LOS ANGELES - A drug maker will pay $95 million to settle claims that it misrepresented certain safety concerns with two of its products in violation of federal securities laws, according to a motion for preliminary approval of settlement filed July 21 in California federal court (In re Amgen Inc. Securities Litigation, No. 07-2536, C.D. Calif.).
NEW ORLEANS - A district court must reconsider whether an employment agency should have known about its client's possible discriminatory transfer request after the worker, who alleges that she was discriminated against because of her age, showed that the agency failed to follow its usual practice of investigating employee removal requests, a Fifth Circuit U.S. Court of Appeals panel ruled July 18 (Helen Nicholson v. Securitas Security Services USA, Incorporated, No. 15-10582, 5th Cir.; 2016 U.S. App. LEXIS 13127).
SAN FRANCISCO - A federal judge in California on July 18 granted preliminary approval of a $23.5 million settlement between shareholders and a semiconductor company and others in a securities class action lawsuit, appointing shareholders as class counsel and approving the proposed settlement class (Keith Thomas, et al. v. MagnaChip Semiconductor Corp., et al., No. 14-1160, N.D. Calif.).
MARSHALL, Texas - A defendant failed to prove that a patent plaintiff litigated its case in an unreasonable manner or that the claims presented "stand out" from others pursuant to Octane Fitness LLC v. ICON Health & Fitness Inc. (134 S. Ct. 1749, 1756 ), a Texas federal magistrate judge ruled July 18 (Rothschild Connected Devices Innovations LLC v. ADS Security LP, No. 15-1431, E.D. Texas.; 2016 U.S. Dist. LEXIS 92845).
TOLEDO, Ohio - Defendants in a long-running securities class action lawsuit will pay $64 million to settle claims that they misrepresented a company's business and financial condition in violation of federal securities laws, according to a motion for preliminary approval of settlement filed in Ohio federal court on July 14 (Plumbers & Pipefitters National Pension Fund, et al. v. Michael Burns, et al., No. 05-7393, N.D. Ohio).
PORTLAND, Ore. - Without providing further detail, a federal judge in Oregon on July 13 appointed two pension funds as lead plaintiffs in a securities class action lawsuit against a metal components manufacturer and two of its executive officers (Kevin Murphy v. Precision Castparts Corp., et al., No. 16-0521, D. Ore.).
DALLAS - Ruling that defendants in a Securities and Exchange Commission civil enforcement action have failed to show that a federal district court committed manifest errors of law or fact, a federal judge in Texas on July 13 denied the defendants' motion for reconsideration of his ruling granting summary judgment in favor of the SEC (Securities and Exchange Commission v. Arcturus Corp., et al., No. 13-4861, N.D. Texas; 2016 U.S. Dist. LEXIS 88410).
BROOKLYN, N.Y. - Defendants in a securities class action lawsuit have failed to show that dismissal is warranted because their arguments in favor of dismissal "lack merit," shareholders argue in a July 11 opposition brief filed in New York federal court (Saleh Altayyar, et al. v. Etsy Inc., et al., No. 15-2785, E.D. N.Y.).
SAN DIEGO - A federal judge in California on July 12 substantially denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that the lead plaintiff in the action properly pleaded loss causation in making his federal securities law claims (Brad Mauss v. NuVasive Inc., et al., No. 13-2005, S.D. Calif.; 2016 U.S. Dist. LEXIS 90412).
BOSTON - A First Circuit U.S. Court of Appeals panel on July 13 affirmed dismissal of a putative class action filed by retirement plan participants and a plan administrator alleging breach of fiduciary duties under the Employee Retirement Income Security Act (In Re: Fidelity ERISA Float Litigation; Timothy M. Kelley, et al. v. Fidelity Management Trust Co., et al., No. 15-1445, 1st Cir.; 2016 U.S. App. LEXIS 12874).
SALT LAKE CITY - A federal judge in Utah on July 11 denied motions to dismiss a securities lawsuit filed by Chinese investors against parties to an escrow agreement but ruled that the transfer of the action to Washington federal court was necessary under the terms of a forum-selection clause in the escrow agreement (Chi Chen, et al. v. U.S. Bank National Association, et al., Nos. 15-850 and 15-851, D. Utah; 2016 U.S. Dist. LEXIS 89764).
BOSTON - The Securities and Exchange Commission has properly alleged that a day trader's tipper in an insider trading lawsuit breached her fiduciary duty to her employer in providing inside information regarding a merger deal, a federal judge in Massachusetts ruled in a July 12 opinion (Securities and Exchange Commission v. Vlad B. Spivak, et al., No. 15-13704, D. Mass.).
NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on July 11 affirmed dismissal of claims against Acme Building Brands Inc. in an Employee Retirement Income Security Act suit over reductions in the company's pension and 401(k) plans (Judy Hunter, et al. v. Berkshire Hathaway Inc., et al., No. 15-10854, 5th Cir.; 2016 U.S. App. LEXIS 12744).
AUGUSTA, Ga. - An expert for plaintiffs in a negligence lawsuit is qualified as an expert to testify on most of his opinions concerning commercial premises safety and security, a Georgia federal judge ruled July 8, granting and denying in part a motion to exclude (Tammy Padgett and Joey Padgett v. Kmart Corp. and Colony Mill Enterprises, LLC, No. 15-048, S.D. Ga.; 2016 U.S. Dist. LEXIS 88734).
NEW ORLEANS - A Fifth Circuit U.S. Court of Appeals panel on July 6 affirmed summary judgment for an employer and an insurance company in a woman's lawsuit seeking to recover benefits she claimed were due to her under the Employee Retirement Income Security Act (Linda Singletary v. United Parcel Service Inc., et al., No. 15-30762, 5th Cir.; 2016 U.S. App. LEXIS 12475).