In recent posts (most recently here), I have discussed the potential difficulties that opt-out actions may present for securities class settlements. As if that were not complication enough, now the government wants to get into the act. As discussed below, the Department of Justice has appeared to object to the pending settlement of the
Busted Buyout Lawsuits: A 2007 Trend?
When the dust finally settles and the reports on 2007 class action filings are being written, one development that should be noted as a contributing factor to the increased filings in the second half of 2007 is the emergence of class action lawsuits based on busted buyouts. Disappointed target companies that have become the target
November Securities Lawsuit Filings Continue Upward Trend
In prior posts (most recently here), I noted that the two-year lull in securities filings that began in mid-2005 has ended. The trend of heightened securities lawsuit filing levels that has prevailed since mid-2007 continued in November 2007. In fact, the 25 new securities lawsuits filed in November (see list here) represents the
Defense Verdict in JDSU Securities Trial; Meanwhile, Ninth Circuit Reverses Thane International Securities Lawsuit Verdict
On November 27, 2007, JDS Uniphase announced (here) that following a month-long trial in the securities lawsuit pending against the company and four of its former executives, the jury returned a verdict in favor of all defendants on all claims. News reports discussing the verdict can be found here and here. Law.com
OK to Say it Now: The Two-Year Securities Filing Lull is Over
In an earlier post (here), I questioned whether the two-year lull in securities class action filings had ended. I posed the question then because of the uptick in securities class action filings between August 1, 2007 and September 30, 2007. But with continued active filing levels during October 2007, the statement no longer
A Securities Lawsuit Goes to Trial
According to news reports (here , here and here), a jury trial in the securities class action lawsuit filed against JDS Uniphase commenced on Monday in federal court in Oakland. As documented in an October 2007 presentation from Risk Metrics Group (here), trials in securities cases are such a rarity that
More About Foreign Companies and U.S. Courts
In a prior post (here), I took a look at securities claims in U.S. courts by foreign litigants against foreign companies. An alert reader commenting on my prior post pointed out that a case currently before the Second Circuit squarely presents the fundamental jurisdictional questions involved in these cases.
The case, Morrison v.
Foreign Companies, Foreign Claimants, U.S. Courts
As various blue-ribbon committees have struggled with the competitiveness of the U.S. securities exchanges in the global financial marketplace (about which refer here and here), one issue on which they have focused is the aversion overseas companies may have for the U.S. litigation system. But while overseas companies may seek to avoid U.S.-style litigation,
Why Stoneridge Matters
Pundits struggling to portray the significance of the Stoneridge v. Scientific Atlantic case, to be argued before the U.S. Supreme Court on Tuesday October 9, have asserted that it may be the most important business case of the generation. I am more comfortable with the more restrained assessment of the October 6, 2007 Wall Street
Has the Two-Year Lull in Securities Lawsuit Filings Ended?
One of the most oft-noted observations (refer, for example, here) concerning directors’ and officers’ liability exposure is that since mid-2005 the number of securities class action filings has fallen well-below historical averages. When NERA Economic Consulting recently released its 2007 mid-year report on securities class actions (refer here for my prior post about the