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A federal magistrate judge’s rejection of a lead plaintiff bid in a proposed securities class action against Credit Suisse Group AG highlights how courts decide if an investor is right for the role. The judge found Credit Suisse investor Yasni Jimenez wouldn’t adequately represent a proposed class alleging the bank made false and misleading statements […]
Defendants aren’t supposed to pick a dog in the lead counsel fight. Sure, if there are parallel cases in different jurisdictions they can manipulate the outcome by negotiating a settlement with one set of plaintiffs’ lawyers instead of another, effectively preempting the lead counsel selection process. But I can’t remember ever seeing a defendant in […]
This chapter, written for the Research Handbook on Shareholder Litigation, surveys empirical work studying the lead plaintiff provision of the Private Securities Litigation Reform Act (PSLRA). That work finds that the lead plaintiff provision has encouraged institutional investors to participate in securities class actions, and that those institutional investors have negotiated lower attorneys’ fees. Those […]
Law firms Bernstein Litowitz Berger & Grossmann and Labaton Sucharow named as lead counsel.
Court denies motion arguing MissPERS exceeded statutory limit for lead counsel appointments.
Competing lead plaintiff says fund has been a lead plaintiff in “as many as 16” cases in the last three years.
“Phantom” lead plaintiff never actually purchased any of the securities at issue in the case.
NY State Common Retirement Fund held 19 million shares of BP.
Galleon dismissed and replaced as lead plaintiff.
Galleon Management had been recently affirmed as lead plaintiff in Herley case.