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...

1st Circuit Panel Vacates Dismissal In CVS Caremark Securities Class Action

BOSTON - A federal judge erred in dismissing a securities class action complaint against CVS Caremark Corp. and certain of its former executive officers for misrepresenting customer service issues in violation of federal securities law because the plaintiffs properly pleaded loss causation, a First Circuit...

Magistrate Compels Company To Provide Additional Testimony In Securities Suit

NEW YORK - A federal magistrate judge in New York on May 28 ruled that a lead plaintiff in a securities class action lawsuit has properly shown that additional discovery is warranted from an oilfield service company because the additional evidence would be relevant to the action (In re Weatherford International...

Judge Rules That Securities Claims Are Precluded Under Law

NEW YORK - Dismissal of a securities class action lawsuit is proper because the claims made in the action are precluded by the Securities Litigation Uniform Standards Act (SLUSA), a federal judge in New York ruled June 24 (Stanley Tolin, et al. v. Standard & Poor's Financial Services LLC, et...

2nd Circuit Panel Affirms Dismissal In Securities Class Action Lawsuit

NEW YORK - A federal judge in New York did not err in dismissing a securities class action lawsuit filed by purchasers of 44 exchange-traded funds (ETFs) because the investors failed to plead a material misrepresentation, a Second Circuit U.S. Court of Appeals panel ruled July 22 (In re ProShares Trust...

Lead Plaintiffs Still Fail To Plead Scienter Against Auditors, Judge Rules

NEW YORK - In an opinion made available on July 19, a federal judge in New York denied lead plaintiffs' motion for leave to file a second amended complaint in a securities class action, ruling that the amended complaint does not cure the deficiencies that led to dismissal of federal securities act...

Lead Plaintiff, Lead Counsel Named In Securities Class Action Lawsuit

CHICAGO - A federal judge in Illinois on July 30 named a lead plaintiff and lead counsel in a securities class action lawsuit, ruling that a pension fund has met the statutory requirements for serving as lead plaintiff (Construction Workers Pension Trust Fund, et al. v. Navistar International Corp.,...

Judge: Defendants' Statements Contain Cautionary Language In Securities Suit

MINNEAPOLIS - A federal judge in Minnesota on Aug. 5 trimmed a number of claims from a securities class action lawsuit, ruling that shareholders have failed to show that certain statements made by defendants were not forward looking and did not contain the required cautionary language as statutorily...

UBS To Pay $120M To Settle Claims Over Lehman Brothers Securities Losses

NEW YORK - In a New York federal court on Aug. 8, UBS Financial Services Inc. agreed to pay $120 million to settle federal securities law claims that it misrepresented the investment quality of certain Lehman Brothers securities it sold before Lehman Brothers filed for bankruptcy in 2008 (In re: Lehman...

Judge: Madoff Feeder Fund Policyholder Claims Preempted By SLUSA

NEW YORK - Dismissal of a securities class action lawsuit stemming from Bernard L. Madoff's massive Ponzi scheme is proper, a federal judge in New York ruled Sept. 3, because policyholders' claims are preempted by the Securities Litigation Uniform Standards Act (SLUSA) (In re Tremont Securities...

Judge Won't Dismiss Federal Claims In Securities Class Action Lawsuit

CHICAGO - In an opinion made available on Sept. 23, a federal judge in Illinois denied motions to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action has properly pleaded his federal securities law claims (In re Groupon Inc. Securities Litigation...

Judge Dismisses Securities Class Action Lawsuit With Leave To Amend

NEW YORK - Lead plaintiffs in a securities class action lawsuit have failed to plead any material misrepresentation or scienter in making their federal securities act claims against SAIC Inc. and certain of its current and former officers and directors, a federal judge in New York ruled Sept. 30 (In...

Panel Affirms Dismissal Of Securities Class Action For Failure To Plead Scienter

NEW YORK - In an order made available on Oct. 4, and without providing further detail, a Second Circuit U.S. Court of Appeals panel affirmed a federal judge in New York's dismissal of a securities class action lawsuit for failure to plead scienter (Forsta AP Fonden, et al. v. Agnico Eagle Mines Ltd...

