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Securities Class Action Litigation Follows LIBOR Scandal

At the PLUS D&O Symposium in New York this past March, I participated on a panel entitled, "Financial Institutions Underwriting: Is it Safe to Come Out Yet?" The implication of the panel topic was that perhaps with the passage of the credit crisis, financial institutions might not be as...

NERA Report Says Securities Class Action Filings At Or Above Historic Levels In 2012

According to NERA Economic Consulting's mid-year 2012 report, securities class action lawsuit filings were at or above historical levels in 2012, and though average securities class action lawsuit settlements during the year's first half approached all times highs, the pace of securities suit...

Latest Lawsuit Arising From Libor Scandal Has New York Bank Filing Class Action Against Libor-Setting Banks For Fraud

In the latest lawsuit to arise from the rapidly evolving Libor scandal, a New York bank has filed a purported class action in the Southern District of New York, seeking to recover damages from the U.S. Dollar Libor rate setting banks for fraud. The complaint, which was filed July 25, 2012 and which can...

Another Libor Scandal Antitrust Lawsuit Filed, This One on Behalf of Derivatives Investors

At the risk of sounding repetitive, I must report here that there has been yet another Libor-scandal related lawsuit filed in the Southern District of New York. The latest lawsuit, filed on July 30, 2012, purports to be filed on behalf of a class of investors who bought U.S. dollar Libor-based derivatives...

The Week In Securities Litigation: First Co-Directors Of SEC's Enforcement Division Take The Helm

George Canellos and Andrew Ceresney, two former colleagues in the Manhattan U.S. Attorney's Office, became the first Co-Directors of the SEC's Enforcement Division. The Division also secured a ruling this week which will permit its subpoena enforcement action against the PRC based affiliate...

U.S. High Court Hears Arguments In Case Over Appealing LIBOR Suit

WASHINGTON, D.C. — (Mealey’s) A dismissal of a lawsuit by a trial court and a statement that the case was terminated render the case appealable, Thomas C. Goldstein of Goldstein & Russell in Bethesda, Md., argued Dec. 9 before the U.S. Supreme Court ( Ellen Gelboim and Linda Zacher, et...