Mealeys

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Pfizer Shareholder Class OK'd By MDL Judge For Disclosures About Celebrex, Bextra
Posted on 3 Apr 2012 by Mealeys

NEW YORK - A New York federal judge overseeing the Pfizer Inc. securities multidistrict litigation on March 29 certified a class of shareholders who allege that their stock value was affected by misstatements and omissions concerning the safety of the... Read More

Investor Failed To Plead Any Material Misrepresentations, Federal Judge Rules
Posted on 6 Aug 2013 by Mealeys

NEW YORK - In an opinion made available on Aug. 3, a federal judge in New York dismissed a shareholder class action lawsuit stemming from the financial collapse of financial giant Lehman Brothers, ruling that an investor failed to plead any material misrepresentations... Read More

Judge: Investor Failed To Properly Make Demand On Company's Board Of Directors
Posted on 28 Sep 2012 by Mealeys

DENVER - An investor failed to properly make demand on a company's board of directors before bringing a shareholder derivative lawsuit over the company's issuance of executive compensation packages, a federal judge in Colorado ruled Sept. 26 ... Read More

Judge: Trustee May Use Bankruptcy Code To Avoid Paying Certain Claims
Posted on 15 Feb 2013 by Mealeys

NEW YORK - A federal judge in New York on Feb. 12 ruled that the liquidation trustee for Bernard L. Madoff Investment Securities LLC (BLMIS) may use a portion of the Bankruptcy Code to avoid making customer payments to a number of defendants that are... Read More

Judge: Investors Properly Pleaded Misrepresentation Claims In Securities Suit
Posted on 30 Sep 2013 by Mealeys

LAS VEGAS - Dismissal of a securities class action lawsuit against MGM Resorts International (MGM) and others is not proper, a federal judge in Nevada ruled Sept. 26, because lead plaintiffs in the action have pleaded an actionable misstatement, scienter... Read More

Delaware Vice Chancellor Awards Attorney Fees, Costs In Securities Suit
Posted on 3 Oct 2012 by Mealeys

WILMINGTON, Del. - A Delaware Chancery Court vice chancellor on Oct. 1 awarded a shareholder in a securities lawsuit regarding a merger deal between two perfume companies more than $266,000 in attorney fees and costs, ruling that the shareholder is entitled... Read More

Panel Grants Stay In SEC, Citigroup $285M Settlement Dispute
Posted on 16 Mar 2012 by Mealeys

NEW YORK - The Securities and Exchange Commission and Citigroup Global Markets Inc. face a substantial likelihood of success in overturning a federal judge's denial of their $285 million settlement agreement, a Second Circuit U.S. Court of Appeals... Read More

Lead Plaintiffs Properly Pleaded Scienter, Loss Causation, Judge Rules
Posted on 26 Apr 2012 by Mealeys

NEW YORK - Lead plaintiffs in a class action lawsuit against a reinsurance company, certain of its former officers and directors and others have properly pleaded scienter and loss causation against a majority of the defendants, a federal judge in New... Read More

Judge Will Not Order Director And Officer To Return Ponzi Scheme Proceeds
Posted on 25 May 2012 by Mealeys

SACRAMENTO, Calif. - A federal judge in California on May 22 ordered a company to return $100,000 it received from another company's Ponzi scheme proceeds, but the judge would not order disgorgement of the funds from the personal assets of the receiving... Read More

Judge Trims Federal Securities Claims In BP Oil Spill Shareholder MDL
Posted on 8 Feb 2013 by Mealeys

HOUSTON - A federal judge in Texas on Feb. 6 granted in part and denied in part a motion to dismiss filed by BP PLC and certain of its subsidiaries and former executive officers, ruling that although shareholders have failed to plead scienter against... Read More

8th Circuit Panel Sends Securities Class Action Back To District Court
Posted on 8 Aug 2012 by Mealeys

ST. PAUL, Minn. - A federal judge erred in dismissing individual claims in a securities class action complaint, but didn't err in refusing to enjoin an arbitration or dismiss class claims, an Eighth Circuit U.S. Court of Appeals panel ruled Aug. 6... Read More

Judge: Investor May Not Offer New Evidence On Reconsideration Motion
Posted on 12 Nov 2012 by Mealeys

NEW YORK - A federal judge in New York on Nov. 7 ruled that although an investor is not entitled to file declarations in a securities class action lawsuit because the move is not allowable pursuant to Second Circuit U.S. Court of Appeals precedent, the... Read More

Pension Plan Failed To Plead Scienter In Securities Class Action, Judge Rules
Posted on 11 Apr 2013 by Mealeys

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

Final Approval Of $2.4B Settlement Granted In Bank Of America Securities Suit
Posted on 8 Apr 2013 by Mealeys

