Litigation

Recent Posts

NERA Consulting Report Says Canadian Securities Class Action Filings Hit Record Levels Last Year
Posted on 3 Feb 2012 by Kevin M. LaCroix

Securities class action lawsuit filings in Canada hit record levels in 2011 according to a new report from NERA Economic Consulting. The January 31, 2012 report, entitled "Trends in Canadian Securities Class Actions: 2011 Update" ( here ) concludes... 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

FDIC Files Latest Lawsuit In Its Role As Receiver Of Failed Bank
Posted on 24 Jan 2012 by Kevin M. LaCroix

In the FDIC's latest lawsuit filed in its role as receiver of a failed bank, the FDIC not only named as defendants nineteen former directors and officers of the failed bank, but also included as defendants seventeen of their spouses and the failed... Read More

Advisen Report Says Corporate, Securities Litigation Filing Reached 'Crescendo' In First Quarter
Posted on 21 Apr 2011 by Kevin M. LaCroix

Corporate and securities litigation filing activity reached a "crescendo" in the first quarter of 2011, according to the most recent quarterly report from Advisen, the insurance information firm. The filing rate in the year's first three... 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

Bankers' Professional Liability Insurance Does Not Cover Overdraft Fee Class Action Settlement
Posted on 23 Aug 2013 by Kevin M. LaCroix

A recurring question under the management liability insurance protection that banks typically acquire is the extent of the protection afforded under their policies’ professional liability provisions. One particular question that often arises is... Read More

The Economist Says Litigation Funders Posting 'Fat Returns'
Posted on 16 Apr 2013 by Kevin M. LaCroix

Third-party litigation funding's moment may already be here, as I have previously noted . But just the same, it is a little surprising to find stories about litigation funding at virtually every turn, with stories over the weekend appearing, for example... Read More

FDIC Pursues Litigation Against Failed Banks - Slowly
Posted on 18 May 2011 by Kevin M. LaCroix

The FDIC's pursuit of litigation against directors and officers of banks that have failed as part of the current round of bank failures has been moving forward, albeit at a deliberate pace. The agency's litigation efforts advanced a couple of... Read More

New York Federal Judge Dismisses Securities Suit Against U.S.-Listed Chinese Company
Posted on 25 Jan 2013 by Kevin M. LaCroix

In a January 22, 2013 opinion ( here) , Southern District of New York Judge J. Paul Oetken has dismissed one of the many securities class action lawsuits that were filed against U.S.-listed Chinese companies in 2011. Though the primary interest in the... Read More

Flood Of Mergers And Acquisition Lawsuits Drive First Quarter Securities Litigation Activity
Posted on 11 Apr 2011 by Kevin M. LaCroix

Largely as a result of a flood of M&A related lawsuits, there were a significant number of new securities class action lawsuits filed in the first quarter of 2011, and even factoring out the M&A lawsuits, the first three months of the year still... Read More

Settlements Of Class Action Securities Lawsuits Involving U.S.-Listed Chinese Companies Are Relatively Modest
Posted on 9 Jul 2012 by Kevin M. LaCroix

Beginning in 2010 and accelerating in 2011, plaintiffs' lawyers filed a wave of securities class action lawsuits against U.S.-listed Chinese companies, many of which obtained their U.S. listings via reverse merger. These cases have been making their... Read More

Shareholder Derivative Lawsuit Over Deepwater Horizon Oil Spill Dismissed In Favor Of English Forum
Posted on 21 Sep 2011 by Kevin M. LaCroix

A wave of litigation followed in the wake of the April 2010 Deepwater Horizon oil spill. Among this litigation were several shareholder derivative suits filed against certain directors and officers of BP and of its U.S. subsidiary. At the time these cases... 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