According to the FDIC’s website (here), as of March 24, 2015, 44 of the 106 failed bank lawsuits the agency has filed have settled. So there is nothing particularly newsworthy about the fact that the parties to another one of the failed bank lawsuit had reached a settlement. Just the same, however, the
Bank Directors Facing Increased Regulatory Scrutiny, Raising Fears of Potential New Liability Exposures
Federal banking regulators have stepped up their interactions with and scrutiny of bank directors, according a recent Wall Street Journal article. The March 31, 2015 article, entitled “Regulators Intensify Scrutiny of Bank Boards” (here) details the ways in which regulators are “zeroing in on Wall Street boardrooms as part of the government’s intensified
Cornerstone Research: Accounting-Related Securities Suits Jump in 2014
The number of securities class action lawsuit filings raising accounting allegations rose by 47 percent in 2014 compared to the prior year, according to a new report from Cornerstone Research. The March 31, 2015 report, entitled “Accounting Class Action Filings and Settlements: 2014 Review and Analysis,” can be found here. Cornerstone Research’s March 31,
Paris Arts Review
The D&O Diary rounded out its European visit last week with a quick weekend visit to Paris. In addition to a rendezvous with friends and family, the stopover included several long walks, two encounters with the Parisian contemporary art museum scene, and one extraordinary meal.
The best of the weekend’s walks was an energetic
Notes from the London Underground
The D&O Diary was in London this week for meetings and a couple of industry events. Though my schedule on this visit was full, I did have a little time between meetings for a bit of touristing. I have been to London many times before, but I always try to make a little time to
Guest Post: Is Employee Awareness and Training the Holy Grail of Cybersecurity?
In the current environment, most organizations are aware of the potential threats to their firms from a breach of their data systems and networks. Among the ways companies can protect themselves from these types of threats is through improved employee awareness and training. In the following guest post, Paul Ferrillo and Randi Singer of the
Facts, Opinions, Omissions, and Context: The U.S. Supreme Court Issues Omnicare Opinion
In a March 24, 2015 opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (here), the U.S. Supreme Court set aside the Sixth Circuit’s ruling that allegations of “objective falsity” were sufficient to make a statement of opinion in securities offering documents actionable. The Supreme Court remanded the case to
Guest Post: Omnicare Decision Clarifies Pleading Standard for Section 11 Claims Based on Statements of Opinion in Registration Statements
As I discuss in the accompanying post, on March 24, 2015, the U.S. Supreme Court issues its opinion in the Omnicare case. In the following guest post, the Skadden law firm summarizes the case and its holding. A version of the guest post previously was published as a Skadden client alert. I would like
Cornerstone Research: Average and Aggregate Securities Suit Settlements Plunged in 2014
The aggregate amount of all securities class action settlements during 2014 declined to the lowest level in years and there also was a “dramatic” decrease in the average securities suit settlement amount during the year, according to a March 24, 2014 report from Cornerstone Research. The report, which is entitled “Securities Class Action Settlements: 2014
Yet Another U.S. Securities Suit Arising From a Latin American Corruption Investigation
In yet another U.S. securities class action lawsuit involving a non-U.S. company and a corruption investigation in the company’s home country, on March 19, 2015 a shareholder of Chemical & Mining Company of Chile, Inc. (Sociedad Quimica y Minera de Chile, S.A, or SQM), the world’s largest producer of iodine and lithium and a