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Mealey's Securities/D&O Liability - Defendants Seek Dismissal Of Claims Against Them In Securities Class Action

TRENTON, N.J. - Defendants in a securities class action lawsuit in New Jersey federal court separately moved to dismiss the claims against them on Sept. 13, arguing that shareholders failed to plead any actionable misrepresentation, scienter or loss causation in making their federal securities law claims...

Mealey's Securities/D&O Liability - Judge: Court Lacks Jurisdiction Over Claims In Securities Suit

BATON ROUGE, La. - A federal judge in Louisiana dismissed claims against Grant Thornton International Ltd. (GTIL) in a securities lawsuit on Sept. 15, ruling that shareholders failed to show that a federal district court had either general or specific jurisdiction over the claims (Firefighters' Retirement...

Mealey's Securities/D&O Liability - Judge Grants Preliminary Approval of $486M Settlement In Pfizer Securities Suit

NEW YORK - A federal judge in New York on Sept. 16 granted preliminary approval of a $486 million settlement in a securities class action lawsuit between shareholders and certain of its executive officers, ruling that the settlement is fair, adequate and reasonable (In re Pfizer Inc. Securities Litigation...

Mealey's Securities/D&O Liability - Judge: New Discovered Evidence In Securities Suit Was Publicly Available

PHILADELPHIA - A federal judge in Pennsylvania on Sept. 19 denied an investor's motion for relief from a previous dismissal order, ruling that the investor's newly discovered evidence was in fact available to the public months before the initial complaint in the action was filed (Steven P. Messner...

Mealey's Securities/D&O Liability - Judge Grants Final Approval Of $219M Settlement In Genworth Securities Suit

RICHMOND, Va - A federal judge in Virginia on Sept. 26 granted final approval of a $219 million securities class action settlement, ruling that the settlement and plan of allocation are fair, reasonable and accurate (In re Genworth Financial Inc. Securities Litigation, No. 14-682, E.D. Va.).

Mealey's Securities/D&O Liability - Och-Ziff To Pay Nearly $200M To Settle SEC Action Over Bribery Violations

WASHINGTON, D.C. - Och-Ziff Capital Management Group LP will pay $199,045,167, and its CEO will pay more than $2 million to settle civil charges in U.S. Securities and Exchange Commission administrative and cease-and-desist proceedings charging the defendants with violations of the Foreign Corrupt Practices...

Mealey's Securities/D&O Liability - RBS To Pay $120M To Resolve Mortgage-Backed Securities Investigation

HARTFORD, Conn. - In what is being called "the largest single state settlement in the history of the state of Connecticut," RBS Securities Inc. will pay $120 million to the State of Connecticut to settle claims that it engaged in underwriting of risky residential mortgage-backed securities...

Mealey's Securities/D&O Liability - High Court Declines Review Of State Court's Jury Instruction In Securities Suit

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 4 declined review of an appeal of an 11th Circuit U.S. Court of Appeals panel's ruling affirming a state court order in a securities class action lawsuit that determined that a jury instruction improperly stated the law governing a federal securities...

Mealey's Securities/D&O Liability - Judge Rejects Derivative Plaintiffs' Motion To Lift Stay In Related Class Action

PHOENIX - Lifting a stay and unsealing documents in a securities class action lawsuit against a solar energy panel manufacturer and certain officers and directors is not proper because the parties seeking to intervene, lift the stay and unseal the documents - investors in a related shareholder derivative...

Mealey's Securities/D&O Liability - Judge: No Issue Exists Regarding Whether Insured's Diabetes Led To Amputation

SAN ANTONIO - An insurer did not breach its contract or act in bad faith in denying coverage under a term accidental death and dismemberment insurance policy because no genuine issue of material fact exists regarding whether an insured's diabetes contributed to an amputation after stepping on a nail...

Mealey's Securities/D&O Liability - U.S. Supreme Court Hears Oral Argument In Insider Trading Appeal

WASHINGTON, D.C. - The U.S. Supreme Court on Oct. 5 heard oral arguments in an appeal of an insider trading conviction where the parties have asked the Supreme Court to determine whether the defendants' personal benefits in the scheme "require proof of 'an exchange that is objective, consequential...

Mealey's Securities/D&O Liability - Vivendi Seeks Rehearing Of Panel's Affirmation Of Verdict In Securities Suit

NEW YORK - A Second Circuit U.S. Court of Appeals panel erred in affirming a federal jury's verdict against a French company for issuing a series of misrepresentations regarding liquidity in violation of federal securities law, and rehearing is necessary because the ruling is in conflict with U.S...

