Though the average dollar value of securities class action settlements approved in 2010 declined slightly compared to 2009, the median settlement amount reached record levels, according to Cornerstone Research’s annual 2010 Securities Class Action Settlement Study. Cornerstone’s March 10, 2010 press release about the study can be found here, and the study itself can
CalSTRS Wins Rare Securities Suit Jury Verdict Against Homestore CEO
Securities lawsuits rarely go to trial, but on February 24, 2011, just three months after the last securities suit trial concluded, a Central District of California rendered a verdict on behalf of plaintiffs against the sole trial defendant, the former CEO of the defunct Homestore company. The jury found that the defendant, Stuart H. Wolff
Vivendi Court Narrows Securities Suit Class, Applying Morrison
In the long-awaited rulings on the post-trial motions in the Vivendi securities case, Judge Richard Holwell has entered a February 22, 2011 order materially narrowing the plaintiff class based on the U.S. Supreme Court’s holding in Morrison v. National Australia Bank. A copy of Judge Holwell’s opinion, in which he eliminated ordinary shareholders
Satyam Agrees to Pay $125 Million to Settle Securities Suit
In a settlement that has a number of interesting features, Satyam Computer Services, an Indian technology outsourcing company, has agreed to pay $125 million to settle the consolidated securities class action litigation pending against the company in Southern District of New York.
The only settling defendant is the company itself, which is now known
Second Circuit Reinstates Blackstone Group IPO Securities Suit
In a February 10, 2011 opinion (here), the Second Circuit reversed the lower court’s dismissal of the securities class action lawsuit relating to The Blackstone Group’s June 2007 IPO. The decision, which represents a noteworthy victory for plaintiffs, contains an extensive analysis of "materiality" requirements and could prove significant in the many other
A Couple of Links for the Second Day of the PLUS D&O Symposium
The storm has passed and the sun is shining down on chilly Times Square for the second day of the PLUS D&O Symposium. For those at the conference and for those stranded at home by the weather, I wanted to pass along a couple of links as an accompaniment for today’s conference panels.
First
The Winter Storm Update on the PLUS D&O Symposium Opening Session
So your flight was cancelled and you weren’t able to make it to New York for the PLUS D&O Symposium? Have no fear, my flight managed to get through and I made it to the conference, and so I am able to report here on the first day’s proceedings.
It may be cold consolation
Interview with Max Berger of Bernstein Litowitz on Current Securities Litigation Trends
In recent days, I have published a series of posts with analysis of and commentary on recent trends in securities class action litigation. As part of this continuing series of posts, I thought it would be useful to include commentary from the plaintiffs’ perspective. With that in mind, I reached out to Max Berger at
Interview with Stanford Law Professor Joseph Grundfest About the State of Securities Class Action Litigation
Every year, the Stanford Law School Securities Class Action Clearinghouse, in conjunction with Cornerstone Research, releases its annual overview of securities class action lawsuit flings. As I noted in a post last week, this year’s version introduced a number of innovations and reflected a host in interesting observations. (The full 2010 Stanford/Cornerstone report
First Circuit Affirms in Part, Reverses in Part Nomura Subprime Securities Suit Dismissal
As a result of the First Circuit’s January 20, 2011 opinion, the plaintiffs in the Nomura Asset Acceptance Corporation mortgage-backed securities lawsuit have managed to revive a slender portion of their case, albeit on a rather precarious basis. The First Circuit otherwise affirmed the lower court’s dismissal of the remainder of their case.
The