LexisNexis® Legal Newsroom
9th Circuit Panel Reinstates $280 Million Verdict In Apollo Group Investor Class Action

SAN FRANCISCO - (Mealey's) Ruling that a federal district court erred in granting Apollo Group Inc. judgment as a matter of law, a Ninth Circuit U.S. Court of Appeals panel on June 23 reversed the district court's ruling and remanded with instructions to enter judgment "in accordance with...

Advisen Releases Year End 2010 Corporate and Securities Litigation Study

Though securities class action lawsuit filings were below historical averages, overall corporate and securities litigation reached "record" levels during 2010, according to a report from the insurance information firm, Advisen. The report, which was released on January 19, 2011 and is entitled...

Cornerstone Releases 2010 Securities Litigation Study

As a result of a spike in second half filings, the number of new securities class action lawsuits increased slightly in 2010 compared to the year before, although the 2010 filing levels remained below historical averages, according to the annual study released jointly by Cornerstone Research and the...

Flood Of Mergers And Acquisition Lawsuits Drive First Quarter Securities Litigation Activity

Largely as a result of a flood of M&A related lawsuits, there were a significant number of new securities class action lawsuits filed in the first quarter of 2011, and even factoring out the M&A lawsuits, the first three months of the year still represented an active period for securities lawsuit...

Kevin M. LaCroix Takes Closer Look At Life Sciences Companies And Securities Litigation

In my year-end securities litigation survey , I noted that while a number of new trends emerged during 2010, one securities lawsuit filing trend had remained constant during the year - that is, life sciences companies remained a favored securities class action lawsuit target. The heightened exposure...

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...

New York Comptroller, National City Corp. Settle Securities Class Action Lawsuit For $168 Million

In the latest eye-popping subprime-related securities class action lawsuit settlement, the parties to the National City Corporation securities class action lawsuit have agreed to settle the case for $168 million. The proposed settlement is subject to court approval. The August 8, 2011 press release of...

One Way To Try And Reduce Evils Associated With Follow-On Derivative Lawsuits

One feature of the recent changing mix of corporate and securities litigation has been the rise in the filing of follow-on derivative lawsuits in the wake of securities class action lawsuit filings. As Wilson Sonsini partner Boris Feldman recently noted , "like a moth drawn to a candle," the...

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...

Bank Of America To Pay $2.43 Billion To Settle Securities Class Action Lawsuit

NEW YORK - In what is being called the largest settlement of a credit-crisis-related securities class action lawsuit, Bank of America Corp. (BoA) has agreed to a $2.43 billion settlement on claims that it and certain of its executive officers and directors misrepresented the company's business and...

High Court Asked To Decide Whether Securities Suit May Proceed As A Class Action

WASHINGTON, D.C. - (Mealey's) A shareholder plaintiff and a pharmaceutical company on Nov. 5 debated in front of the U.S. Supreme Court whether a securities lawsuit may proceed as a class action even if the plaintiff is unable to plead materiality ( Amgen Inc., Kevin W. Sharer, Richard D. Nanula...

The Week In Securities Litigation: Supreme Court Hears Significant Securities Case, SEC Files 3 Actions

The Supreme Court heard argument in a significant securities case this week. The question the High Court will resolve later this term is whether a securities law plaintiff relying on the fraud-on-the-market theory must, at the class certification stage, prove that the claimed misstatements were material...

2012 Securities Class Action Filings Below Levels Of Recent Years, Historical Averages

Largely as a result of a slowdown in new filings during the fourth quarter, 2012 securities class action lawsuit filings were below the filing levels of recent years and below historical averages. Filing levels remained elevated in the natural resources, life sciences and computer services industries...

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...

Final Approval Of $2.4Billion Settlement Granted In Bank Of America Securities Suit

NEW YORK - (Mealey's) 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 company's business and financial...

Countrywide Financial Corp. Reaches $500 Million Settlement In 3 Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...

Judge Approves $730 Million Securities Settlement With Citigroup, Shareholders

NEW YORK — (Mealey’s) A federal judge in New York on August 20 granted final approval of a securities class action settlement between investors and Citigroup Inc. and others, ruling that the terms of the settlement meet the statutory guidelines ( In re Citigroup Inc. Bond Litigation , No...

High Court Hears Oral Argument In Securities Fraud Class Action

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on March 5 heard oral arguments in a securities class action lawsuit seeking a determination as to whether the Supreme Court should overturn or limit its holding in Basic Inc. v. Levinson (485 U.S. 224 [1988] [ enhanced opinion available...