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Safe Harbor Provision Strikes Again: Humana Dismissed
On June 19, 2009, the 10b-5 Daily discussed the dismissal of In re Aetna, Inc. Sec. Litig., 2009 WL 1619636 (E.D. Pa. June 9, 2009), and observed that The PSLRA’s safe harbor for forward-looking statements has a checkered history in the courts, with some judges refusing to apply it as written. It is therefore worth […]
Advisen Survey Finds Fears of Shareholder Litigation Leading to Larger D&O Policy Limits Outside US
A newly released survey from Advisen Ltd. finds that rising fears of shareholder litigation have led many members of the Association of Insurance and Risk Managers to purchase D&O policies with large liability coverage limits. Business Insurance reports that the Advisen survey of members of the London-based Association of Insurance and Risk Managers showed about […]
Copy of Letter from Madoff’s Counsel to Court Seeking 12 Year Sentence
Below is the June 22, 2009 letter from Bernard Madoff’s counsel to the court seeking a 12 year sentence (a.k.a. “Creative Writing 101.”) (via Wall Street Folly).
Huntsman Settles Interference Claims for $632 Million Cash, $1.1 Billion in Debt
Huntsman Corporation announced today that it has reached an agreement with Credit Suisse and Deutsche Bank to settle Huntsman’s claims and end the ongoing trial against them in Texas state court for over $1.7 billion. Huntsman alleged that the two banks improperly interfered with its terminated merger agreements with Basell and Hexion Specialty Chemicals, Inc. […]
Stanford Receiver Argues Against Reduction in Fees
Ralph Janvey (pictured), the receiver in the Stanford case, stated in a recent court filing that while the SEC apparently expected to recover as much as $1 billion in the Stanford case, only about $350 million of assets have been located. As a result, Janvey says, the SEC is now trying to reduce fees for […]
“So You’re Telling Me There’s a Chance”: Madoff to Seek Leniency
Lloyd: What are the chances of a guy like you and a girl like me… ending up together? Mary: Well, that’s pretty difficult to say. Lloyd: Hit me with it! I’ve come a long way to see you, Mary. The least you can do is level with me. What are my chances? Mary: Not good. […]
Securities Docket A.M. News Wire for June 23, 2009
Former Chairman of the Board of American Italian Pasta Co. Settles SEC Charges; Manulife shares plunge in response to OSC investigation, potential lawsuit; Madoff Trustee Also Sues Cohmad Securities and Principals; Step 1: Obtain $2.8 Billion Judgment; Step 2: Seek Asset Freeze; Will Madoff ever leave prison alive? SEC Charges Madoff “Solicitors,” Feeder with Fraud; and more.