Who better to turn a crisis into an opportunity than investors—and the securities class action plaintiffs bar?
Who better to turn a crisis into an opportunity than investors—and the securities class action plaintiffs bar?
A trio of federal judges—and eventually the U.S. Court of Appeals for the Second Circuit—will have to grapple with the SEC's power to target Wall Street defendants on the agency's own turf.
Before Friedlander and Baron took control of the Delaware shareholder litigation over Warburg Pincus' acquisition of Rural/Metro Corp., the case was ready to fizzle. Instead, the duo uncovered a web of conflicts and deception that led up to a $75.8 million ruling against Royal Bank of Canada.
Siding with defense lawyers at Sullivan & Cromwell, an appeals court in New York affirmed a decision dismissing breach of contract claims by Ambac against EMC Mortgage, a Bear Stearns unit acquired by JPMorgan Chase & Co.
Rosemary Martoma was never implicated in her husband Mathew's insider trading scheme, which entailed using confidential drug trial information to help SAC make a windfall $275 million profit. Now her lawyers at Goodwin Procter say she shouldn't have to pay for his crimes.
Thanks to an earlier decision by the Second Circuit that lowered the requirements for asserting whistleblower claims under Sarbanes-Oxley, JPMorgan Chase must again face allegations that it fired a former vice president for raising suspicions about a favored client.
A judge certified an investor class action against JPMorgan Chase & Co. related to about $10 billion in mortgage-backed securities, rejecting the bank's claims that the plaintiffs firm isn't cut out to lead the 5-year-old case.
The Delaware Supreme Court's ruling is a victory for ev3's appellate lawyers at Gibson, Dunn & Crutcher, who said it will help shield Delaware companies from attacks over deal terms that were never made final.
Allegations that Avon bribed its way into the Chinese market sparked a massive internal probe and a criminal settlement. But a judge sent a proposed securities class action over the scandal back to the drawing board on Monday, dealing a defeat to plaintiffs lawyers at Motley Rice.
The U.S. Securities and Exchange Commission showed rare nerve in two cases that reached a head last week.
Scott & Scott, Robins Kaplan and Robbins Geller didn't end up getting the billions in damages they were seeking in a class action alleging that private equity firms fixed the prices of leveraged buyouts. But you wouldn't know it from the bold attorneys fee request they made on Friday.
The ruling offers an answer to an unsettled question for securities fraud litigants, and it removes one roadblock to the proposed $3.7 billion merger between CorpBanca, one of Chile's largest banks, and Brazil's Itaú Unibanco.
In one of the stiffest penalties ever imposed on individual defendants in a securities fraud case, U.S. District Judge Shira Scheindlin ordered billionaire Sam Wyly and the estate of his brother Charles Wyly to hand over between $300 million and $400 million to the SEC.
The nation's largest public pension fund this week became the latest to voice concerns over a settlement that would extinguish shareholder derivative litigation over Hewlett-Packard's botched 2011 acquisition of British software firm Autonomy.
In its largest whistleblower award to date, the SEC set aside at least $30 million for a foreign resident who tipped off the agency about an unnamed fraud. The agency said the award was appropriate despite the Supreme Court's stricture against applying U.S. securities laws overseas.
In its second lawsuit related to requirement for publicly traded oil and gas companies to disclose payments to foreign governments, Oxfam claims the wait for a final version of the rule has gone on far too long.
Attorney General Eric Holder on Wednesday called on the government to increase rewards for those who blow the whistle on financial crimes, arguing that greater incentives are needed to induce people to come forward with insider information.
A judge upheld key aspects of the Commodity Futures Trading Commission's rules on cross-border swaps.
The charges against longtime IT employee Dimitry Braverman come two years after a former Wilson Sonsini associate received a record 12-year jail sentence for insider trading.
Like more than a dozen bank defendants before it, HSBC on Friday reached a megabucks settlement to end its mortgage-backed securities fight with Fannie and Freddie's conservator.
Investors in mortgage-backed securities issued by IndyMac settled their claims against the bank's underwriters. But the IndyMac litigation lives on at the U.S. Supreme Court—with important implications for the time limits that govern securities class actions.
Delaware judges aren't exactly known for ceding jurisdiction to other states, especially in shareholder disputes. But a chancery judge ruled that forum selection bylaws are valid even if they're adopted in anticipation of litigation, and even if they designate a Delaware company's out-of-state home turf as the forum.
Despite some regrettably worded internal communications it produced during discovery, Xerox Corporation has finally killed off a class action alleging it overstated the cost-saving benefits of its big corporate reorganization in 1998.
Institutional investors represented by Quinn Emanuel and Pearson, Simon & Warshaw cleared a major hurdle on Thursday, when a judge refused to toss most of a multibillion-dollar class action targeting top international investment banks.
