In an unusual July 9, 2013 post-settlement order in the Lockheed Martin securities class action lawsuit, Southern District of New York Jed Rakoff examines the role of confidential witness-based allegations, both in the Lockheed case itself and in securities cases in general. As is clear from Judge Rakoff’s memorandum, the plaintiffs’ reliance on confidential witness testimony to try to meet heightened pleading standards presents a problem for both plaintiffs and for defendants, as well as for the courts….
‘Enforcement 40’ for 2020
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