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Mealey's Litigation Procedure - Judge Appoints Lead Plaintiff, Lead Counsel In Securities Class Action

NEW YORK - A federal judge in New York on Nov. 12 appointed a pension fund as lead plaintiff in a securities class action lawsuit, ruling that the pension fund suffered the largest financial losses of those seeking appointment as lead plaintiff and because it has met all other statutory requirements (International Union of Operating Engineers Local No. 478 Pension Fund v. FXCM Inc., et al., No. 15-3599, S.D. N.Y.; 2015 U.S. Dist. LEXIS 153202).

Mealey's Securities/D&O Liability - Judge: Reconsideration In Securities Suit Not Warranted Pursuant To Foman Factors

SAN FRANCISCO - A federal judge in California on Nov. 11 denied an investor's motion for leave to move for reconsideration in a securities fraud lawsuit, ruling that the investor has failed to show that reconsideration is warranted pursuant to the U.S. Supreme Court's ruling in Foman v. Davis (Chetan Utterkar v. Ebix Inc., et al., No. 14-2250, N.D. Calif.; 2015 U.S. Dist. LEXIS 152839).

Mealey's Litigation Procedure - Shareholders Have Standing To Sue In Insider Trading Lawsuit, Judge Rules

SANTA ANA, Calif. - A federal judge in California on Nov. 9 denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that, among other things, the lead plaintiffs have standing to sue for insider trading (Anthony Basile, et al. v. Valeant Pharmaceuticals International Inc., et al., No. 14-2004, C.D. Calif.).

Mealey's Securities/D&O Liability - Pension Fund Files Notice Of Appeal In TIBOR Securities Suit

NEW YORK - Without providing further detail, an investor filed a notice of appeal on Nov. 9 in New York federal court, seeking to appeal two rulings in a securities class action lawsuit against numerous international banks and others for their alleged manipulation of the Euroyen Tokyo Interbank Offered Rate (TIBOR) and Euroyen London Interbank Offered Rate (LIBOR) (California State Teachers Retirement System v. Mizuho Bank Ltd., et al., No. 12-3419, S.D. N.Y.).

Mealey's Securities/D&O Liability - Shareholders Have Standing To Sue In Insider Trading Lawsuit, Judge Rules

SANTA ANA, Calif. - A federal judge in California on Nov. 9 denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that, among other things, the lead plaintiffs have standing to sue for insider trading (Anthony Basile, et al. v. Valeant Pharmaceuticals International Inc., et al., No. 14-2004, C.D. Calif.).

Mealey's Labor & Employment - High Court Considers Equitable Relief In ERISA Reimbursement Dispute

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 9 heard arguments regarding whether an employee welfare plan's attempt to recover an alleged overpayment from a participant constitutes permissible "equitable relief" under Employee Retirement Income Security Act Section 502(a)(3), where the participant spent the funds subject to the lien (Robert Montanile v. Board of Trustees of the National Elevator Industry Health Benefit Plan, No. 14-723, U.S. Sup.).

Mealey's Litigation Procedure - Judge Grants Preliminary Approval Of $3.2M Securities Class Action Settlement

DENVER - A federal judge in Colorado on Nov. 3 granted preliminary approval of a $3.2 million settlement in a securities class action lawsuit, ruling that the settlement meets all statutory requirements for approval (Patipan Nakkhumpun v, Daniel J. Taylor, No. 12-1038, D. Colo.; 2015 U.S. Dist. LEXIS 149850).

Mealey's Labor & Employment - California Federal Judge Tosses Apple Workers' Class Suit Seeking Pay For Security Line

SAN FRANCISCO - A California federal judge on Nov. 7 granted summary judgment to Apple Inc. in a class suit filed by retail workers seeking compensation for the time they spent waiting in line for and undergoing a security check of their bags before leaving after their shifts were over (Amanda Frlekin, et al. v. Apple Inc., Nos. 13-3451, 13-3775 and 13-4727, N.D. Calif.; 2015 U.S. Dist. LEXIS 92768).

