Litigation

Recent Posts

1st Circuit Affirms In Part, Reverses In Part Nomura Subprime Securities Suit Dismissal
Posted on 25 Jan 2011 by Kevin M. LaCroix

As a result of the First Circuit's January 20, 2011 opinion, the plaintiffs in the Nomura Asset Acceptance Corporation mortgage-backed securities lawsuit have managed to revive a slender portion of their case, albeit on a rather precarious basis.... Read More

Puerto Rican Bank Settles Subprime-Related Securities Suit
Posted on 28 Jan 2011 by Kevin M. LaCroix

According to Popular, Inc.'s January 27, 2011 press release ( here ), the Puerto Rican bank holding company has reached an agreement in principle to settle the subprime related securities lawsuit pending against the company, as well as in the related... Read More

Former Colonial Bank Executives Agree To Settle Class Action Lawsuit For $10.5 Million
Posted on 17 Aug 2011 by Kevin M. LaCroix

In a settlement that apparently will be funded entirely by D&O insurance, the plaintiffs and 23 former executives of the failed Colonial Bank of Montgomery, Alabama have agreed to settle the class action securities lawsuit that investors filed in... Read More

Why Ambac's Subprime Securities Suit Settlement Is Noteworthy
Posted on 17 Dec 2010 by Kevin M. LaCroix

In its December 15, 2010 filing of Form 8-K ( here ), Ambac Financial Group announced that it had entered a memorandum of understanding to settle the subprime-related securities class action lawsuits pending against the company and certain of its directors... Read More

Failed Bank Investors' Securities Suit Dismissed
Posted on 19 Jan 2011 by Kevin M. LaCroix

On January 14, 2011, in a ruling that could have implications for other failed bank investors' securities class action lawsuits, Northern District of Georgia Judge Charles A. Pannell, Jr . granted defendants' motions to dismiss the securities... Read More

Cornerstone Releases 2010 Securities Litigation Study
Posted on 21 Jan 2011 by Kevin M. LaCroix

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... Read More

Securities Class Action Lawsuits Against Chinese Companies Evolving
Posted on 10 Jun 2011 by Kevin M. LaCroix

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... Read More

California Federal Court Cites Morrison In Dismissing Non-U.S. Purchasers From Infineon Securities Lawsuit
Posted on 25 Mar 2011 by Kevin M. LaCroix

It has been a long road -- one that included among other things, an amicus brief filed at the U.S. Supreme Court in connection with Morrison v. National Australia Bank - but the defendants in the Infineon Technologies securities suit have managed to have... Read More

Vivendi Court Narrows Securities Suit Class, Applying Morrison
Posted on 24 Feb 2011 by Kevin M. LaCroix

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... Read More

High Court Rejects 'Statistical Significance' Requirement For Securities Lawsuit Materiality
Posted on 24 Mar 2011 by Kevin M. LaCroix

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... Read More

Some Questions About the N.Y. AG's Lehman-Related Complaint Against E&Y
Posted on 4 Jan 2011 by Kevin M. LaCroix

New York Attorney General Andrew Cuomo's December 21, 2010 filing of a civil fraud lawsuit against Ernst & Young in connection with the audit firm's services to Lehman Brothers has captured headlines in business pages around the world. The... Read More

Shareholders Launch Follow-On Securities Lawsuit Against Goldman Sachs
Posted on 30 Apr 2010 by Kevin M. LaCroix

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... Read More

Schwab Withdraws From Subprime Securities Suit Settlement
Posted on 12 Nov 2010 by Kevin M. LaCroix

There is a reason that when class action settlements are announced, they are described as preliminary and subject to final approval - sometimes the settlements fall apart before the case is finally put to rest. That appears be what has happened with the... Read More

NERA Releases Year-End 2010 Securities Class Action Litigation Study
Posted on 17 Dec 2010 by Kevin M. LaCroix

On December 14, 2010, NERA Economic Consulting released its annual year-end study of securities class action lawsuit filings and settlements. The report, entitled "Trends 2010 Year-End Update," can be found here . Among other things, the NERA... Read More

A Failed Bank, A Lawsuit, And Some Interesting Questions
Posted on 30 Jul 2010 by Kevin M. LaCroix

Though 268 banks have failed since January 1, 2008, there has been relatively little litigation related to the failed banks, as least so far. For example, the FDIC only recently filed its first action against former directors and officers of a failed... Read More