Class Actions

Second Circuit Vacates Dismissal of Securities Class Action Against Hartford Financial

On Monday, the U.S. Circuit Court of Appeals for the Second Circuit vacated a lower court’s 2006 ruling dismissing a securities class action against Hartford Financial Services Group Inc. The Second Circuit disagreed with the lower court’s conclusion that plaintiffs were on inquiry notice, and therefore held that the case wasn’t barred by the statute of limitations.  The Second Circuit…

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Guest Column: Can Shareholders Waive the Fraud-on-the-Market Presumption of Reliance?

Guest column by Adam Pritchard, the Frances and George Skestos Professor of Law at the University of Michigan Law School. On Thursday, November 20, Prof. Pritchard will be speaking on the topic of “Reforming Securities Class Actions” at the University of Chicago. I recently wrote about the power of shareholders to waive the FOTM presumption of reliance (see the op-ed…

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Guest Column: Canadian Law Most Advantageous to Canadian Investors Suing AIG

Guest column by Dimitri Lascaris of the Siskinds law firm in Canada.  Mr. Lascaris is a partner in Siskinds’ Class Action department, and filed a proposed $550 million class action last week against American International Group, Inc. in Ontario, Canada. For years, U.S. courts have aggressively asserted jurisdiction over foreign corporations and their foreign shareholders. The fact that a parallel…

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Electing to Stand on Your Dismissed Complaint

On September 23, 2008, Judge Irma Gonzalez of the US District Court for the Southern District of California dismissed plaintiffs’ Second Amended Complaint in the securities class action against Neurocrine Biosciences, Inc.  The court granted plaintiffs leave to file a Third Amended Complaint within 30 days of its order. On October 31, however, the court noted that rather than amending…

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RiskMetrics Group Releases Latest SCAS Top 100 List of Securities Class Action Settlements

RiskMetrics Group’s Securities Class Action Services released yesterday its most recent SCAS Top 100 list of the largest securities class action settlements since the passage of the PSLRA.  Only final settlements (approved by the court) are included. Only one 2008 settlement has made its way into the report’s Top 20:  the $1,042,500,000 McKesson HBOC Inc. settlement, which is now #9…

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SDNY Dismisses Securities Class Action Against Optionable Inc.

U.S. District Judge Lewis A. Kaplan of the Southern District of New York has dismissed a securities class action lawsuit against Optionable Inc., the company announced. The lawsuit alleged that Optionable executives made false and misleading statements about the company’s revenues, the quality of its brokerage services and other matters.  According to the company, Judge Kaplan Kaplan dismissed the case…

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