The U.S. Court of Appeals for the Second Circuit (“Second Circuit”) recently issued an important decision concerning challenging the rejection of claims made by class members in settled U.S. class actions. Contant v. AMA...more
Introduction -
Class Plaintiffs in the case of In re Foreign Exchange Benchmark Rates AntiTrust Litigation alleged that Defendant banks conspired to fix prices in the foreign exchange (“FX”) market in violation of Sections 1...more
4/6/2023
/ Antitrust Provisions ,
Antitrust Violations ,
Banks ,
Competition ,
Credit Suisse ,
Enforcement Actions ,
Fifth Amendment ,
Financial Markets ,
Foreign Currency ,
Foreign Exchanges ,
Investment ,
Investors ,
Popular ,
Price-Fixing ,
Sherman Act
On November 1, 2019, the United States Court of Appeals for the Second Circuit issued a summary order rejecting the appeal of an objector to the Foreign Exchange Antitrust Settlement. A few weeks earlier, U.S. District Court...more
In the Traffic Monsoon litigation, the U.S. Court of Appeals for the Tenth Circuit held that the enforcement provisions of the Securities Act and the Exchange Act reach Traffic Monsoon’s sales to customers outside of the...more
5/8/2019
/ Cross-Border Transactions ,
Dodd-Frank ,
Enforcement Actions ,
Extraterritoriality Rules ,
Morrison v National Australia Bank ,
Rule 10(b) ,
Rule 10b-5 ,
SCOTUS ,
Securities ,
Securities Act of 1933 ,
Securities Exchange Act
Last week, executives of the now-defunct biotechnology company, Orexigen, filed a petition for certiorari with the U.S. Supreme Court, seeking clarification of the duty to update under the federal securities laws. The...more
In 2017, courts across this country were split on whether plaintiffs could assert a class action alleging claims under the Securities Act of 1933 (which provides a private right of action against issuers and others for...more
1/18/2019
/ Bylaws ,
Corporate Governance ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Delaware General Corporation Law ,
Forum Selection ,
Initial Public Offering (IPO) ,
Jurisdiction ,
SCOTUS ,
Securities Act of 1933 ,
Securities Litigation ,
Shareholder Litigation
In a recent ruling in In re: BP p.l.c. Securities Litigation the United States District Court for the Southern District of Texas dismissed claims asserted by opt-out plaintiffs as time barred by the Exchange Act’s statute of...more
10/10/2018
/ American Pipe & Construction Co. v. Utah ,
CalPERS v ANZ Securities ,
Class Action ,
Equitable Tolling ,
Institutional Investors ,
Opt-Outs ,
SCOTUS ,
Securities Act of 1933 ,
Securities Litigation ,
Statute of Limitations ,
Statute of Repose
As we previously noted in this post, the United States District Court for the Northern District of California dismissed the Volkswagen Bondholder Plaintiff’s first amended complaint, with leave to amend, holding that it could...more
In Khoja v. Orexigen Therapeutics, Inc., the Ninth Circuit clarified the “rare circumstances” when a court may review documents extraneous to the pleadings in ruling on a motion to dismiss. Given that it has become routine...more
The Toshiba Securities Litigation stems from alleged violations of the Exchange Act, as well as the Financial Instruments and Exchange Act of Japan, against Toshiba Corp., in connection with its alleged accounting fraud and...more
Former U.S. District Judge Gerald Rosen, the Special Master appointed to investigate alleged improper billing by class plaintiffs’ firms in Arkansas Teacher Retirement System v. State Street Bank and Trust Company,...more
7/19/2018
/ Attorney's Fees ,
Breach of Duty ,
Class Action ,
Class Members ,
Disgorgement ,
Duty of Candor ,
Failure To Disclose ,
Fee-Sharing ,
FRCP 11 ,
FRCP 23 ,
Institutional Investors ,
Recusal ,
Rules of Professional Conduct ,
Securities and Exchange Commission (SEC) ,
Special Master
The U.S. Supreme Court granted certiorari in China Agritech Inc. v. Resh, to determine whether “[u]pon denial of class certification, may a putative class member, in lieu of promptly joining an existing suit or promptly...more
6/12/2018
/ Appeals ,
China Agritech Inc v Resh ,
Class Action ,
Class Certification ,
Class Members ,
Equitable Tolling ,
FRCP 23 ,
Putative Class Actions ,
Reversal ,
SCOTUS ,
Securities Fraud ,
Statute of Limitations ,
Subsequent Litigation
This case stems from alleged misstatement made by Volkswagen Group of America Finance (“VWGoAF”) in an Offering Memorandum governing the issuance of three sets of bonds. The bonds were offered in private placements with...more
5/25/2018
/ Bondholders ,
Bonds ,