Mealey's Litigation Procedure - 5th Circuit Allows Appeal Of Class Certification Ruling In Securities Suit

NEW ORLEANS - In a one-sentence order, a Fifth Circuit U.S. Court of Appeals panel on Nov. 4 granted Halliburton Co.'s motion for leave to appeal a district court ruling certifying a class of shareholders in a securities suit alleging that the company and certain of its officers and directors misrepresented the company's business and financial condition in violation of federal securities law (Erica P. John Fund Inc. v. Halliburton Co., No. 15-90038, 5th Cir.).

Mealey's Labor & Employment - Illinois Participants, Boeing File Motion For Preliminary Approval Of Class Settlement

EAST ST. LOUIS, Ill. - Boeing Co. and participants in its 401(k) plan on Nov. 5 moved in Illinois federal court for preliminary approval of a $57 million settlement, ending nine years of litigation related to excessive fee claims alleged under the Employee Retirement Income Security Act (Gary Spano, et al. v. The Boeing Company, et al., No. 06-743, S.D. Ill.).

Mealey's Litigation Procedure - California Federal Judge Tosses Apple Workers' Class Suit Seeking Pay For Security Line

SAN FRANCISCO - A California federal judge on Nov. 7 granted summary judgment to Apple Inc. in a class suit filed by retail workers seeking compensation for the time they spent waiting in line for and undergoing a security check of their bags before leaving after their shifts were over (Amanda Frlekin, et al. v. Apple Inc., Nos. 13-3451, 13-3775 and 13-4727, N.D. Calif.; 2015 U.S. Dist. LEXIS 92768).

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $3.2M Securities Class Action Settlement

DENVER - A federal judge in Colorado on Nov. 3 granted preliminary approval of a $3.2 million settlement in a securities class action lawsuit, ruling that the settlement meets all statutory requirements for approval (Patipan Nakkhumpun v, Daniel J. Taylor, No. 12-1038, D. Colo.; 2015 U.S. Dist. LEXIS 149850).

Mealey's Securities/D&O Liability - 5th Circuit Allows Appeal Of Class Certification Ruling In Securities Suit

NEW ORLEANS - In a one-sentence order, a Fifth Circuit U.S. Court of Appeals panel on Nov. 4 granted Halliburton Co.'s motion for leave to appeal a district court ruling certifying a class of shareholders in a securities suit alleging that the company and certain of its officers and directors misrepresented the company's business and financial condition in violation of federal securities law (Erica P. John Fund Inc. v. Halliburton Co., No. 15-90038, 5th Cir.).

Mealey's Litigation Procedure - High Court Won't Hear Appeal Of Securities Class Action Lawsuit

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 2 declined to review a Second Circuit U.S. Court of Appeals ruling upholding the dismissal of a securities class action lawsuit (Boca Raton Firefighters and Police Pension Fund v. Robert J. Bahash, et al., No. 15-88, U.S. Sup.).

Mealey's Securities/D&O Liability - High Court Won't Hear Appeal Of Securities Class Action Lawsuit

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 2 declined to review a Second Circuit U.S. Court of Appeals ruling upholding the dismissal of a securities class action lawsuit (Boca Raton Firefighters and Police Pension Fund v. Robert J. Bahash, et al., No. 15-88, U.S. Sup.).

Mealey's Litigation Procedure - Shareholders, Bank Of America Reach $335M Settlement In Securities Suit

WASHINGTON, D.C. - Shareholders and Bank of America Corp. (BoA) have agreed to a $335 million settlement in a securities class action lawsuit alleging that BoA and certain executive officers and directors issued misrepresentations in connection with the sale of mortgage-backed securities (MBS) in violation of federal securities laws, according to documents filed Oct. 30 with the Securities and Exchange Commission (Pennsylvania Public School Employees' Retirement System v. Bank of America Corp., et al., No. 11-733, S.D. N.Y.).

Mealey's Litigation Procedure - Lead Plaintiffs Reach $15.5M Settlement In Securities Class Action Lawsuit

SAN DIEGO - A for-profit post-secondary education company and certain of its officers and directors have agreed to pay more than $15 million to settle claims that they misrepresented the accreditation status of one of the company's colleges in violation of federal securities laws, according to court documents filed in a California federal court on Oct. 30 (In re Bridgepoint Education Inc. Securities Litigation, No. 12-1737, S.D. Calif.).