Siding with Cahill's Floyd Abrams, a judge ruled that IKB Deutsche Industriebank waited too long to sue Standard & Poor's for the top ratings it bestowed on notes issued by an ill-fated investment vehicle.
Adopting an argument that other courts have rejected, a federal judge in Manhattan ruled that the FDIC waited too long to sue Deutsche Bank, Royal Bank of Scotland, Credit Suisse and other banks that sold mortgage-backed securities.
Luis Aguilar lashed out at his fellow SEC commissioners for the weak penalties they imposed on a former CFO. But the most disturbing part of his dissent was his accusation that the agency waters down the facts it releases to the public about cases it settles.
The SEC paid a whistleblower who first tried to report wrongdoing internally more than $300,000. It's the first time the SEC has paid an award to a compliance officer.
We've lost count of how many times the banks sued by the Federal Housing Finance Agency for selling shoddy mortgage-backed securities have had their defenses slapped down by U.S. District Judge Denise Cote.
Former Treasury Secretary Timothy Geithner is fighting a request by Standard & Poor’s Financial Services LLC to turn over unpublished notes from his memoir that he considers to be “private, confidential or sensitive materials.”
The Boeing Company pursued the firm for bringing a botched securities fraud case based on the testimony of an unreliable confidential witness.
A federal judge in San Francisco said he wouldn't OK a planned partnership between plaintiffs lawyers and Hewlett Packard.
Brower Piven and Harwood Feffer worked together to tee up plaintiffs for an investor class action that ultimately settled for $586 million. But the relationship has since soured, judging by a new contract battle between the firms.
This deal brings the FHFA’s recovery from major banks to more than $21 billion, reinforcing that the agency’s litigation crusade, begun in 2011 against 18 banks and led by Philippe Selendy of Quinn Emanuel Urquhart & Sullivan, has been a monumental success.
Maurice Greenberg’s Starr Investments claimed it was fraudulently induced to buy stock in China MediaExpress, one of many Chinese companies to be listed on a U.S. stock exchange through a so-called reverse merger.
More than $1 billion of Thursday's megasettlement with Bank of America resolves claims first brought by private whistleblowers—including one case involving a two-time False Claims Act tipster who's married to one of "The Real Housewives of New Jersey."
Eric Green, court-appointed independent monitor in the nearly $17 billion Bank of America settlement announced on Thursday, understands that he has his work cut out for him.
The Tenth Circuit ruled once again that the National Credit Union Administration didn't wait too long to sue big banks that sold billions of dollars in ill-fated mortgage-backed securities to federally chartered credit unions.
The U.S. Supreme Court's decision in Morrison v. NAB already helped slash a rare securities class action jury verdict against Vivendi. Now the company's lawyers at Weil and Cravath are busy trying to bury what's left of the spoils.
Barely 24 hours after hearing oral arguments, a federal appellate panel refused Wednesday to revive claims that plaintiffs lawyers deserve $6 million in fees for supposedly helping to oust former Citigroup CEO Vikram Pandit and another Citi exec two years ago.
Standard & Poor's is demanding that the Justice Department and former Treasury Secretary Timothy Geithner turn over more documents, including communications with President Obama, in the U.S. government's $5 billion lawsuit against the ratings agency.
Lawyers at Simpson Thacher made quick work of a $124 million lawsuit alleging that Twitter duped two investment advisers into propping up demand for its shares ahead of the company's initial public offering.
Echoing a 2012 ruling by a state appeals court, the Second Circuit agreed with Porsche's lawyers at Sullivan & Cromwell that billions of dollars in claims against the German automaker don't belong in the United States.
The ruling is a victory for Siemens and its lawyers at Kirkland. But it's a disappointment for those who hoped the court would clarify whether Dodd-Frank protects employees who are fired after blowing the whistle internally but before alerting the SEC.
Irving Picard of Baker & Hostetler, the liquidation trustee for Bernie Madoff's fraud-soaked investment firm, suffered a second setback this week in his bankruptcy court fight with J. Ezra Merkin and the Madoff feeder funds he managed.
Irving Picard, the trustee tasked with unwinding Bernie Madoff's investment firm, has hit another wall in his efforts to block two big-dollar settlements with companies that once funneled cash into Madoff's Ponzi fraud.
In his first and only forays into whistleblower litigation, Wasinger helped the government win nearly $2 billion from Wall Street—including a $1.27 billion ruling against Bank of America that came at precisely the wrong time for the bank.
Shareholders have now inked deals worth $475.5 million with private equity firms accused of scheming to drive down the value of major leveraged buyout deals. But Carlyle Group and its lawyers at Latham have shown no signs of surrender ahead of a looming trial this fall.
