Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInSecurities Docket News Wire for Dec. 19, 2008
Securities litigation data from NY federal courts shows Madoff plaintiffs may have long wait. http://is.gd/cAJt # Distribution of $5 billion of the $7 billion in Enron settlement funds begins today. http://is.gd/czWF # Fed. court orders Madoff to provide verified accounting of all assets, liabilities and property by year end to SEC. http://is.gd/czna # NY Supreme […]
Web Watch: Best Blog Posts and Columns For the Week Ending Dec. 19
Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”): SIMPLE JUSTICE (Dec. 19, 2008): What to Do about Bernie Madoff When someone is alleged to have stolen $50 billion, it’s the birth of an industry. Previous financial felons look like pikers in comparison. So what do we […]
Securities litigation data from NY federal courts shows Madoff plaintiffs may have long wait
LegalMetric, a litigation data mining firm, says that investors in Bernard Madoff’s alleged Ponzi scheme should be prepared to wait years for any recovery via securities litigation. In a press release today, Greg Upchurch, director of research for LegalMetric, stated that “it takes over three years for securities cases to go to trial in federal […]
Distribution of Enron settlement funds begins today
The University of California announced today that the distribution of the over $7 billion settlement fund in the Enron securities class action has begun. The University of California serves as lead plaintiff for Enron investors in the class action, and is represented by the law firm Coughlin Stoia. The school announced that today’s distribution is […]
AUSA Sean Patrick Casey to Join Mayer Brown in February
Sean Patrick Casey will join law firm Mayer Brown LLP as a partner in February. The WSJ reports that Casey, an AUSA in the Eastern District of New York, is currently the deputy chief of that office’s business- and securities-fraud section. Casey previously worked for the SEC, as well. Read the WSJ article
NY Supreme Court: Mel Weiss “automatically disbarred,” name struck from roll of NY attorneys
In a decision issued yesterday, the NY Supreme Court ruled that the name of Melvyn Weiss, former named partner with the law firm formerly known as Milberg Weiss Bershad & Schulman LLP, is to be struck “from the roll of attorneys on the ground that he was automatically disbarred as a result of his conviction […]
Report: Madoff fraud goes back to 1970s, with 4,000 customers
The SEC has reportedly found evidence that Bernard Madoff’s alleged $50 billion fraud may stretch back to at least the 1970s, and that his investment advisory business may have had more than 4,000 customers. Although an advisory unit Madoff registered with the SEC claimed in a January filing to have no more than 25 clients, […]
Findings and additional comments from the authors of NERA’s “2008 Trends in Securities Class Actions” report
Yesterday, NERA Economic Consulting released its 2008 Trends in Securities Class Actions, a report that is based on more than 15 years of NERA research on case filings and settlements in shareholder class actions. The report includes data through December 14, 2008 for case filings and through December 31, 2008 for settlements. The NERA report […]
Italy: Parmalat founder sentenced to 10 years in prison for market manipulation
Calisto Tanzi, founder of Parmalat SpA, was sentenced to 10 years in prison today by a Milan judge for misleading investors about the health of the company before it collapsed in Italy’s biggest bankruptcy in 2003. Bloomberg reports that all other defendants, including three former officials of Bank of America Corp., were acquitted. Tanzi was […]
Guest Column: New York Court Affirms D&O Coverage for Derivative Claims and Requires Advancement of Defense Costs
Should a directors and officers (D&O) insurance policy cover derivative claims? And should a D&O insurance policy advance defense costs? A recent decision from New York’s Appellate Division, First Department, reaffirmed that the answer is “yes” to both questions, and rejected an insurance company’s arguments to the contrary.