NEW YORK - A federal judge in New York on April 5 granted final approval of a $2.4 billion settlement between shareholders and Bank of America Corp. (BoA) to settle claims that it and certain of its executive officers and directors misrepresented the... Read More

Panel: Receiver May Stand In Shoes Of Creditors To Recover Contributions
Posted on 26 Oct 2012 by Mealeys

NEW ORLEANS - The court-appointed receiver for Stanford International Bank Ltd (SIB) and related companies may stand in the shoes of creditors in seeking to recover nearly $1.6 million in political contributions made to a number of political committees... Read More

  • Blog Post: Jury Finds That Stanford Must Turn Over $330M In 29 Foreign Financial Accounts

    HOUSTON - Two days after finding Texas financier R. Allen Stanford guilty on 13 criminal charges relating to his operation of a massive Ponzi scheme, a federal jury in Texas on March 8 returned a special verdict finding that Stanford must forfeit $330 million held in 29 financial institutions abroad...
  • Blog Post: Judge: Shareholders Have Standing To Bring Securities Fraud Claims

    NEW YORK - Shareholders in a securities class action lawsuit have standing to bring their claims against Direxion Shares ETF Trust and others because they have properly brought their claims within the statute of limitations, a federal judge in New York ruled March 6 (In re Direxion Shares ETF Trust,...
  • Blog Post: Panel: Court Didn't Abuse Discretion In Denying Request To Modify Order

    HOUSTON - A federal district court did not abuse its discretion when it denied a party's motion to modify or lift the receivership order for Stanford International Bank Ltd. because it properly determined that "payment of the letter of credit 'will not divest the Receivership Estate of property...
  • Blog Post: Judge: Bank's 'Sue And Be Sued' Clause Allows For Federal Court Removal

    BOSTON - The "sue and be sued" clause of a bank's congressional charter allows for the bank's lawsuit against a number of defendants that misrepresented the investment quality of certain mortgage-backed securities they sold to the bank to be removed to federal court, a federal judge...
  • Blog Post: Judge: Defendants Failed To Show That Removal Of Securities Suit Is Proper

    NEW YORK - Defendants in a securities lawsuit filed by Allstate Insurance Co., two of its subsidiaries and two Allstate-sponsored Employee Retirement Income Security Act plans (collectively, Allstate) have failed to show that removal of the action from state court is proper under the Edge Act, a federal...
  • Blog Post: Panel: Dismissal Of Claims In Securities Suit Warranted Due To Res Judicata

    NEW YORK - A New York state court justice erred in denying dismissal of a fraudulent inducement lawsuit filed by UBS Securities LLC and UBS AG, London Branch, that seeks to recover $686 million in losses in a collateralized debt obligation (CDO) transaction, a New York appellate panel ruled March 13...
  • Blog Post: Panel Grants Stay In SEC, Citigroup $285M Settlement Dispute

    NEW YORK - The Securities and Exchange Commission and Citigroup Global Markets Inc. face a substantial likelihood of success in overturning a federal judge's denial of their $285 million settlement agreement, a Second Circuit U.S. Court of Appeals panel ruled March 15 in a per curiam opinion (United...
  • Blog Post: Federal Judge Dismisses Securities Claims In BP Oil Spills Class Action

    SEATTLE - A federal judge in Washington on March 15 ruled that lead plaintiffs in a securities class action lawsuit against BP PLC, one of its subsidiaries and two former executive officers have failed to properly plead scienter in making their claims that the defendants misrepresented the extent of...
  • Blog Post: Madoff Trustee Agrees To $162M Settlement With New York Mets' Owners

    NEW YORK - The owners of Major League Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million settlement of claims relating to the defendants' alleged profiting from Madoff's massive Ponzi scheme ( Irving...
  • Blog Post: Judge: Lead Plaintiffs Failed To Plead Materiality In Making Securities Claims

    NEW YORK - A federal judge in New York on March 16 granted two motions to dismiss a shareholder class action lawsuit alleging that Bank of America Corp. (BAC) and others misrepresented the investment quality of securities it sold to the shareholders in violation of federal securities law, ruling that...
  • Blog Post: Stanford Argues He Was Deprived Of 6th Amendment Right To Fair Trial

    HOUSTON - Convicted multimillion dollar Ponzi scheme mastermind R. Allen Stanford sought a new trial in Texas federal court on March 20, arguing that he was deprived of his right to a fair trial under the Sixth Amendment to the U.S. Constitution ( United States of America v. Robert Allen Stanford , No...
  • Blog Post: Judge Allows Majority Of Securities Suit Against Goldman Sachs To Proceed

    NEW YORK - A federal judge in New York on March 21 substantially denied defendants' motions to dismiss a securities class action lawsuit against The Goldman Sachs Group Inc., one of its subsidiaries and others for alleged federal securities law violations in the marketing and structuring of two offerings...
  • Blog Post: Securities Claim Tolling Not Proper Under Whittaker Rule, High Court Rules