Judge Jed Rakoff may have thought Citigroup's $285 million settlement with the SEC amounted to little more than a slap on the wrist. But at least the SEC recovered something from Citi, which is more than we can say for South Korea's Woori Bank and its lawyers at Hausfeld.
Overall, class action filiings are down for the first six months of 2014, but the pace doubled against biotech companies.
U.S. District Judge Jed Rakoff didn't give up without signaling that the Second Circuit made a terrible error in forcing him to approve the SEC's settlement with Citigroup over a doomed-to-fail investment.
After Halliburton lost its bid to upend the securities litigation landscape at the U.S. Supreme Court, AIG and its lawyers at Weil, Gotshal & Manges opted to cut their losses in an investor class action stemming from the financial crisis.
Allergan claims that hostile bidder Valeant colluded with activist investor Bill Ackman, enabling Ackman's hedge fund Pershing Square to trade on inside information.
Patent judgments don't usually spawn shareholder derivative litigation. But a $1.5 billion award against Marvell Technology is so juicy, plaintiffs securities lawyers can't stay away.
What does a dead cow have to do with a mortgage sold by Countrywide Financial? U.S. District Judge Jed Rakoff has the answer, and it's a costly one for Bank of America.
Ahead of a damages-only bench trial set for next month, a judge precluded the SEC from recovering the total profits it accuses Sam and Charles Wyly of netting from stock trades orchestrated through a secret offshore system.
With capital raised in a first-of-its-kind bond offering by Burford's U.K. subsidiary, the company said its war chest of assets under management now exceeds $500 million.
With trial approaching for Goldman, RBS, HSBC and Nomura, a judge rejected the argument that Fannie Mae and Freddie Mac knew they were being misled about billions of dollars in residential mortgage-backed securities they purchased before the financial crisis.
Despite receiving thousands of tips and shelling out eight awards to Dodd-Frank whistleblowers, the SEC has managed to keep the identities of its informers tightly under wraps. But a leak was inevitable, and now we've got one, courtesy of a fight over—what else—money.
Neogenix Oncology Inc., a bankrupt would-be developer of cancer diagnostic and treatment products, blamed its outside lawyers for allowing the company to pursue an illegal fund-raising strategy for more than five years.
ITT Educational Services and its lawyers at Gibson Dunn suffered their latest setback on Tuesday, when a judge refused to dismiss most of a shareholder class action alleging that the for-profit education company duped investors about rising student loan default rates.
Handing a win to defense lawyers at Sidley and Hughes Hubbard, a judge on Monday dismissed claims that Deloitte defrauded ChinaCast Education Corp. investors by failing to detect alleged fraud at the Shanghai-based company.
A proposed settlement between HP and plaintiffs firms is "collusive and unfair," according to attorney John Keker, who represents Sushovan Hussain.
In a bid to win compensation for investors swindled by R. Allen Stanford, the SEC was rebuffed by the D.C. Circuit, which ruled that the investors aren't eligible for protection as customers.
A decision from the Ninth Circuit U.S. Court of Appeals could raise the bar for plaintiffs alleging that corporate executives knowingly misled investors.
After toiling through four years of litigation related to MBIA Inc.'s 2009 restructuring, the bond insurer's lawyers at Kasowitz Benson won a ruling this week that puts Lloyd's of London and other underwriters on the hook for a hefty portion of MBIA's defense tab.
In Wednesday's deal with Bank of America, Quinn Emanuel client AIG will pocket $650 million in cash, plus its pro rata share of an earlier $8.5 billion settlement between BofA and mortgage-backed securities investors.
Handing a win to lawyers at Cahill and Skadden, the Second Circuit affirmed Wednesday that its 2011 decision in Fait v. Regions Financial dooms a long-running securities class action against Deutsche Bank AG and a half-dozen big underwriting banks.
A U.S. Supreme Court decision from last month has breathed new life into claims that BP mismanaged employee stock ownership programs that plummeted in value after the 2010 Deepwater Horizon oil spill.
For the law firms driving consolidated litigation over Puda's demise, Monday's ruling is a welcome bit of good news. For the boutique investment banks Macquarie Capital and Brean Murray Carret & Co., not so much.
The DOJ cited "the strength of the evidence" warranting Citigroup's $7 billion payment over sales of residential mortgage-backed securities. But there's little evidence to be found in the statement of facts accompanying Monday's deal.
Gitner kept U.S. Attorney Preet Bharara from claiming another scalp in his war on insider trading. More importantly, he kept his client out of jail.
What do mortgage-backed securities have to do with antiwrinkle creams? Not a whole lot, the Second Circuit told a group of disappointed class action lawyers on Thursday.
In a victory for Beth Wilkinson of Paul Weiss and her cocounsel at Simpson Thacher and DLA Piper, a federal judge in Manhattan refused to give plaintiffs a new chance to explain how Pfizer caused their losses.
