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Panel: Plaintiff's Law Firm May Be Liable For Sanctions In Securities Lawsuit

CHICAGO - A law firm may be responsible for Federal Rule of Civil Procedure 11 sanctions in a securities class action lawsuit for its conduct regarding the use of a confidential witness who ended up recanting information he provided to the law firm's ...read more

Federal Judge Keeps Wells Fargo In MedCap Ponzi Scheme Suit

SANTA ANA, Calif. - A federal judge in California on April 2 declined Wells Fargo NA's request to dismiss consolidation class action claims alleging that it breached its contract by giving noteholders' funds to Medical Capital Holdings Inc. (MedCap ...read more

Shareholder Failed To State Claims In Say-On-Pay Suit, Federal Judge Rules

CHICAGO - A company's board of directors did not breach its fiduciary duty by failing to disclose certain information under the Dodd-Frank Wall Street Reform and Consumer Protection Act prior to conducting an executive "say on pay" vote ...read more

Cornerstone Releases Accounting Class Action Filings And Settlements Report

BOSTON - Although the number of securities class action lawsuit filings dealing with accounting issues dropped sharply in 2012, "accounting case settlement dollars represented over 90 percent of all settlement dollars for securities class actions ...read more

Pension Plan Failed To Plead Scienter In Securities Class Action, Judge Rules

OKLAHOMA CITY - A pension plan failed to plead scienter in arguing that the nation's second largest natural gas producer and certain of its current and former officers and directors misrepresented the company's business and financial condition ...read more

Fifth Third Agrees To Pay $16M To Settle Federal Securities Law Claims

CINCINNATI - Fifth Third Bancorp and a number of other defendants agreed to pay $16 million to settle claims that Fifth Third misrepresented its involvement in the subprime securities market in violation of federal securities laws, according to documents ...read more

2nd Circuit: Court Erred In Denying Remand To State Court In Securities Suit

NEW YORK - A federal district court erred in denying American International Group Inc.'s motion to remand a complaint filed against Bank of America Corp., certain of its subsidiaries and others under provisions of the Edge Act, a Second Circuit U ...read more

Lead Plaintiff Failed To Plead Recklessness In Securities Suit, Judge Rules

NEW YORK - A federal judge in New York on April 25 dismissed a lead plaintiff's second amended securities class action complaint against certain current and former executive officers of Eastman Kodak Co., ruling that the lead plaintiff failed to show ...read more

Report: Slight Increase In Securities Lawsuit Filings In First Quarter

NEW YORK - The number of securities and business litigation and enforcement lawsuits filed in the first quarter of 2013 increased slightly from the fourth quarter of 2012, but the numbers were still "significantly lower than the annual average of ...read more

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 ...read more

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 ...read more

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 ...read more

Shareholder: Business Judgment Rule Invalid In Directors', Officers' Defense

CHICAGO - The plaintiff in a shareholder derivative lawsuit told an Illinois federal court on May 2 that presuit demand upon a company's board of directors is excused because the business judgment rule does not apply to the granting of shares in excess ...read more

2nd Circuit Overturns Portion Of Its Opinion In SEC Market Timing Suit

NEW YORK - A U.S. Supreme Court ruling affirmed only a portion of a federal district court's dismissal of claims in a Securities and Exchange Commission lawsuit against a portfolio manager and another man, a Second Circuit U.S. Court of Appeals panel ...read more

Plaintiffs Seek Approval Of $153M Securities Settlement With Fannie Mae, KPMG

WASHINGTON, D.C. - Lead plaintiffs in a securities class action lawsuit against Fannie Mae and accounting firm KPMG LLP on May 7 asked a federal judge to approve a $153 million settlement that would end the lawsuit, which was brought in 2004 (In re: Fannie ...read more

2nd Circuit Affirms Court's Ruling On Most Claims In Market Manipulation Suit

NEW YORK - A federal judge did not err in dismissing state and federal securities law claims against a majority of defendants in a market manipulation scheme lawsuit, but erred in dismissing the state law claims against particular defendants because there ...read more

Shareholders Say Presuit Demand On Company's Subsidiary Is Not Necessary

CHICAGO - Shareholders told an Illinois federal court on May 6 that presuit demand upon the board of a wholly owned subsidiary of a financial company is not required before filing suit against the subsidiary's parent corporation (James F. Groen, et ...read more

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 ...read more

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 ...read more

Judge Vacates Securities Ruling, Remands Case To New York State Court

NEW YORK - A federal judge in New York on May 17 vacated his earlier ruling dismissing a securities lawsuit against JPMorgan Chase and Co. and certain of its subsidiaries and remanded the action to New York state court, ruling that investor claims are ...read more

Nasdaq To Pay $10M Penalty For Role In Facebook IPO, Secondary Market Trading

WASHINGTON, D.C. - In what is being called the largest ever penalty against an exchange, Nasdaq will pay a $10 million penalty to the Securities and Exchange Commission to settle claims that it violated federal securities laws as a result of its poor ...read more

Investor Failed To Plead Scienter In Securities Class Action Suit, Judge Rules

ST. LOUIS - Dismissal of a shareholder's amended securities class action complaint is proper because the shareholder failed to properly plead scienter, a federal judge in Missouri ruled May 29 (William Mark Scott v. Enterprise Financial Services Corp ...read more

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 ...read more

Judge Allows Lead Plaintiffs To Amend Complaint In Merck Securities Lawsuit

NEWARK, N.J. - In an opinion made available on June 3, a federal judge in New Jersey granted in part and denied in part lead plaintiffs' motion to file a sixth amended complaint in a securities class action lawsuit against Merck & Co. Inc. and ...read more

2nd Circuit Affirms Dismissal Of State, Federal Claims In Securities Lawsuit

NEW YORK - A federal district court did not err in dismissing a consolidated securities lawsuit against debenture sellers because investors failed to plead any of the state or federal securities law claims, a Second Circuit U.S. Court of Appeals panel ...read more