Mealey's Securities/D&O Liability - Investor Failed To Plead Elements Of Federal Securities Law Claims, Judge Rules

SAN JOSE, Calif. - A federal judge in California on Oct. 12 granted several motions to dismiss filed by defendants in a securities class action lawsuit against a semiconductor producer and certain of its current and former executive officers, ruling that the lead plaintiff in the action failed to plead...

Mealey's Securities/D&O Liability - Alleged Misstatements Contained Required Cautionary Language, Judge Rules

HOUSTON - A federal judge in Texas on Oct. 21 ruled that dismissal of an amended complaint in a securities class action lawsuit against parties to a merger deal is proper because lead plaintiffs failed to show that alleged misrepresentations and omissions made by the parties regarding debt and future...

Mealey's Securities/D&O Liability - Robbins Geller Appointed As Lead Counsel In LendingClub Securities Class Action

SAN FRANCISCO - A federal judge in California on Oct. 28 appointed the law firm of Robbins Geller Rudman & Dowd to serve as lead counsel in a securities class action lawsuit against LendingClub Corp. and certain of its current and former executive officers, ruling that the law firm "was within...

Mealey's Securities/D&O Liability - Investors Appointed As Lead Plaintiffs In Charles Schwab Securities Class Action

SAN FRANCISCO - A federal judge in California on Nov. 2 appointed a pair of investors as lead plaintiffs in a securities class action lawsuit against Charles Schwab Corp. and others, ruling that the investors have the largest financial interest in the litigation and meet the statutory requirements of...

Mealey's Securities/D&O Liability - Panel: Lock-Up Agreements Don't Render Underwriters, Shareholders A Group

NEW YORK - Standard lock-up agreements in the initial public offering (IPO) for Facebook Inc. between lead underwriters of the IPO and pre-IPO shareholders are not sufficient, alone, to render those parties a group under federal securities law, a Second Circuit U.S. Court of Appeals panel ruled Nov....

Mealey's Securities/D&O Liability - 2nd Circuit Declines Motion For Rehearing En Banc In Vivendi Securities Suit

NEW YORK - Without providing any detail, the Second Circuit U.S. Court of Appeals on Nov. 10 declined to grant a French company's motion for rehearing or rehearing en banc of the court's previous ruling affirming a jury's verdict against the company for violations of federal securities laws...

Mealey's Securities/D&O Liability - Pension Fund Named Lead Plaintiff In Securities Suit Against Ammunition Maker

ALEXANDRIA, Va. - A federal judge in Virginia on Nov. 10 appointed a union pension fund as lead plaintiff in a securities class action lawsuit against an ammunition manufacturer and certain of its executive officers, ruling that although the pension fund has not sustained the largest losses of the group...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Show Post-Acquisition Deal Issues Led To Stock Drop

SAN JOSE, Calif. - Lead plaintiffs in a securities class action lawsuit against a cyber-attack detection and protection software developer and certain of its executive offices have failed to plead a material misrepresentation, scienter or scheme liability in making their claims that the defendants misrepresented...

Mealey's Securities/D&O Liability - Institutional Investor Group Appointed Lead Plaintiff In Securities Class Action

NEW YORK - A group of institutional investors has met all statutory requirements to serve as lead plaintiff in a securities class action against a real estate investment trust and several of its former executive officers and directors, a federal magistrate judge in New York ruled Nov. 29 (Westchester...

Mealey's Securities/D&O Liability - Judge: Investors Have Had Enough Time To Collect Demand Futility Information

PHOENIX - A federal judge in Arizona on Nov. 29 denied a motion for an extension to file an amended complaint in a shareholder derivative lawsuit against several current and former officers and directors of a solar panel maker, ruling that investors have had enough time to gather the necessary information...

Mealey's Securities/D&O Liability - Judge: Investors Failed To Plead Demand Futility In Home Depot Derivative Suit

ATLANTA - Dismissal of claims in a shareholder derivative lawsuit against The Home Depot Inc. and certain of its current and former executive officers and directors for their alleged role in failing to implement the necessary internal controls to prevent a payment card data breach is proper because the...

Mealey's Securities/D&O Liability - Supreme Court Upholds Conviction Of Man For Role In Insider Trading Scheme

WASHINGTON, D.C. - A federal appellate court did not err in affirming a lower court's conviction of a man for his role in an insider trading scheme pursuant to U.S. Supreme Court precedent because even though the insider did not receive a financial benefit from providing the information, the trader...

Mealey's Securities/D&O Liability - Investor Group Appointed Lead Plaintiff In Lipocine Securities Class Action

TRENTON, N.J. - A federal judge in New Jersey on Dec. 2 appointed an investor group as lead plaintiff in a securities class action lawsuit against a pharmaceutical company and certain of its executive officers, ruling that the investor group has the largest financial stake in the litigation and meets...