securities class action

While commentators (like me) were predicting a blitz of data breach-related D&O litigation, the anticipated onslaught failed to materialize. The few cases that were filed –in the form of shareholder derivative suits — were unsuccessful. More recently, however, plaintiffs’ lawyers have been taking a different approach to data breach-related D&O lawsuits, filing their cases in the form of securities class action lawsuits. These more recent suits involve cases against Equifax (about which refer here) and PayPal (here). Now plaintiffs’ lawyers have filed yet another data breach-related securities suit, this one against Qudian, a Chinese company that just completed its IPO in October 2017.   
Continue Reading Yet Another Data Breach-Related Securities Suit Filed

hsbcOn June 16, 2016, HSBC, as successor in interest to Household Finance, announced that the parties to the long-running Household International securities class action litigation had agreed to settle the case for $1.575 billion. Subject to court approval, the settlement will bring to a close an epic case that has been pending for fourteen years. The case is one of the few securities class action lawsuits ever to go to trial; the post-trial judgment of $2.46 billion in the case, which was the largest judgement ever in a securities fraud trial, was later set aside by the Seventh Circuit. The case was poised to go to trial again when the parties reached the recently announced settlement. HSBC’s June 16, 2016 press release about the settlement can be found here. The plaintiffs’ law firm’s June 16, 2016 press release about the settlement can be found here.
Continue Reading Long-Running Household International Securities Suit Settles for $1.575 Billion

skaddenlogoThe Halliburton case now before the U.S. Supreme Court could potentially change the securities class action litigation landscape in the United States, as the Court considers whether or not to dump the fraud on the market theory.  However, based upon the oral argument in the case on Wednesday, March 5, 2014, it appears that the

Securities class action lawsuit filings were down “sharply” in 2012 compared to the prior year and to historical average, according to Cornerstone Research’s annual report. The study, published in conjunction with the Stanford Law School Securities Class Action Clearinghouse and entitled “Securities Class Action Filings: 2012 Year in Review,” can be found here.  A

The full consequences of the dramatic recent events in the financial markets may take years to emerge, but one direct effect has already appeared – the collapse of several large financial institutions has turned preferred shareholders into securities class action plaintiffs.

Historically, securities class action lawsuits have been pursued on behalf of common shareholders

Among the many consequences of an increasingly global economy is that investor interest in pursuing claims for securities wrongdoing has become a more nearly universal phenomenon. While collective-style lawsuits largely had been restricted to claims in U.S. courts under U.S. law, a growing list of countries are adopting at least some elements of U.S.-style securities

A lawsuit filed late last week against First Marblehead Corporation underscores that the current lawsuit onslaught so often referred to as the “subprime” litigation wave is, and really has been for awhile, about so much more than just subprime. Although we are probably stuck with the “subprime” label as a shorthand way to describe these