Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInClass Actions
Fannie Mae, KPMG agree to pay $153 mln to end shareholder lawsuit
Fannie Mae and accounting firm KPMG agree to pay $153 million to settle shareholder lawsuit alleging false and misleading financial reports.
Facebook, Underwriters Make Dismissal Pitch in IPO Investor Suits — The Litigation Daily
In a 61-page brief filed on Wednesday, Facebook’s lawyers at Kirkland & Ellis and Willkie Farr & Gallagher moved to dismiss consolidated securities litigation over the IPO. Contrary to a slew of complaints filed by plaintiffs lawyers, they argued that Facebook adequately warned investors in the run-up to the IPO that increased mobile usage might [...]
Delaware judge tells directors: You can run, but liability follows — Reuters
For the second time this year, a judge has warned independent directors of a Delaware corporation with Chinese operations that their personal wealth can be at risk in shareholder lawsuits even after they resign their directorships…. On Thursday, Vice Chancellor Sam Glasscock of Delaware Chancery Court refused to dismiss a lawsuit that seeks to hold [...]
BofA in $500 mln settlement with mortgage investors
$500 million settlement is largest to date resolving a federal securities class action case over mortgage-backed securities.
‘Sympathetic’ Second Circuit Rules Against Madoff Victims in Suit vs. SEC
Second Circuit becomes second appeals court to rule against Madoff victims seeking to impose liability against the SEC for the agency’s alleged negligence.
The near-impossible standard for showing auditor fraud — On the Case
That’s outside of the United States, though. In this country, Aubin found, shareholders rarely even bother to name audit firms as defendants in class actions: Only two securities class actions filed in 2012 made claims against top audit firms. And if you want to know why, read U.S. District Judge Shira Scheindlin’s 72-page opinion Monday [...]
Report Shows Sharp Decline in Number of Accounting Class Actions
Report on securities class action filings and settlements shows that the number of new accounting class actions filed in 2012 was the lowest in recent years.
Deloitte’s China unit wins dismissal of fraud claim over audit
Court finds investors failed to show Deloitte unit had any motive to commit fraud or that it made any material misstatements in its audit opinions of Longtop.
U.S. court says Gupta not liable to Goldman for Rajaratnam tips
Shareholder fails to persuade appeals court that former director Rajat Gupta should be forced to repay Goldman for quick trading profits realized by hedge fund manager Raj Rajaratnam.
Judge Signs Off on Bank of America Pact
Court signs off on a $2.43 billion settlement by Bank of America Corp. to resolve claims that it misled investors ahead of its acquisition of Merrill Lynch.