Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”):
- EDWARDS ANGELL PALMER & DODGE LLP (April 16, 2009): New Jersey Federal Court Dismisses Securities Class Action Complaint as Sanction for Attorney Misconduct
The United States District Court for the District of New Jersey recently dismissed a securities class action complaint as a sanction for conduct by the lead plaintiff and class counsel. - THE D&O DIARY (April 16, 2009): Judge Calls Plaintiffs’ Firm’s “Monitoring” Services “Shocking Conflict of Interest”
A federal judge described as a “blatant, shocking conflict of interest” the revelation that leading plaintiffs’ firms provide portfolio “monitoring services” for which they are paid only if their clients pursue litigation recommended by the law firm. - THE D&O DIARY (April 15, 2009): A Case of Divided Loyalties
An April 1, 2009 opinion by Central District of California Judge Cormac Carney in the Broadcom Corporation options backdating criminal case presents a very dramatic example of the pitfalls that can arise from dual representations. - SEC ACTIONS (April 14, 2009): The Impact of Tellabs: Another Suit Dismissed
The Supreme Court’s decision in Tellabs, Inc. v. Makor Issues & Rights, Ltd. continues to have a significant impact on private securities actions. - THE FCPA BLOG (April 14, 2009): That’s Not Justice
A former U.S. Attorney told us a few years ago: “The Justice Department has found a way to subcontract out its FCPA investigations. Now the company lawyers are taking the statements and doing the document work.” - ANTHONY MATON, THE LAWYER (April 13, 2009): RBS case shows superiority of US investor protection
No one says that the US class action system is perfect. However, there is a marked contrast between the access to justice being provided to aggrieved shareholders in the US and that being provided in the UK. - THE 10B-5 DAILY (April 13, 2009): Get Your Own Little Birdy
A plaintiff can rely on an anonymous source to plead securities fraud, but can he rely on someone else’s anonymous source? - PHILIP S. KHINDA, JEFFREY E. MCFADDEN AND MICHAEL C. MILLER, NYLJ (April 10, 2009): The Nuances of Securities Reform
The required change does not need to come at the end of a sledge hammer. Effective securities reform can be the product of a more surgical approach. - HOLLAND & HART SECURITIES DEFENSE BLOG (April 12, 2009): Punishing the Victims: Madoff Trustee Files First Clawback Case
At first blush, seeking such a large sum from an offshore entity with a foreign-sounding name seems justifiable. However, further scrutiny raises serious questions about the trustee’s future litigation plans.
