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Thomas O. Gorman On This Week In Securities Litigation - April 29

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 significantly impact the class certification process...

Why Are Billions From Class Action Settlements Going Unclaimed Every Year?

There are many parts of the securities class action claims filing process that can fail. In our experience working with institutional investors, this inevitably occurs when entities attempt to file on their own, and often if they rely on their custodian as well. In fact, industry statistics show that...

This Week In Securities Litigation - Second Supreme Court Ruling This Term Favors Plaintiffs In Securities Class Actions

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 trading cases this week. The Commission also settled...

6th Circuit Affirms Dismissal of Securities Class Action Based on SLUSA

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 Management, Inc., No. 09-6265 (6 th Cir. Sept....

Securities Class Action Filings For First Quarter Ran Above Historical Averages

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-related cases, which were such a significant...

Cornerstone, NERA Reports Chronicle Securities Class Action Filings For 2012

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 pace of filings. Despite the differences in the reports...

Securities Class Action Lawsuit Filed By H-P Shareholders Over Autonomy Revelations

When H-P announced on November 20, 2012 that it was taking an $8.8 billion charge after it discovered "accounting improprieties, misrepresentations and disclosure failures" at its Autonomy unit (which H-P acquired in October 2011 for $11.1 billion), there was a great deal of speculation that...

The Week In Securities Litigation: A New Direction For Securities Enforcement Actions?

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 Attorney General in charge of DOJ's Criminal...