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Join the Securities Litigation and Enforcement Group on LinkedInPayouts expected from Elon Musk’s SEC settlement | Reuters
Investors who lost money when Elon Musk tweeted about taking his electric car company Tesla private may soon collect from a $42.3 million fund set up when Musk settled federal securities fraud charges. In a Wednesday night court filing, the U.S. Securities and Exchange Commission said 3,350 eligible claimants will share in a $41.53 million […]
Kraft Heinz Securities Litigation Settles for $450 Million | The D&O Diary
The parties in the Kraft Heinz Securities Group securities class action litigation have agreed to settle the case for $450 million, a massive settlement that makes the list of all-time largest settlements. The settlement is subject to court approval. A copy of the parties’ stipulation and agreement of settlement, which was filed with the court […]
SEC Obtains Judgment After Executives Settle Case Alleging an Inflated Truck Pricing Scheme
The SEC’s complaint alleged that Meek, the former president and chief operating officer of Celadon Group, Inc., and Peavler, the former chief financial officer of Celadon Group Inc., participated in a scheme to buy and sell trucks at inflated prices, in some cases double or triple the trucks’ fair market value. The complaint alleged these […]
The Top 50 of 2022 | ISS
In this report, ISS SCAS reviews the securities-related settlements of 2022 and ranks the Top 50 plaintiffs’ securities firms by aggregate settlement amount achieved for shareholders. For the calendar year 2022, ISS Securities Class Action Services (ISS SCAS) recorded 143 approved securities class action settlements within North America. Collectively, 2022 delivered $4.87 billion in settlement […]
The Largest Class Action Settlements of 2022
In a remarkable year of class action activity, investors across the globe agreed to settlements totaling over $7.4 billion[1] in 2022, a greater than 75% increase from 2021…. *** Of the top ten U.S. settlements listed, three occurred in the Southern District of New York, while two occurred in the Northern District of California. Five […]
Allegations of Bribery to FIFA Officials Results in $95 Million Settlement
With the opening 2022 World Cup matches underway in Qatar, Grupo Televisa S.A.B. recently agreed to a $95 million settlement with shareholders, resolving bribery allegations of FIFA officials. On November 23, 2022, the Mexican multi-media company filed a Form 6-K with the U.S Securities and Exchange Commission announcing the resolution, which noted that $21.5 million […]
Ex-Dewey CFO Reaches Tentative Settlement to Resolve SEC Lawsuit
The former chief financial officer of defunct law firm Dewey & LeBoeuf LLP has agreed to pay more than $95,000 to resolve SEC civil suit from 2014. Joel Sanders, who was convicted of fraud and conspiracy in 2017 but avoided jail time, was named in the Securities and Exchange Commission complaint accusing Dewey’s senior team […]
SEC deal could end ex-Dewey & LeBoeuf CFO’s long-running legal trouble | Reuters
The U.S. Securities and Exchange Commission said it is poised to settle an eight-year-old civil case against the former chief financial officer of defunct international law firm Dewey & LeBoeuf, marking a possible end to the legal fallout of the firm’s collapse for its ex-leaders. In a Friday letter to U.S. District Judge Valerie Caproni […]
Musk Joins Moguls to Kill S.E.C. ‘Gag Orders’ at the Supreme Court – The New York Times
Mr. Musk is now part of a group of executives who are supporting a petition filed by Barry Romeril, a former chief financial officer of Xerox, asking the Supreme Court to review a 2003 deal he made with the S.E.C. that required him to stay forever silent about a fraud case against him. Mr. Romeril’s […]
Elon Musk invokes rapper Eminem in opposing SEC decree | Reuters
In Tuesday’s filing, Musk said requiring Tesla lawyers to vet some of his tweets was an unconstitutional prior restraint on his speech, violating the First Amendment. “The (SEC) won’t let me be or let me be me so let me see; They tried to shut me down,” Musk said, quoting from Eminem’s 2002 song “Without […]