Litigation

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Thomas O. Gorman On This Week In Securities Litigation - April 29
Posted on 29 Apr 2011 by Thomas O. Gorman

As the jury considers the fate of Raja Rajaratnam in the largest insider trading case brought in years, the Commission continued to implement Dodd-Frank, issuing more proposed rules. The Supreme Court heard oral argument this week in a case which may... Read More

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

Williams Mullen: Defeating Class Certification: Halliburton II Ruling Impacts Securities Class Action Issues
Posted on 19 Aug 2014 by Williams Mullen

By Turner A. Broughton and Lauren M. Wheeling In its June 23, 2014 opinion in Halliburton Co. v. Erica P. John Fund, Inc. (“ Halliburton II ”), the United States Supreme Court addressed two securities class action issues[ enhanced opinion... 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

Cornerstone Research Report Highlights Trends In Securities Class Actions
Posted on 2 Aug 2011 by Thomas O. Gorman

The number federal securities class action suits filed in the first half of 2011 decreased compared to the second half of 2010. At the same time however the number of cases filed increased compared to the first half of 2010, according to a new report... Read More

Cornerstone, NERA Reports Chronicle Securities Class Action Filings For 2012
Posted on 7 Aug 2012 by Thomas O. Gorman

Trends in the filing of securities class actions are chronicled in reports issued by Cornerstone Research and NERA Economic Consulting for the first half of 2012. The two reports agree on a number of items but differ on the overall trend regarding the... Read More

6th Circuit Affirms Dismissal of Securities Class Action Based on SLUSA
Posted on 21 Sep 2011 by Thomas O. Gorman

The Sixth Circuit Court of Appeals affirmed the dismissal of a securities class action tied to the market crisis and brought against three mutual funds issued by Morgan Keegan Select Fund, Inc., an open-ended investment company. Atkinson v. Morgan Asset... 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

Securities Class Action Filings For First Quarter Ran Above Historical Averages
Posted on 6 Apr 2012 by Kevin M. LaCroix

On an annualized basis, the pace of securities class action lawsuit filings for the first quarter of 2012 ran above historical averages, although the pace of filings declined compared to the prior month in the quarter's second and third months. Merger... Read More

Plaintiffs' Lawyers Pursue Non-U.S. Securities Litigation Alternatives After Morrison
Posted on 20 Jan 2011 by Kevin M. LaCroix

One of the questions posed in the wake of the U.S. Supreme Court's landmark decision in Morrison v. National Australia Bank is whether the Court's holding might encourage securities claimants foreclosed by Morrison from U.S. court to attempt to... Read More

Study: 2010 Median Settlement Amount Of Securities Class Actions Hit Record
Posted on 11 Mar 2011 by Kevin M. LaCroix

Though the average dollar value of securities class action settlements approved in 2010 declined slightly compared to 2009, the median settlement amount reached record levels, according to Cornerstone Research's annual 2010 Securities Class Action... Read More

This Week In Securities Litigation - Second Supreme Court Ruling This Term Favors Plaintiffs In Securities Class Actions
Posted on 10 Jun 2011 by Thomas O. Gorman

The Supreme Court handed its second ruling this Term which favors plaintiffs in securities class actions. What may well be the most important securities decision by the Court this term has yet to be decided. SEC enforcement brought additional insider... Read More

Cornerstone Research Report Shows Uptick In Securities Class Action Filings Over Last Year
Posted on 24 Jan 2012 by Thomas O. Gorman

The number of securities class actions filed in 2011 increased to 188 compared to 176 filings the prior year, according to a recent report from Cornerstone Research. That number is still below the average of 194 cases filed from 1997 through 2010. One... Read More

The Week In Securities Litigation: A New Direction For Securities Enforcement Actions?
Posted on 25 Jan 2013 by Thomas O. Gorman

Changes at the top of the SEC and the DOJ's criminal division may signal a new direction for securities enforcement actions. Former U.S. Attorney Mary Jo White was nominated by the President to be SEC Chairman. At the same time Lanny Breuer, Assistant... Read More

Ontario Court Certifies Another Plaintiff Class In A Secondary Market Misrepresentation Claim
Posted on 9 Mar 2011 by Kevin M. LaCroix

For the second time, a court has given investors leave to proceed and also certified a plaintiff class in a secondary market misrepresentations claim under the revised Ontario Securities Act. In an order dated March 1, 2011, Ontario Superior Court Justice... Read More