Judge Substantially Dismisses Securities Claims In BP Oil Spill Lawsuit

HOUSTON - In an opinion made available on Oct. 7, a federal judge in New York significantly trimmed the claims in a securities class action complaint filed by Ohio state pension funds against BP PLC., two of its subsidiaries and three former officers and directors, ruling that the pension funds had not...

Judge Grants Class Certification In First Solar Securities Suit

PHOENIX - Lead plaintiffs in a securities class action lawsuit against an energy company and certain of its current and former officers and directors have properly met the statutory requirements for class certification, a federal judge in Arizona ruled Oct. 8 (Mark Smilovits v. First Solar Inc., et al...

Federal Judge Denies Injunction Request In Merger Dispute

HAMMOND, Ind. - A federal judge in Indiana on Oct. 28 denied a CFS Bancorp Inc. shareholder's request for a preliminary injunction to block the merger of CFS Bancorp Inc. and First Merchants Corp., finding that an injunction "would prevent the shareholder vote from being taken based on nothing...

Judge Certifies Class In Securities Class Action Suit Over Misrepresentations

LOS ANGELES - A federal judge in California on Oct. 25 certified a class in a securities lawsuit, ruling that lead plaintiffs have met all statutory guidelines for class certification (In re China Intelligent Lighting and Electronics Inc. Securities Litigation, No. 11-2768, C.D. Calif.).

Judge Orders Company To Hand Over Some Documents In Securities Class Action

NEW YORK - A federal judge in New York on Oct. 28 granted in part and denied in part a lead plaintiff's motion to compel a company to provide certain documents related to U.S. Securities and Exchange Commission and U.S. Department of Justice subpoenas issued seeking information related to their investigation...

Lead Plaintiff Failed To Plead Loss Causation In Securities Suit, Panel Rules

NEW YORK - A federal district court did not err in dismissing a securities class action complaint against Freddie Mac for alleged federal securities law violations because the lead plaintiff failed to plead loss causation, a Second Circuit U.S. Court of Appeals panel ruled Nov. 5 (Central States, Southeast...

High Court To Hear Appeal In Securities Suit Challenging Basic Ruling

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 15 agreed to hear an appeal of a securities class action lawsuit seeking determination of whether the Supreme Court's ruling in Basic Inc. v. Levinson should be modified with regard to its presumption of reliance coming from the fraud-on-the-market...

Judge Won't Dismiss Securities Claims Against Mining Company, Officers

SEATTLE - A lead plaintiff in a securities class action lawsuit against a mining company and certain of its current and former executive officers has properly pleaded falsity and scienter in making his federal securities law claims, a federal judge in Washington ruled Dec. 2 in denying the defendants'...

Lead Plaintiff, Lead Counsel Appointed In Securities Class Action

WASHINGTON, D.C. - A federal judge in the District of Columbia on Dec. 4 appointed a shareholder as lead plaintiff in a securities class action lawsuit against a pharmaceutical company and certain of its senior officers, ruling that the shareholder has met all requirements to serve in the role (Jeff...

Attorneys Awarded 16 Percent Of Settlement Fund In Securities Class Action

NEW YORK - A federal judge in New York on Dec. 19 ruled that although a law firm's request for attorney fees in a securities class action lawsuit against Citigroup Inc. and others was too high, the firm is still entitled to 16 percent of the overall settlement amount (In re Citigroup Inc. Bond Litigation...

Judge Says CVS Shareholders Properly Pleaded Material Misrepresentation, Scienter

PROVIDENCE, R.I. - Dismissal of a shareholder class action lawsuit challenging the merger that brought CVS Caremark Corp. together is not warranted because the shareholders have properly pleaded a material misrepresentation and scienter in making their federal securities law claims, a federal judge in...

Judge Certifies Class In Securities Suit Against Gas And Oil Company

SANTA ANA, Calif. - A federal judge in California on Jan. 6 certified a class of investors in a securities class action lawsuit against a natural gas and oil company alleged to have issued misrepresentations in proxy statements used as part of a series of mergers in violation of federal securities laws...