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Murray, Frank & Sailer LLP Files Securities Class Action Against Toyota

NEW YORK — Murray, Frank & Sailer LLP announced Feb. 18 that it has filed a class action complaint in the U.S. District Court for the Southern District of New York (No. 10 Civ. 1175) on behalf of all individuals and institutions who purchased Toyota Motor Corp. publicly traded securities...

Finkelstein & Krinsk LLP Files Class Action On Behalf Of Toyota Investors

SAN DIEGO — A class action securities lawsuit, Squires v Toyota Motor Corporation, et. al., has been filed in the U.S. District Court for the Central District of California, Western Division, seeking damages for violations of the Securities Exchange Act of 1934 to benefit purchasers of Toyota Motor...

Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Goldman Sachs Group Inc.

NEW YORK — Robbins Geller Rudman & Dowd LLP on April 26 announced that a class action has been commenced in the U.S. District Court for the Southern District of New York on behalf of purchasers of the common stock of Goldman Sachs Group Inc. between Oct. 15, 2009, and the time it was publicly...

High Court: United States Lacks Subject Matter Jurisdiction In Securities Class Action

WASHINGTON, D.C. - (Mealey's) Ruling that Section 10(b) of the Securities Exchange Act of 1934 does not provide a cause of action "to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges," the U.S. Supreme Court...

Carella Byrne Files Securities Class Action Lawsuit Against Wyeth

ROSELAND, N.J. - Carella, Byrne, Cecchi, Olstein, Brody & Agnello P.C. on June 29 announced that a securities class action lawsuit was filed on June 18 in the U.S. District Court for the District of New Jersey on behalf of purchasers of Wyeth Inc. common stock between May 21, 2007, and July 29, 2008...

AIG Securities Class Settles For $725 Million

NEW YORK - (Mealey's) American International Group Inc. (AIG) has agreed to pay $725 million to resolve a class action brought against it in a New York federal court by investors who allege that the company engaged in bid-rigging and accounting improprieties, Ohio Attorney General Richard Cordray...

Berman DeValerio Files Class Action Lawsuit Extending Class Period In BP Action

NEW ORLEANS, La. - The law firm of Berman DeValerio has filed a securities fraud lawsuit against BP plc, expanding the complaint to cover certain investors who acquired BP stock as early as mid-2005 ( The Oklahoma Police Pension & Retirement System v. BP, et al. , No. 2:10-cv-02013, E.D. La.). ...

Securities Class Action Related To Oil Spill Filed Against Anadarko Petroleum

NEW YORK - Murray, Frank & Sailer LLP on Aug. 4 filed a class action complaint in the U.S. District Court for the Southern District of New York on behalf of purchasers of Anadarko Petroleum Corporation publicly traded securities between June 12, 2009, and June 9, 2010. The complaint seeks damages...

WellCare Announces $200 Million Settlement In Securities Class Action

TAMPA, Fla. - (Mealey's) WellCare Health Plans Inc. announced Aug. 9 that it has reached an agreement to settle for $200 million a putative securities fraud class action that was brought against it in a Florida federal court ( Eastwood Enterprises, LLC, et al. v. Todd S. Farha, et al. , No. 8:07...

Preliminary Approval Of $12 Million Settlement In New Century Class Action Granted

LOS ANGELES - (Mealey's) A federal judge in California on Aug. 9 preliminarily approved a $125 million settlement agreement between shareholders, former officers and directors of subprime mortgagor New Century Financial Corp., the company's outside auditor and the underwriters of New Century's...

Jury: BankAtlantic's Misrepresentations Violated Federal Securities Law

FORT LAUDERDALE, Fla. - (Mealey's) A federal jury in Florida handed down a rare verdict in a securities class action lawsuit on Nov. 18, finding subprime lender BankAtlantic Bancorp. Inc. and certain of its executive officers guilty of federal securities law violations that led BankAtlantic's...

SEC Reaches $137M Settlement With Bank Of America Subsidiary In Municipal Bond Investigation

WASHINGTON, D.C. - (Mealey's) A former subsidiary of Bank of America Corp. that is now part of Merrill Lynch, Pierce, Fenner and Smith LLP on Dec. 7 agreed to a $137 million settlement of a Securities and Exchange Commission investigation into allegations of bid rigging during the investment of proceeds...

