As a result of a spike in second half filings, the number of new securities class action lawsuits increased slightly in 2010 compared to the year before, although the 2010 filing levels remained below historical averages, according to the annual study released jointly by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
Advisen Releases Year End 2010 Corporate and Securities Litigation Study
Though securities class action lawsuit filings were below historical averages, overall corporate and securities litigation reached "record" levels during 2010, according to a report from the insurance information firm, Advisen. The report, which was released on January 19, 2011 and is entitled "2010 a Record Year for Securities Litigation," can be found here.
The List: The FDIC’s Civil Actions Against Former Officials of Failed Banks
As detailed in the accompanying blog post, all signs are that the FDIC will be filing increasing numbers of civil actions against former officials of banks that have been closed as part of the current round of bank failures. With this possibility in mind, it seems like it is time for The D&O Diary
FDIC Files Civil Suit Against Former Integrity Bank Officials
More banks have failed in Georgia than any other state as part of the current bank failure wave, but the FDIC had not yet filed a civil action against the former officials of a failed Georgia bank – that is, until now. On January 14, 2011, in what is the third FDIC lawsuit overall against
Failed Bank Investors’ Securities Suit Dismissed
On January 14, 2011, in a ruling that could have implications for other failed bank investors’ securities class action lawsuits, Northern District of Georgia Judge Charles A. Pannell, Jr. granted defendants’ motions to dismiss the securities suit that had been brought by investors in the failed Haven Trust Bank of Duluth, Georgia. A
Credit Rating Agency Claims Dismissed, But Other Goldman Sachs Subprime Securities Suit Claims Survive
In a January 12, 2010 opinion (here) in a subprime-related securities suit involving Goldman Sachs-issued mortgage pass-through certificates, Southern District of New York Judge Harold Baer, Jr. granted the rating agency defendants’ motion to dismiss on the grounds that they are not "underwriters" under Section 11, but denied the Goldman Sachs defendants’ motion
Interview with Susan Beck of The American Lawyer
One of the great things about having this blog is that it has brought me into contact with a wide variety of interesting people, among them other bloggers, journalists, academics and writers. Among the interesting people I have come to know is Susan Beck, who is not only a Senior Writer for The American Lawyer
Record Number of EEOC Discrimination Filings in FY 2010
According to EEOC information released on January 11, 2011, there were a record number of discrimination filings in the fiscal year that ended September 30, 2010. The number of filings approached 100,000, as economic challenges and high levels of unemployment boosted the number of filings.
The EEOC’s January 11 press release can be found
Morrison Extended Even Further in RBS Subprime Securities Suit Dismissal
In a January 11, 2011 ruling that for the first time extends the U.S. Supreme Court’s decision in Morrison v. National Australia Bank to claims under the Securities Act of 1933, and that for the first time rejects the "U.S. listing" theory by which plaintiffs in many cases had hoped to contain Morrison, Southern
Plaintiffs’ Lawyers Pursue Non-U.S. Securities Litigation Alternatives After Morrison
One of the questions posed in the wake of the U.S. Supreme Court’s landmark decision in Morrison v. National Australia Bank is whether the Court’s holding might encourage securities claimants foreclosed by Morrison from U.S. court to attempt to pursue their claims in their home countries or in other jurisdictions.
The January 10, 2011