With some indirect help from the U.S. Court of Appeals for the Second Circuit, Rengan Rajaratnam and his lawyers at Lankler Siffert & Wohl have snapped Manhattan U.S. Attorney Preet Bharara's undefeated record in insider-trading cases.
While most people were enjoying the tail end of a long holiday weekend, U.S. District Judge Jed Rakoff was busy Sunday delivering a key victory to foreign banks targeted by Irving Picard, the liquidation trustee for Bernie Madoff's defunct investment firm.
Irell & Manella's John Hueston said the SEC once appeared on the brink of bringing insider trading claims against ex-Goldman Sachs banker Matthew Korenberg.
The company is enlisting plaintiffs attorneys including Joe Cotchett to go after former Autonomy insiders.
Thursday's ruling in National Labor Relations Board v. Noel Canning caps a month of litigation victories involving Gibson, Dunn & Crutcher.
Kellogg Brown & Root Services Inc. doesn't have to disclose certain documents to a whistleblower, the D.C. Circuit ruled on Friday in a dispute that raised concern among companies about the confidentiality of communications with in-house lawyers.
Unlike Boies's most famous cases, most Americans will never hear of Halliburton Co. v. Erica P. John Fund. But for corporations, or anyone whose bread is buttered litigating securities class actions, Halliburton was the big news at the Supreme Court this week.
A federal judge tossed a securities class action on Thursday that slammed Hewlett-Packard Co. for touting its code of conduct even as its former CEO became embroiled in an ethics scandal.
In Halliburton Co. v. Erica P. John Fund, the Supreme Court had a chance to shut down securities litigation as we know it. Instead, Monday's decision has plaintiffs lawyers thanking their stars—and may even promise more billable hours for defense lawyers.
Three hold-out banks that have refused to settle with the FHFA—Nomura, HSBC and Goldman Sachs—rehashed old arguments to defeat claims that they misled Fannie Mae and Freddie Mac about the riskiness of billions of dollars in securities backed by home loans.
Judging by the flurry of lawsuits Bernstein Litowitz Berger & Grossmann just unleashed against some of the world's top banks, mortgage-backed securities litigation has life in it yet.
BlackBerry Ltd. shareholders enjoyed some rare good tidings on Thursday when the company posted a surprise profit. But the news wasn't so good for investors-turned-plaintiffs suing BlackBerry in a proposed securities class action.
The competition is heating up for plaintiffs firms jostling to win the lead counsel spot in litigation inspired by Michael Lewis's best-selling book on high-frequency trading.
The U.S. Court of Appeals for the Second Circuit affirmed a win that Ropes & Gray won for Keurig last year in Vermont, leaving the company free to fight other litigation battles related to its single-serving coffee brewers.
Lawyers at Milberg decided not to press on after U.S. District Judge William Orrick III dismissed their complaint against Amyris Inc.
On the same day that Gupta begins a two-year prison term for criminal insider trading, Wilmer's Seth Waxman lost a bid to contest a hefty fine and injunction won by the SEC in its parallel civil case.
The fall of Milberg Weiss and two decades of case law interpreting the PSLRA have changed the way securities suits are fought.
Ropes & Gray, Sullivan & Cromwell, Jones Day and Kirkland & Ellis reached the agreement Wednesday on behalf of the two companies, which were accused of conspiring with other private equity players to deflate the price of corporate takeovers.
Although $739 million been set aside to reward those who report wrongdoing in the financial markets, awards to date have barely dented those accounts.
The Anti-Kickback Statute should be broadly interpreted as a bar to any kind of payment in exchange for health care services paid for by the government, the U.S. Attorney's Office in Philadelphia argued in a qui tam suit brought against a pharmaceutical company called Allergan.
The reports cites a plea from King & Spalding attorney Philip Holladay: "This case needs to be settled . . . There is little doubt that a jury here will find that the ignition switch used on [a certain] 2005 Cobalt was defective and unreasonably dangerous."
Manhattan U.S. District Judge Jed Rakoff abused his discretion when he blocked a consent decree between the Securities and Exchange Commission and Citigroup in 2011, according to the Second Circuit.
A proposed class action against Morgan Stanley has served as a petri dish for key issues in mortgage-backed securities litigation, with mixed results for both sides.
The ruling could upend a huge securities fraud case against Pfizer over its marketing of the painkillers Celebrex and Bextra. Pfizer is represented by Paul Weiss, Simpson Thacher and DLA Piper.
A Citigroup Inc. shareholder has hit a dead end in a lawsuit alleging that the bank didn't properly investigate its bets on collateralized debt obligations, marking a win for attorneys at Cravath, Paul Weiss and Wachtell.
The National Credit Union Administration is fighting a subpoena by Standard & Poor's Financial Services LLC related to the Justice Department’s $5 billion case against the credit ratings agency.