Tag Archives: litigation statistics

SEC Whistleblower Program Has Record-Breaking Year

The SEC Whistleblower Program had a “record-breaking year” during the 2018 fiscal year that ended on September 30, 2018, according the latest annual report from the agency’s Office of the Whistleblower. During the fiscal year, the agency not only made total awards exceeding the aggregate amount awarded in the entire prior history of the program, … Continue Reading

The Challenging Securities Litigation Landscape in Australia

As I have detailed in prior posts on this blog, securities class action litigation is well-established in Australia. According to a recent report from ISS Securities Class Action Services, securities class action litigation has grown “markedly” in the last ten years, to the point that outside North America, Australia “is the jurisdiction in which a … Continue Reading

Time for Another Round of Securities Class Action Litigation Reform?

In 1995, Congress passed the Private Securities Class Action Reform Act (PLSRA) over President Clinton’s veto in order to try to address perceived securities class action litigation abuses. According to a new report from the U.S. Chamber Institute for Legal Reform entitled “A Rising Threat: The New Class Actions Racket That Harms Investors and the … Continue Reading

Guest Post: Merger Objection Lawsuits Getting Tougher for Plaintiffs’ Attorneys

As I have previously noted on this blog, merger objection litigation imposes significant costs on the defendant companies and their insurers. In the following guest post, Patrick Gallagher of the integrated communications and investor relations firm Dix & Eaton takes a look at recent developments in the merger objection litigation arena. I would like to … Continue Reading

Cornerstone Research: Securities Suit Filings at Near Record Level in Year’s First Half

Securities class action lawsuits were filed at “near record levels” in the first six months of 2018, according to a July 25, 2018 report from Cornerstone Research. According to the report, which is entitled “Securities Class Action Filings – 2018 Midyear Assessment,” more than 750 federal securities class actions have been filed since mid-2016, the … Continue Reading

Percentage of M&A Deals Attracting Litigation Continued to Decline in 2017

The percentage of M&A transactions valued over $100 million attracting at least one merger objection lawsuit continued to decline in 2017, according to a recent Cornerstone Research study. The July 18, 2018 study, entitled “Shareholder Litigation Involving Acquisitions of Public Companies: Review of 2017 M&A Litigation” (here), also reports that the average number of lawsuits … Continue Reading

The Growing Costs of Merger Objection Litigation

As most readers are aware, litigation involving objection to mergers and acquisitions transactions has been proliferating in recent years, to the point that virtually every deal draws at least one lawsuit. While many of these actions are nuisance lawsuits, they are not without their costs. Indeed, according to one recent study, the costs to defend … Continue Reading

ISS Releases List of Top 25 Canadian Securities Class Action Settlements

Readers undoubtedly are familiar with ISS Securities Class Action Services’ annual report on the Top 100 Securities Class Action Settlements, focusing on the largest U.S. securities lawsuit settlements. The most recent Top 100 report is discussed here. ISS Securities Class Action Services has now published a list of the largest Canadian securities class action lawsuit … Continue Reading

Report: Wage Law Violations Result in Billions of Dollars in Total Payouts

Violations of statutory wage and hour requirements represent a very big problem for corporate employers. Cumulative payouts in private lawsuits and government enforcement for wage payment violations run into the billions, according to a new report from an organization called Good Jobs First. The June 5, 2018 report, entitled “Grand Theft Paycheck: The Large Corporations … Continue Reading

IPO-Related Securities Litigation and the Idea of Shareholder Claim Mandatory Arbitration

As I have noted in prior posts, a number of commentators have proposed that companies filing with the SEC to complete IPOs ought to be able to include in their bylaws a mandatory arbitration provision requiring shareholder claimants to submit claims – including even claims under the federal securities laws – to arbitration. This idea, … Continue Reading

Wells Fargo Settles Phony Account Securities Suit for $480 Million

Wells Fargo has agreed to pay $480 million to settle the securities class action lawsuit arising from the company’s fake customer account scandal. The lawsuit followed in the wake of allegations that the bank had opened millions of accounts on behalf of customers frequently without the customers’ knowledge or consent, and in some instances based … Continue Reading

Another Look at 2017 Securities Litigation Against Life Sciences Companies

As I have previously noted, the elevated number of securities class action lawsuits against life sciences companies was an important factor in the increase of securities lawsuit filings in 2017. The significant volume of securities suits involving life sciences companies has been the subject of focused analysis, as discussed here. Now the Sidley Austin law … Continue Reading

Ranking the Plaintiffs’ Firms by 2017 Shareholder Recoveries

As I have previously noted (for example here), a number of reports have analyzed the 2017 approved securities class action lawsuit settlements in statistical and numeric terms, such as the aggregate, average, and mean settlement amounts. But what do the 2017 securities suit settlements look like when broken down according to the lead plaintiffs’ firm … Continue Reading

Yahoo Settles Data Breach-Related Securities Suit for $80 million

The newly disclosed $80 million settlement of the Yahoo data breach-related securities class action lawsuit will not make the list of the Top 100 securities suit settlements, but it is significant in its own way just the same. Because the settlement is the first substantial data breach-related shareholder lawsuit recovery, it represents a milestone development … Continue Reading

A Detailed Look at 2017 Securities Litigation Involving Life Sciences Companies

As has been well-documented on this site, 2017 was an extraordinary year for securities class action lawsuit filings, with a record number of new lawsuits filed at a record rate. Among the important contributing factors to the significant volume of securities suit filings during the year was the volume of lawsuits filed against life sciences … Continue Reading

Cornerstone Research: 2017 Securities Lawsuit Filings at “Unprecedented Levels”

For the second straight year, securities class action lawsuit filings reached record levels in 2017, according to the January 30, 2018 report from Cornerstone Research. According to the report, entitled “Securities Class Action Filings: 2017 Year in Review” (here), securities suit filings during the year reached “unprecedented levels” and companies on U.S. exchanges were more … Continue Reading

NERA: 2017 Securities Suits Filed at “Record Pace”

According to a January 29, 2018 report from NERA Economic Consulting, there was “an explosion” of U.S. federal court securities class action litigation filing in 2017, as new securities suits were filed at a “record pace.” The report, entitled “Record Trends in Securities Class Action Litigation: 2017 Full-Year Review,” can be found here. NERA’s January … Continue Reading

Petrobras Settles U.S. Securities Suit Based on Corruption-Related Allegations for $2.95 Billion

In one of the largest U.S. securities class action lawsuit settlements ever, the Brazilian-based energy company Petrobras has agreed to settle the bribery and corruption-related securities class action lawsuit pending against the company in the Southern District of New York for $2.95 billion. The settlement, which is subject to court approval, resolves only the claims … Continue Reading
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