NEW HAVEN, Conn. - A reinsurer told a federal court in Connecticut on April 14 that its reinsurer's motion for reconsideration of the court's order that the reinsurer post prepleading security does not meet the standards of reconsideration motions (Select Insurance Company v. Excalibur Reinsurance Corporation, f/k/a PMA Capital Insurance Company, No. 15-cv-00715, D. Conn.).
DENVER - Efforts by a group of employee benefit plans to hold accountable two individual defendants for allegedly breaching their fiduciary duties under the Employee Retirement Income Security Act were properly dismissed as time-barred by an Oklahoma federal judge, the 10th Circuit U.S. Court of Appeals concluded April 13 (Mid-South Iron Workers Welfare Plan, et al. v. Ryan Michael Harmon, et al., No. 15-6064, 10th Cir.; 2016 U.S. App. LEXIS 6775).
CARSON CITY, Nev. - A Nevada Supreme Court panel on April 14 refused to vacate a man's conviction for obtaining money under false pretenses after ruling that the state presented sufficient evidence to show that the defendant had his girlfriend use his Social Security number to submit claims for unemployment (Joshua Ephraim Jones v. State of Nevada, No. 67976, Nev. Sup.; 2016 Nev. LEXIS 298).
SAN FRANCISCO - A federal district court did not err in dismissing a securities class action complaint against Netflix Inc. and certain of its officers and directors because shareholders failed to plead falsity as statutorily required, a Ninth Circuit U.S. Court of Appeals panel ruled April 11 (In re Netflix Inc. Securities Litigation, No. 14-15315, 9th Cir.; 2016 U.S. App. LEXIS 6569).
ST. LOUIS - A California man filed a brief in the Eighth Circuit U.S. Court of Appeals on April 13, voicing his objection to "delay-based administrative costs" included in an appeal bond, as well as to attorney fee awards related to a settlement between a consumer class and Target Corp. in a suit over 2013 data breaches experienced by the retail chain (In re: Target Corporation Customer Data Security Breach Litigation, Nos.15-3909, 16-1245, 15-3912, 16-1203 and 16-1408, 8th Cir.).
ST. PAUL, Minn. - A federal district court abused its discretion in granting class certification in a securities class action lawsuit because shareholders failed to satisfy the predominance requirement under the Federal Rules of Civil Procedure, a split Eighth Circuit U.S. Court of Appeals panel ruled April 12 (IBEW Local 98 Pension Fund, et al. v. Best Buy Co., Inc., et al., No. 14-3178, 8th Cir.; 2016 U.S. App. LEXIS 6616).
NEW YORK - A federal judge erred in excluding the testimony of a shareholder's damages expert and granting summary judgment in favor of defendants in a securities class action lawsuit because the judge's exclusion ruling was inadequate, a Second Circuit U.S. Court of Appeals panel ruled April 12 (In re Pfizer Inc. Securities Litigation, No. 14-2853, 2nd Cir.; 2016 U.S. App. LEXIS 6622).
NEW YORK - A March order that denied dismissal of allegations that Lowe's Cos. Inc. committed direct patent infringement will stand, thanks to an April 11 ruling by the same New York federal judge (Iron Gate Security Inc. v. Lowe's Companies Inc., No. 15-8814, S.D. N.Y.; 2016 U.S. Dist. LEXIS 48610).
NEW YORK - A federal district court did not err in dismissing a securities fraud lawsuit against the auditors and former officers and directors of a Chinese education services provider, a Second Circuit U.S. Court of Appeals panel ruled April 8, because the investors failed to properly plead an actionable misstatement or omission and scienter in making its state and federal securities law claims (Special Situations Fund III Qp L.P., et al. v. Deloitte Touche Tohmatsu CPA Ltd., et al., No. 15-1813, 2nd Cir.; 2016 U.S. App. LEXIS 6398).
ST. LOUIS - A Missouri federal judge on April 6 ruled that 42 plaintiffs currently proceeding under pseudonyms in a multidistrict litigation against the operator of AshleyMadison.com related to a July 2015 breach of the adult dating website's network who wish to serve as class representatives must decide to use their real names or dismiss their complaints and proceed without revealing their names as class members (In Re Ashley Madison Customer Data Security Breach Litigation, No. 15-2669, E.D. Mo.; 2016 U.S. Dist. LEXIS 46893).
BOSTON - Dismissal of an amended complaint in a securities class action lawsuit against a drug maker and certain of its current and former executive officers is proper, a federal judge in Massachusetts ruled April 5, because shareholders failed to plead an actionable misstatement or omission and failed to plead scienter (William Kader v. Sarepta Therapeutics Inc., et al., No. 14-14318, D. Mass.; 2016 U.S. Dist. LEXIS 46025).
SAN FRANCISCO - Because a claim for intentional infliction of emotional distress is only "tangentially related" to the administration of a disability plan, a claim for intentional infliction of emotional distress alleged against a disability insurer is not preempted by the Employee Retirement Income Security Act, a California federal judge said April 4 (John Kresich v. Metropolitan Life Insurance Co.,, No. 15-5801, N.D. Calif.; 2016 U.S. Dist. LEXIS 45503).
SAN JOSE, Calif. - In a pair of motions filed April 5 in California federal court, Anthem Inc., Blue Cross Blue Shield Association (BCBS) and related entities again moved to dismiss a putative class action related to a 2015 breach of Anthem's network for, among other things, lack of standing and failure to plead facts supporting the class members' various federal and state law claims (In Re: Anthem Inc., Customer Data Security Breach Litigation, No. 5:15-cv-02617, N.D. Calif.).
NEW YORK - Pfizer Inc. on April 6 said it and Allergan PLC have agreed to terminate their November merger agreement "as a result of the occurrence of an adverse tax law change," according to a Form 8-K filed with the U.S. Securities and Exchange Commission.
NASHVILLE, Tenn. - A federal judge in Tennessee on March 31 partially denied a motion to dismiss filed by defendants in a securities class action lawsuit, ruling that although shareholders failed to plead an actionable misrepresentation with regard to the defendants' alleged misstatements and omissions regarding the defendant company's repositioning plan, they have pleaded an actionable misstatement with regard to misrepresentations made concealing the poor performance of a restaurant chain the company had recently purchased (Dennis Krystek v. Ruby Tuesday Inc., et al., No. 14-1119, M.D. Tenn.; 2016 U.S. Dist. LEXIS 43523).
WASHINGTON, D.C. - The U.S. Supreme Court on April 4 let stand a Second Circuit U.S. Court of Appeals' ruling affirming a multiemployer pension plan's calculation of a claimant's disability pension benefits (William Caban v. Employee Security Fund of the Electrical Products Industries Pension Plan, et al., No. 15-984, U.S. Sup.).
CHICAGO - An Illinois appeals panel held on March 30 that a commercial general liability insurer is not obligated to indemnify its insured's assignee for an underlying $4 million settlement over a "blast fax" ads dispute, noting as an aside its concern that underlying Telephone Consumer Protection Act (TCPA) class lawsuits are not about compensating class members but have everything to do with compensating the class action lawyers (First Mercury Insurance Co. v. Nationwide Security Services Inc., et al., No. 1-14-3924, Ill. App., 1st Dist., Div. 3; 2016 Ill. App. Unpub. LEXIS 636).
NEW YORK - A federal judge in New York on March 30 granted motions to dismiss in a securities class action lawsuit, ruling that a retirement system failed to plead any actionable misstatements or omission in making its federal securities law claims (Waterford Township Police & Fired Retirement System v. Regional Management Corp., et al., No. 14-3876, S.D. N.Y.; 2016 U.S. Dist. LEXIS 42542).