    WASHINGTON, D.C. - The Ninth Circuit U.S. Court of Appeals erred in ruling that the two-year statute of limitations claims brought pursuant to Section 16(b) of the Securities Exchange Act of 1934 are tolled until a Section 16(b) statement is filed, because the text of Section 16(b) "simply does...
  • Blog Post: Reconsideration Denied In Pfizer Shareholder Class Action Lawsuit

    NEW YORK - A federal judge in New York on March 22 refused to grant a motion for reconsideration filed by Pfizer Inc. and certain of its executive officers in a securities class action, ruling that the defendants have failed to provide evidence sufficient to warrant reconsideration or demonstrate a level...
  • Blog Post: Panel Affirms Dismissal Of Claims In Auction-Rate Securities Class Action

    NEW YORK - A federal judge in New York did not err in determining that shareholders in a securities class action multidistrict litigation against Citigroup Inc. and two of its subsidiaries failed to show that the defendants' conduct in underwriting and/or selling auction-rate securities was deceptive...
  • Blog Post: Judge: Lead Plaintiff Failed To Plead Scienter In Securities Class Action Suit

    SAN FRANCISCO - A lead plaintiff in a securities class action against a drug maker and certain of its senior officers has failed to plead falsity and scienter in making its federal securities law claims against the defendants, a federal judge in California ruled in an opinion made available on March...
  • Blog Post: Judge: Securities Claims Improperly Group-Pleaded

    RALEIGH, N.C. - Dismissal of lead plaintiffs' amended securities class action complaint is proper because their claims are improperly group-pleaded, a federal judge in North Carolina ruled March 26 ( Pipefitters Local No. 636 Defined Benefit Plan, et al. v. Tekelec Inc., et al., , et al., No. 11...
  • Blog Post: Judge: Release Expressly Excluded Defendants In Debt Collection Suit

    SAN JOSE, Calif. - Defendants in a debt collection practices lawsuit are not entitled to summary judgment by res judicata because a release and settlement agreement in a related state court action expressly excluded the defendants from release, a federal judge in California ruled March 26 (Carlos H....
  • Blog Post: Pension Fund Failed To Plead Scienter In Securities Suit, Federal Judge Rules

    CHICAGO - A pension fund has failed to plead scienter in a securities class action lawsuit against a for-profit undergraduate and graduate school operator and its senior officers because he has failed to plead material falsity, a federal judge in Illinois ruled March 27 (Boca Raton Firefighters'...
  • Blog Post: Judge: Pooling And Servicing Agreement Bars Claims In Securities Suit

    NEW YORK - A New York state court judge on March 28 dismissed a securities lawsuit seeking to intervene in Bank of America's $8.5 billion settlement over Countrywide Home Loans Inc.'s sale of subprime residential mortgage-backed securities, ruling that the pooling and servicing agreement for...
  • Blog Post: Genzyme Shareholder Class Dismissed For Lack Of Scienter By Mass. Federal Judge

    BOSTON - A Massachusetts federal judge on March 30 dismissed a purported class action by shareholders of Genzyme Corp., finding that the plaintiffs failed to show scienter that the company and its executives failed to disclose problems at manufacturing plants and with one of its biologic drugs and inflated...
  • Blog Post: Medtronic Agrees To Settle Infuse Shareholder Class For $85M, Denies Liability

    MINNEAPOLIS - Medtronic Inc. on March 30 said in a press release that it has agreed in principle to settle a stockholder class action involving its Infuse Bone Graft product for $85 million (Minneapolis Firefighters' Relief Association, et al. v. Medtronic, Inc., No. 08-6324, D. Minn.).
  • Blog Post: Pfizer Shareholder Class OK'd By MDL Judge For Disclosures About Celebrex, Bextra

    NEW YORK - A New York federal judge overseeing the Pfizer Inc. securities multidistrict litigation on March 29 certified a class of shareholders who allege that their stock value was affected by misstatements and omissions concerning the safety of the pain drugs Celebrex and Bextra (In Re: Pfizer Inc...
  • Blog Post: Judge Substantially Denies Dismissal Motions In Securities Class Action

    BOSTON - Shareholders in two similar and consolidated securities class action lawsuits against two companies that are the subject of a merger deal and a number of individual defendants have properly pleaded that the individual defendants breached their fiduciary duties in the planning and execution of...
  • Blog Post: Judge: Fund Failed To Plead Securities Claims With Requisite Scienter

    CHICAGO - Dismissal of a lead plaintiff's second amended securities class action complaint is proper, a federal judge in Illinois ruled March 29, because it failed to plead scienter, falsity or a material misrepresentation ( Garden City Employees' Retirement System, et al. v. Anixter International...