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High Court Weighs Fraud Lawsuit Against Aussie Bank

WASHINGTON, D.C. – (AP) The Supreme Court indicated Monday it could prohibit foreign investors from using U.S. securities law and American courts to sue a foreign bank for fraud. The court heard argument in a challenge from Australian investors who want to sue the Melbourne-based National Australia...

Supreme Court Hears Argument On Jurisdiction Questions In Securities Case

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court heard oral argument March 29 on the question of whether the United States has subject matter jurisdiction over a class action lawsuit filed by shareholders of an Australian bank who alleged that the company committed securities fraud within...

Merck: The Statute Of Limitations In Securities Fraud Damage Suits

In a result joined by all of the justices, the Supreme Court affirmed the decision of the Third Circuit, concluding that plaintiffs' had timely filed a securities fraud suit against Merck & Co. Merck & Co. v. Reynolds , Case No. 08-905 S.Ct. (April 27, 2010). The case centers on alleged...

BP Shareholders File Lawsuit Over Gulf Oil Spill In Western District Of Louisiana

LAFAYETTE, La. - (Mealey's) A class of investors of American Depositary Receipts of BP PLC on June 7 filed a securities fraud complaint against the company, alleging that it made false and misleading statements about problems with its oil drilling rig problems, which led to the explosion and...

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.). ...

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...

Judge Allows Citigroup CDO Fraud Case To Proceed

NEW YORK - (AP) A federal judge is allowing a portion of a proposed class-action securities fraud lawsuit against Citigroup Inc., several executives and a board member to go forward. In a ruling filed Tuesday, Judge Sidney H. Stein said. . . . Full version available to lexis.com subscribers .

Oral Argument Heard In Securities Class Action Challenging Primary Liability Of Service Providers

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Dec. 7 heard oral argument in a securities class action lawsuit challenging whether a service provider can be held liable in a private securities fraud action for helping or participating in another company's misrepresentations in a prospectus...

The N.Y. Attorney General’s Lawsuit Against E&Y: Substance vs. Form

Lehman Brothers' auditor Ernst & Young was named as a defendant in a Martin Act securities fraud suit by the New York Attorney General. The complaint claims that for years the giant accounting firm issued clean audit opinions on Lehman's financial statements while knowing that they were false...

Some Questions About the N.Y. AG's Lehman-Related Complaint Against E&Y

New York Attorney General Andrew Cuomo's December 21, 2010 filing of a civil fraud lawsuit against Ernst & Young in connection with the audit firm's services to Lehman Brothers has captured headlines in business pages around the world. The complaint itself, which can be found here , raises...