LexisNexis® Legal Newsroom
Mealey's Litigation Procedure - Federal Judge Denies Expert Testimony In Residential Mortgage Securities Dispute

NEW YORK - An expert cannot testify on the proper amount of damages due to Bank of New York Mellon (BoNY) based on agreements concerning residential mortgage-backed securities, a New York federal judge ruled Aug. 18, finding that the agreements provide a formula for recovery before and after liquidation of a loan (The Bank of New York Mellon, solely as Trustee for GE-WMC Mortgage Securities Trust 2006-1 v. WMC Mortgage, LLC and GE Mortgage Holding, LLC, No. 12-7096, S.D. N.Y.; 2015 U.S. Dist. LEXIS 108320).

Mealey's IP/Tech - Laptop Evidence Suppression Leads To Dismissal Of Claims Against Korean Man

WASHINGTON, D.C. - Following a ruling that the U.S. Department of Homeland Security (DHS) improperly obtained evidence from a Korean businessman's laptop without a search warrant, a District of Columbia federal judge on Aug. 18 granted the government's motion to dismiss its indictment against him (United States of America v. Jae Shik Kim, et al., No. 1:13-cr-00100, D. D.C.).

Mealey's Securities/D&O Liability - FDIC Extender Statute Preempts All Limitations Periods, 5th Circuit Rules

HOUSTON - The Federal Deposit Insurance Corp. Extender Statute "preempts all limitations periods," including statutes of limitation and statutes of repose, a Fifth Circuit U.S. Court of Appeals panel ruled Aug. 10 in reversing and remanding (Federal Deposit Insurance Corp. v. RBS Securities Inc., et al., No. 14-51055, 5th Cir.; 2015 U.S. App. LEXIS 13985).

Mealey's Insurance - Multiemployer Health Fund's Reimbursement Suit Seeks Legal Relief, 8th Circuit Says

ST. LOUIS - A m0ultiemployer health fund is not entitled to equitable relief in the amount it paid in medical benefits to students who were also covered by student accidental medical insurance under the fund's coordination-of-benefits provision pursuant to the Employee Retirement Income Security Act, the Eighth Circuit U.S. Court of Appeals affirmed Aug. 10 (Central States, Southeast and Southwest Areas Health and Welfare Fund v. Student Assurance Services, Inc., et al., No. 14-2376, 8th Cir.; 2015 U.S. App. LEXIS 13941).

Mealey's Health Law - Multiemployer Health Fund's Reimbursement Suit Seeks Legal Relief, 8th Circuit Says

ST. LOUIS - A multiemployer health fund is not entitled to equitable relief in the amount it paid in medical benefits to students who were also covered by student accidental medical insurance under the fund's coordination-of-benefits provision pursuant to the Employee Retirement Income Security Act, the Eighth Circuit U.S. Court of Appeals affirmed Aug. 10 (Central States, Southeast and Southwest Areas Health and Welfare Fund v. Student Assurance Services, Inc., et al., No. 14-2376, 8th Cir.; 2015 U.S. App. LEXIS 13941).

Mealey's Securities/D&O Liability - Citigroup To Pay $13.5M To Settle Investor Claims Over Hedge Fund Losses

NEW YORK - Citigroup Inc. and one of its subsidiaries will pay $13.5 million to settle investor claims that they and other defendants misled the investors about, among other things, the financial condition of a hedge fund that was ultimately liquidated at three cents on the dollar, according to a motion for settlement filed by the investors filed Aug. 10 in New York federal court (Dr. David Beach, et al. v. Citigroup Alternative Investments LLC, et al., No. 12-7717, S.D. N.Y.).

Mealey's Labor & Employment - Multiemployer Health Fund's Reimbursement Suit Seeks Legal Relief, 8th Circuit Says

ST. LOUIS - A multiemployer health fund is not entitled to equitable relief in the amount it paid in medical benefits to students who were also covered by student accidental medical insurance under the fund's coordination-of-benefits provision pursuant to the Employee Retirement Income Security Act, the Eighth Circuit U.S. Court of Appeals affirmed Aug. 10 (Central States, Southeast and Southwest Areas Health and Welfare Fund v. Student Assurance Services, Inc., et al., No. 14-2376, 8th Cir.; 2015 U.S. App. LEXIS 13941).