Mealey's Securities/D&O Liability - High Court Declines Review Of Wire Fraud, Securities Fraud Conviction

WASHINGTON, D.C. - The U.S. Supreme Court on Nov. 2 declined review of a Third Circuit U.S. Court of Appeals ruling upholding the conviction of a man on wire fraud and securities fraud charges (George Georgiou v. United States of America, No. 14-1535, U.S. Sup.).

Mealey's Securities/D&O Liability - Lead Plaintiffs Reach $15.5M Settlement In Securities Class Action Lawsuit

SAN DIEGO - A for-profit post-secondary education company and certain of its officers and directors have agreed to pay more than $15 million to settle claims that they misrepresented the accreditation status of one of the company's colleges in violation of federal securities laws, according to court documents filed in a California federal court on Oct. 30 (In re Bridgepoint Education Inc. Securities Litigation, No. 12-1737, S.D. Calif.).

Mealey's Securities/D&O Liability - Shareholders, Bank Of America Reach $335M Settlement In Securities Suit

WASHINGTON, D.C. - Shareholders and Bank of America Corp. (BoA) have agreed to a $335 million settlement in a securities class action lawsuit alleging that BoA and certain executive officers and directors issued misrepresentations in connection with the sale of mortgage-backed securities (MBS) in violation of federal securities laws, according to documents filed Oct. 30 with the Securities and Exchange Commission (Pennsylvania Public School Employees' Retirement System v. Bank of America Corp., et al., No. 11-733, S.D. N.Y.).

Mealey's Litigation Procedure - Judge Grants Preliminary Approval Of $23M Securities Class Action Settlement

SAN FRANCISCO - A federal judge in California on Oct. 28 granted preliminary approval of a $23 million securities class action settlement between shareholders and online video game maker Zynga Inc. and certain of its executive officers and directors (In re Zynga Inc. Securities Litigation, No. 12-4007, N.D. Calif.; 2015 U.S. Dist. LEXIS 145728).

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval Of $23M Securities Class Action Settlement

SAN FRANCISCO - A federal judge in California on Oct. 28 granted preliminary approval of a $23 million securities class action settlement between shareholders and online video game maker Zynga Inc. and certain of its executive officers and directors (In re Zynga Inc. Securities Litigation, No. 12-4007, N.D. Calif.; 2015 U.S. Dist. LEXIS 145728).

Mealey's Labor & Employment - ERISA Provisions Do Not Apply To Disability Pension Plans, 6th Circuit Says

CINCINNATI - The Sixth Circuit U.S. Court of Appeals on Oct. 22 affirmed a district court's dismissal of a disability pension benefits dispute after determining that the Employee Retirement Income Security Act's anti-cutback and anti-forfeiture provisions do not apply to disability pension benefit plans (Kenneth L. Myers, et al. v. Bricklayers and Masons Local 22 Pension Plan, et al., No. 14-4234, 6th Cir.; 2015 U.S. App. LEXIS 18586).

Mealey's Banking & Finance - Panel: No Coverage For 5 Suits Brought By Purchasers Of Mortgage-Backed Securities

NEW YORK - The Second Circuit U.S. Court of Appeals on Oct. 21 affirmed a lower federal court's ruling that there is no directors and officers liability coverage for five underlying lawsuits arising out of the securitizations of residential mortgage-backed securities (Nomura Holding America Inc. v. Federal Insurance Co., No. 14?3789, 2nd Cir.).

Mealey's Insurance - Panel: No Coverage For 5 Suits Brought By Purchasers Of Mortgage-Backed Securities

NEW YORK - The Second Circuit U.S. Court of Appeals on Oct. 21 affirmed a lower federal court's ruling that there is no directors and officers liability coverage for five underlying lawsuits arising out of the securitizations of residential mortgage-backed securities (Nomura Holding America Inc. v. Federal Insurance Co., No. 14?3789, 2nd Cir.).