiff in the action failed to plead a material misrepresentation or scienter, a Ninth Circuit U.S. Court of Appeals panel ruled June 5 (Fresno County Employees' Retirement Association v. Alphatec Holdings Inc., et al., No. 13-55661, 9th Cir.).
WASHINGTON, D.C. - The U.S. Supreme Court on June 8 granted a petition for writ of certiorari in a securities class action lawsuit seeking determination of whether, pursuant to Section 11 of the Securities Act of 1933, a plaintiff must show not only that an opinion contained false and misleading statements but also that the speaker knew that the statements were false and misleading when made (Belmont Holdings Corp., et al. v. Deutsche Bank AG, et al., No. 14-1052, U.S. Sup.).
SEATTLE - A Washington state court judge entered a defense verdict on June 1 in a suit alleging that negligent design and installation of a home security system allowed intruders to break into a home and seriously injure one of its occupants (Deep Rawat, et al. v. Comcast Broadband Security LLC, et al., No. 14-2-05344-4-SEA, Wash. Super., King Co.).
NEW YORK - A federal judge in New York on May 27 granted final approval of a $500 million settlement in a securities class action lawsuit regarding Bear Stearns' sale of more than $17 billion in mortgage-backed securities, finding the settlement agreement to be fair, reasonable and adequate (In re Bear Stearns Mortgage Pass-Through Certificates Litigation, No. 08-8093, S.D. N.Y.).
WASHINGTON, D.C. - The U.S. Supreme Court on May 26 declined to hear an appeal in a securities class action lawsuit accusing NVIDIA Corp. and its CEO of concealing problems certain of its products in violation of federal securities laws (Roberto Cohen v. NVIDIA Corp., et al., No. 14-975, U.S. Sup.).
RICHMOND, Va. - The Fourth Circuit U.S. Court of Appeals on May 27 found that a directors and officers liability insurer is entitled to recoup defense costs it advanced a global security management and consulting company, affirming a lower federal's court award of $846,483 in favor of the insurer in a coverage dispute arising from a massive scheme to defraud the U.S. government (Protection Strategies Inc. v. Starr Indemnity & Liability Co., et al., No. 14-1972, 4th Cir.; 2015 U.S. App. LEXIS 8734).
NEW HAVEN, Conn. - A reinsurer on May 26 asked a federal court in Connecticut to order another reinsurer to post pre-pleading security in a dispute over a reinsurance billing of more than $1 million because the other reinsurer does not have a license to offer reinsurance in Connecticut (Select Insurance Company v. Excalibur Reinsurance Corporation, f/k/a PMA Capital Insurance Company, No. 15-cv-00715, D. Conn.).
WASHINGTON, D.C. - The U.S. Supreme Court on May 26 declined to review the Eighth Circuit U.S. Court of Appeals ruling that a shareholder-owner's state law claims related to improper cancellation of her health care coverage were preempted by the Employee Retirement Income Security Act (CeCelia Catherine Ibson v. United Healthcare Services, Inc., No. 14-1119, U.S. Sup.).
WASHINGTON, D.C. - In a notice filed May 26, the plaintiffs in a lawsuit regarding the data collection activities of the National Security Agency (NSA) advised the District of Columbia U.S. Circuit Court of Appeals of a recent Second Circuit U.S. Court of Appeals ruling that deemed the NSA's program not authorized by the USA Patriot Act (Larry Elliott Klayman, et al. v. Barack Hussein Obama, et al., No. 14-5004, 14-5005, 14-5016, 14-5017, D.C. Cir.).