‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInTwo Trump-appointed circuit judges don’t think much of shareholder class actions
Last week, a three-judge panel of the 9th U.S. Circuit Court of Appeals issued a significant decision in a shareholder class action against BofI, a bank holding company. The appeals court, in an opinion by Judge Paul Watford, revived a class action alleging, among other things, that the bank’s share price plunged in response to […]
First Half 2019 Securities Suits Against Foreign Issuers Outpaced Overall Filing Levels | The D&O Diary
The AIG report is based on data from Cornerstone Research. The report shows that during the year’s first six months, there were 35 core filings (that is, securities class action lawsuit filings excluding merger objection lawsuits) against non-U.S. companies with U.S. listings. (This filings tally does not include the several securities class action lawsuits that […]
A “Snapshot” of the Global Rise of Collective Investor Actions | The D&O Diary
As I have noted in prior posts (most recently here), one of the more interesting and noteworthy developments in recent years has been the rise of collective investor actions outside the United States. A recent white paper published by Allianz Global Corporate & Specialty SE in collaboration with the Clyde & Co law firm entitled […]
Calls for Lawyer Diversity Spread to Complex Class Litigation
A federal judge in California is stoking controversy by pressing leaders in a class action against Robinhood Financial LLC to diversify by including more women or persons of color as counsel. It’s the latest effort to tackle what many advocates say is a persistent and significant problem in the profession–the predominance of mostly white male […]
There is no wave of COVID-19 shareholders’ class actions (yet) – Reuters
Remember back in mid-March, when the stock market was gyrating and businesses were just beginning to reckon with COVID-19 lockdowns? Corporate defense firms warned that opportunistic shareholders’ lawyers were poised to pounce. Plaintiffs’ lawyers said at the time that they were in no rush to bring class actions against companies that failed to anticipate the […]
NERA: Securities Suit Filings Down in the Year’s First Half | The D&O Diary
Securities class action lawsuit filings in the first half of 2020 were more than 15% below the number of filings in the first half of each of the last three years, according to a new report from NERA Economic Consulting. The report, entitled “Recent Trends in Securities Class Action Litigation: 2020 H1 Update” (here), projects […]
COVID-19 and D&O Insurance: July Update | The D&O Diary
As we enter the fifth month of the coronavirus outbreak in the U.S., the COVID-19-related D&O claims continue to accumulate. There have now been a total of 16 COVID-19-related securities class action lawsuits filed. The lawsuits filed so far fall into three basic categories: (1) cases involving companies that experienced COVID-19 in their facilities (such […]
Judge in Robinhood class action balks at all-male class counsel team – Reuters
Judge Donato, in an order Tuesday night, consolidated the cases – but rejected the leadership proposal. There was no doubt, he said, that Kaplan Fox and Cotchett would provide “highly professional and sophisticated representation” to the prospective class, given their “impressive history.” But Judge Donato said he was concerned that the proposed team lacked diversity. […]
Lead Counsel in Bernie Madoff Suit Retain $20 Million Fee Award
Lead attorneys representing plaintiffs who made claims against investment funds that were manipulated by Bernie Madoff will get $19.9 million for their services, after the Second Circuit affirmed the award as reasonable. via Lead Counsel in Bernie Madoff Suit Retain $20 Million Fee Award.
Guest Post: “Stock Drop” Lawsuits | The D&O Diary
One often hears that “whenever there is a stock drop, there will be a lawsuit.” This of course is an overstatement. But how much of an overstatement is it? In this post, we answer that question in some detail. We identify all net-of-market stock drops of specified sizes in 2017 for common shares listed on […]