Mealey's Litigation Procedure - Online Video Game Maker Reaches $23M Settlement In Securities Class Action

WASHINGTON, D.C. - Online video game maker Zynga Inc. will pay $23 million to settle claims that it and certain of its executive officers and directors violated federal securities laws by misrepresenting the company's business and financial condition, according to an Aug. 7 regulatory filing with the Securities and Exchange Commission.

Mealey's Litigation Procedure - Target Opposes Certification Of Financial Institutions Class In Data Breach Suit

MINNEAPOLIS - In an Aug. 5 memorandum in Minnesota federal court, Target Corp. opposed a motion for class certification by a group of banks and financial institutions (FIs) related to 2013 breaches of the retailer's network, stating that the FI plaintiffs "fall short of virtually every requirement to certify a class" (In re: Target Corporation Customer Data Security Breach Litigation, No. 0:14-md-02522, D. Minn.).

Mealey's Securities/D&O Liability - Online Video Game Maker Reaches $23M Settlement In Securities Class Action

WASHINGTON, D.C. - Online video game maker Zynga Inc. will pay $23 million to settle claims that it and certain of its executive officers and directors violated federal securities laws by misrepresenting the company's business and financial condition, according to an Aug. 7 regulatory filing with the Securities and Exchange Commission.

Mealey's PI/Product Liability - Judge: Investors Failed To Plead Scienter Against Company's Officer

PORTLAND, Ore. - A federal judge in Oregon on Aug. 5 granted in part and denied in part a number of motions to dismiss in a securities class action lawsuit, ruling that shareholders have properly pleaded a number of their claims but have failed to plead scienter with regard to one of the defendants and failed to plead their insider trading claims against other defendants (In re Galena Biopharma Inc. Securities Litigation, No. 14-367, D. Ore.; 2015 U.S. Dist. LEXIS 102250).

Mealey's Litigation Procedure - Judge: Investors Failed To Plead Scienter Against Company's Officer

PORTLAND, Ore. - A federal judge in Oregon on Aug. 5 granted in part and denied in part a number of motions to dismiss in a securities class action lawsuit, ruling that shareholders have properly pleaded a number of their claims but have failed to plead scienter with regard to one of the defendants and failed to plead their insider trading claims against other defendants (In re Galena Biopharma Inc. Securities Litigation, No. 14-367, D. Ore.; 2015 U.S. Dist. LEXIS 102250).

Mealey's Securities/D&O Liability - Judge: Investors Failed To Plead Scienter Against Company's Officer

PORTLAND, Ore. - A federal judge in Oregon on Aug. 5 granted in part and denied in part a number of motions to dismiss in a securities class action lawsuit, ruling that shareholders have properly pleaded a number of their claims but have failed to plead scienter with regard to one of the defendants and failed to plead their insider trading claims against other defendants (In re Galena Biopharma Inc. Securities Litigation, No. 14-367, D. Ore.; 2015 U.S. Dist. LEXIS 102250).

Mealey's Litigation Procedure - Final Approval Of $235M Settlement In Securities Class Action Granted

NEW YORK - A federal judge in New York on July 31 granted final approval of a $235 million settlement in a securities class action lawsuit, ruling that the settlement met all statutory guidelines for approval (New Jersey Carpenters Health Fund, et al. v. Residential Capital LLC, et al., No. 08-8781, S.D. N.Y.).

Mealey's Securities/D&O Liability - $388M J.P. Morgan Securities Fraud Settlement Granted Preliminary Approval

NEW YORK - A New York federal judge on Aug. 4 granted preliminary approval of a settlement agreement under which J.P. Morgan Chase & Co. has agreed to pay $388 million to settle claims that it violated provisions of federal securities law by misrepresenting the investment quality of certain mortgage-backed securities it sold to investors, according to court documents filed in New York federal court (Forth Worth Employees' Retirement Fund v. J.P. Morgan Chase & Co., et al., No. 09-3701, S.D. N.Y.).

Mealey's Labor & Employment - 9th Circuit Reinstates Border Patrol Agent's Age-Discrimination Claims

SAN FRANCISCO - A border patrol agent who was not chosen for a promotion despite being eligible for the position presented sufficient evidence to proceed with his age-bias suit, the Ninth Circuit U.S. Court of Appeals ruled Aug. 3 (John M. France v. Jeh Johnson, Secretary, Department of Homeland Security, No. 13-15534, 9th Cir.; 2015 U.S. App. LEXIS 13487).