Erica P. John Fund, Inc v. Halliburton Co. Securities Class Action: Loss Causation And Class Certification

In Halliburton , the Supreme Court is deciding "Whether, in a private action under Section 10(b) of the Securities Exchange Act of 1934 . . . a plaintiff who invokes the fraud-on-the market presumption of reliance must prove loss causation in order for the suit to be maintained as a class action...

J.P. Morgan Securities Agrees To $228 Million Settlement In Muni Bond Reinvestment Action

WASHINGTON, D.C. - (Mealey's) J.P. Morgan Securities LLC (JPMS) has agreed to pay $228 million to settle charges brought by the Securities and Exchange Commission and other state and federal authorities in connection with its fraudulent rigging of at least 93 municipal bond reinvestment transactions...

D.C. Circuit Panel Vacates SEC's Proxy Access Rule

WASHINGTON, D.C. - (Mealey's) The Securities and Exchange Commission acted "arbitrarily and capriciously" in enacting its proxy access rule pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, a District of Columbia Circuit U.S. Court of Appeals panel ruled July 22...

High Court Hears Oral Argument In Shareholder Derivative Suits Appeal

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Nov. 29 heard oral arguments in a shareholder derivative suit appeal seeking a determination of whether the two-year statute of limitations for bringing an action under Section 16(b) of the Securities Exchange Act of 1934 is subject to tolling...

U.S. Supreme Court Rules Section 16(b) Claim Tolling Not Proper Under Whittaker Rule

WASHINGTON, D.C. - (Mealey's) 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...

High Court Agrees To Hear Appeal In Securities Suit Against Drug Maker

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on June 11 agreed to hear an appeal of a Ninth Circuit U.S. Court of Appeals ruling affirming a federal district court's grant of class certification in a securities class action lawsuit against a drug maker and others ( Amgen Inc., Kevin W...

Drug Maker To Pay $4.5 Million To Settle Claims In Securities Class Action Lawsuit

PHOENIX - (Mealey's) Matrixx Initiatives Inc. will pay $4.5 million to settle claims with shareholders that it violated federal securities law by concealing side effects of a cold medication it developed and marketed, according to documents filed July 27 in Arizona federal court ( James V. Siracusano...

Portfolio Manager Charged Over Role In $276 Million Insider Trading Scheme

NEW YORK - (Mealey's) The U.S. attorney for the Southern District of New York, in conjunction with the Federal Bureau of Investigation, on Nov. 21 announced the unsealing of insider trading charges against a former portfolio manager for a division of a group of affiliated hedge funds for his role...

High Court Says Discovery Rule Doesn't Apply To Securities And Exchange Commission

WASHINGTON, D.C. -- (Mealey's) The U.S. Supreme Court on Feb. 27 reversed a Second Circuit U.S. Court of Appeals ruling allowing the Securities and Exchange Commission to seek securities fraud penalties for conduct that had ceased more than five years before the SEC brought the lawsuit, saying that...

Supreme Court Rules Materiality Not A Prerequisite To Certification In Securities Class Action Lawsuit

WASHINGTON, D.C. - (Mealey's) Materiality is not a prerequisite to class certification in a securities class action lawsuit where the plaintiffs are seeking monetary damages for alleged violations of Sections 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule...

Former Goldman Sachs Director Ordered To Pay $13.9 Million Penalty To Settle SEC Suit

By Timothy Raub NEW YORK — (Mealey’s) A federal judge in New York on July 17 ordered a former Goldman Sachs Group Inc. director to pay a $13.9 million penalty to settle claims with the Securities and Exchange Commission that he provided inside information to a former hedge fund manager...

DLA Piper: Expect Greater SEC Scrutiny Of Activist Hedge Funds That Share Information Or Collaborate In Advance Of Their Trades

By Perrie Michael Weiner and Patrick Hunnius A recent Wall Street Journal article – “Activist Investors Often Leak Their Plans to a Favored Few” – focused attention on “activist” investors and stock analysts who (as part of their bullish or bearish campaigns for...