During the 2013 fiscal year (ended September 30, 2013), the number of charges filed with the U.S. Equal Employment Opportunity Commission was down 5.7% compared with the previous fiscal year, but the EEOC’s FY 2013 monetary recoveries of $372.1 million through administrative processes were the highest ever in any single fiscal year. The EEOC’s February
Advisen Releases 2013 Corporate and Securities Litigation Report
Even though (as have been well-documented by other observers) securities class action litigation filings increased in 2013, overall corporate and securities litigation filings during 2013 declined for the second year in a row, according to a February 4, 2014 report from the insurance information firm, Advisen. Though the corporate and securities filing activity in
Cornerstone Research: Securities Suit Filings Increase in 2013, Filing Rate Above Historical Averages
Considered on an absolute basis, securities class action lawsuit filings were up about nine percent in 2013 compared to 2012, although the number of 2013 lawsuits was about 13 percent below annual filings averages for the years 1996-2012, according to a new report from Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse.
Guest Post: The Business Judgment Rule Under Attack
In many jurisdictions, corporate officials sued for their actions undertaken in their corporate capacity may be able to defend themselves in reliance on the “business judgment rule.” This rule is designed to prevent courts from second-guessing the decisions of directors and officers. The defense has become particularly important in connection with the extensive litigation the
More About Follow-On Securities Litigation After Overseas Investigative Actions
In my year-end survey of corporate and securities litigation, one of the trends I noted regarding the litigation that had been filed in 2013 was the rise in lawsuit filings following in the wake of governmental investigations and regulatory actions, particularly with respect to investigations and regulatory actions outside the United States. If two
Takeover Litigation in 2013
One of the most distinctive corporate and securities litigation trend in recent years has been the surge in M&A-related litigation, with virtually every deal attracting at least one lawsuit. This trend continued again in 2013, according to a recently updated study from Notre Dame business professor Matthew Cain and Ohio State law professor Steven Davidoff.
Top Ten D&O Stories of 2013
The world of directors and officers liability has long been characterized by rapid change. But even given these well-established dynamics, 2013 was a particularly eventful year, with several different developments that could impact the D&O arena for years to come. The list of the Top Ten D&O Stories of 2013 is set out below with
Securities Lawsuit Filings Up Slightly in 2013
The number of securities class action lawsuit filings was up slightly in 2013 compared to 2012, although the 2013 filings remained well below historical averages. While securities litigation picked up in 2013 compared to the year before, the more interesting question going forward is what the impact of the Halliburton case now pending before the
First the Regulatory Investigation, Then the Securities Suit
It is nothing new for private securities litigation to follow in the wake of a company’s announcement that it is the target of an SEC investigation. Similarly, civil litigation following after a company’s announcement of the existence of an FCPA investigation is a phenomenon I have frequently noted on this blog. A number of these
Cybersecurity Disclosure Under Scrutiny
The threat of a cybersecurity breach is unfortunately one of the ongoing business risks companies face n the current operating environment. For that reason, corporate disclosures of cyber-breach related risks have been a priority of the SEC’s Division of Corporate Finance as well as the agency’s new Chair, Mary Jo White. The agency’s developing practices