Mealey's Securities/D&O Liability - Final Approval Of $235M Settlement In Securities Class Action Granted

NEW YORK - A federal judge in New York on July 31 granted final approval of a $235 million settlement in a securities class action lawsuit, ruling that the settlement met all statutory guidelines for approval (New Jersey Carpenters Health Fund, et al. v. Residential Capital LLC, et al., No. 08-8781, S.D. N.Y.).

Mealey's Litigation Procedure - $388M J.P. Morgan Securities Fraud Settlement Granted Preliminary Approval

NEW YORK - A New York federal judge on Aug. 4 granted preliminary approval of a settlement agreement under which J.P. Morgan Chase & Co. has agreed to pay $388 million to settle claims that it violated provisions of federal securities law by misrepresenting the investment quality of certain mortgage-backed securities it sold to investors, according to court documents filed in New York federal court (Fort Worth Employees' Retirement Fund v. J.P. Morgan Chase & Co., et al., No. 09-3701, S.D. N.Y.).

Mealey's Securities/D&O Liability - Judge Provides Further Detail In Dismissal Of Claims In Securities Class Action

NEW YORK - A federal judge in New York on July 30 issued an opinion providing further detail into an order he issued earlier in the month granting in part and denying in part a motion to dismiss in a securities class action lawsuit (In re Petrobas Securities Litigation, No. 14-9662, S.D. N.Y.).

Mealey's Litigation Procedure - Report: Securities Class Action Filings Below Average In First Half Of 2015

BOSTON - Although securities class action filings in the first half of 2015 were up over the number of filings from first half of 2014, the number of filings overall still remains below historical semiannual averages, according to a report filed July 29 by economic and financial analysis provider Cornerstone Research.

Mealey's Securities/D&O Liability - Report: Securities Class Action Filings Below Average In First Half Of 2015

BOSTON - Although securities class action filings in the first half of 2015 were up over the number of filings from first half of 2014, the number of filings overall still remains below historical semiannual averages, according to a report filed July 29 by economic and financial analysis provider Cornerstone Research.

Mealey's Securities/D&O Liability - Judge: Pension Fund Failed To Plead Scienter In Securities Class Action

LOS ANGELES - A federal judge in California on July 28 granted a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that a pension fund failed to properly plead scienter as statutorily required (In re Herbalife Ltd. Securities Litigation, No. 14-2850, C.D. Calif.).

Mealey's Litigation Procedure - Class Certified In Halliburton Securities Class Action Lawsuit

DALLAS - A federal judge in Texas on July 25 granted in part an investor's motion for class certification in a securities class action lawsuit, ruling that the investor has properly pleaded a corrective disclosure that led to a price impact on the part of Halliburton Co. and its former CEO with regard to statements made in a Dec. 7, 2001, announcement regarding a jury verdict against Halliburton's subsidiary and others (The Erica P. John Fund Inc., et al. v. Halliburton Co., et al., No. 02-1152, N.D. Texas; 2015 U.S. Dist. LEXIS 97464).

Mealey's Securities/D&O Liability - Class Certified In Halliburton Securities Class Action Lawsuit

DALLAS - A federal judge in Texas on July 25 granted in part an investor's motion for class certification in a securities class action lawsuit, ruling that the investor has properly pleaded a corrective disclosure that led to a price impact on the part of Halliburton Co. and its former CEO with regard to statements made in a Dec. 7, 2001, announcement regarding a jury verdict against Halliburton's subsidiary and others (The Erica P. John Fund Inc., et al. v. Halliburton Co., et al., No. 02-1152, N.D. Texas; 2015 U.S. Dist. LEXIS 97464).

Mealey's Litigation Procedure - 2nd Circuit: Cash Balance Plan's Definition Of 'Normal Retirement Age' Is Invalid

NEW YORK - PricewaterhouseCoopers LLP's cash balance pension plan violates the Employee Retirement Income Security Act because it defines "normal retirement age" as five years of service, which "bears no plausible relation to 'normal retirement,'" the Second Circuit U.S. Court of Appeals ruled July 23 (Timothy D. Laurent, et al. v. PricewaterhouseCoopers, et al., No. 14-1179, 2nd Cir.; 2015 U.S. App. LEXIS 12678).