Class Action ,
Direct Purchasers ,
Fraud-on-the-Market ,
Investors ,
Material Misstatements ,
Motion to Dismiss ,
Private Placements ,
R&D ,
Rule 10(b) ,
Rule 144A ,
Scienter ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Volkswagen
In LBP Holdings Ltd. v Hycroft Mining Corporation, the Ontario Superior Court of Justice denied the plaintiff’s motion to certify a class action in common law negligence and negligent misrepresentation against the...more
On Tuesday, February 6, 2018, United States District Judge Jed S. Rakoff denied class counsel’s request to file under seal three supplemental agreements to a $2.95 billion settlement in the Petrobras Securities Litigation,...more
First there was Libor. Next came credit default swaps and foreign exchange. Now, highlighted by the over $2 billion settlement reached in the Foreign Exchange Antitrust Litigation, plaintiffs are pursuing a number of...more
On December 5, 2017, the Massachusetts Appeals Court issued an important decision in Berger v. 2 Wyndcliff, LLC, No. 16-P-336 (Mass. App. Ct. Dec. 5, 2017), clarifying the extent to which land owners in a common-scheme...more
LendingClub is facing two parallel securities litigation cases stemming from alleged false statements it made in connection with its initial public offering (“IPO”). One case is proceeding in the U.S. District Court for the...more
11/9/2017
/ Class Certification ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
FRCP 12(b)(2) ,
Initial Public Offering (IPO) ,
LendingClub ,
Motion To Enjoin ,
Motion To Intervene ,
PLSRA ,
Private Offerings ,
Rule 10b-5 ,
SCOTUS ,
Section 11 ,
Securities Act of 1933 ,
Securities Exchange Act ,
Securities Litigation
Recently, in Melbourne City Investments Pty Ltd v. Treasury Wine Estates Limited (“Treasury Wine”), the Full Court of the Federal Court of Australia considered a primary judge’s class closure order which broke new ground in...more
The U.S. Supreme Court‘s 2017 term begins October 2nd and we will be tracking at least three cases relevant to institutional investors:
•Cyan, Inc. v. Beaver County Employees Retirement Fund
•Digital Realty Trust v....more
9/13/2017
/ Anti-Retaliation Provisions ,
Class Action ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Failure To Disclose ,
Institutional Investors ,
Internal Reporting ,
Item 303 ,
Leidos Inc v Indiana Public Retirement System ,
NVIDIA ,
Regulation S-K ,
Removal ,
Rule 10(b) ,
Rule 10b-5 ,
Sarbanes-Oxley ,
SCOTUS ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
SLUSA ,
State Securities Claims ,
Whistleblowers
In a 5-4 decision, issued during the final week of the its term, the U.S. Supreme Court held that the filing of a class action does not toll the three-year period provided for in Section 13 of the Securities Act of 1933....more
6/27/2017
/ CalPERS v ANZ Securities ,
Class Action ,
Equitable Tolling ,
Pension Funds ,
SCOTUS ,
Section 11 ,
Securities Act ,
Securities Act of 1933 ,
Securities Litigation ,
Statute of Limitations ,
Statute of Repose
We have been following defendants’ motions to dismiss in the In re Lending Club Securities Litigation class action, No 3:16-cv-02627-WHA, in the United States District Court for the Northern District of California (“the...more
6/22/2017
/ Federal Pleading Requirements ,
Financial Reporting ,
Initial Public Offering (IPO) ,
Internal Controls ,
Lenders ,
Misrepresentation ,
Motion to Dismiss ,
Omnicare v Laborers District Council ,
Rule 10(b) ,
Section 11 ,
Securities Act of 1933 ,
Securities Exchange Act ,
Securities Fraud ,
Shareholder Litigation
On May 9, 2017, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) affirmed in part and reversed in part an earlier decision from the U.S. Court of Federal Claims, which had held that aspects of the...more
5/24/2017
/ Acquisitions ,
AIG ,
Appeals ,
Bailout ,
Breach of Duty ,
Class Action ,
Court of Federal Claims ,
Derivative Suit ,
Equity Claims ,
Exactions ,
Fiduciary Duty ,
Fifth Amendment ,
Just Compensation ,
Loans ,
NYSE ,
Opt-In ,
Preferred Shares ,
Reverse Stock Splits ,
Shareholder Votes ,
Standing ,
Takings Clause
In an April 28, 2017 ruling on a motion to dismiss in the In re Valeant Pharmaceuticals International, Inc. Securities Litigation (the “Valeant Litigation”), the U.S. District Court for the District of New Jersey addressed an...more
The Supreme Court is set to hear arguments on Monday in CalPERS v. ANZ Securities. Previously we provided a comprehensive overview of CalPERS’s brief. In anticipation of oral arguments, below we discuss the arguments raised...more