During 2023, securities lawsuit filings rose for the first time in four years. Settlements declined last year; there were nine mega-settlements of more than $100 million, including a $1 billion settlement. Case filings...more
2/28/2024
/ Class Certification ,
Cryptocurrency ,
False Statements ,
Fiduciary Duty ,
Financial Institutions ,
Financial Services Industry ,
Misleading Statements ,
Scienter ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Securities Violations ,
Special Purpose Acquisition Companies (SPACs) ,
Standing ,
Statute of Limitations
The U.S. Supreme Court held that courts should consider the generic nature of a misrepresentation when assessing price impact in securities-fraud suits and that defendants bear the burden of persuasion to prove a lack of...more
6/28/2021
/ Arkansas Teacher Retirement System v Goldman Sachs Group ,
Basic v Levinson ,
Burden of Persuasion ,
Burden of Proof ,
Certiorari ,
Class Action ,
Class Certification ,
Conflicts of Interest ,
Goldman Sachs ,
Investors ,
Presumption of Reliance ,
SCOTUS ,
Securities Exchange Act ,
Securities Litigation ,
Shareholders
The Situation: In 2010, in Morrison v. National Australia Bank Ltd., the Supreme Court held that Section 10(b) of the Securities Exchange Act of 1934 applies to (i) "transactions in securities listed on domestic exchanges";...more
2020 was another active year for securities litigation in the United States. Federal securities class actions continued to be filed at record levels notwithstanding the COVID-19 pandemic. In fact, a number of those newly...more
2/8/2021
/ Attorney-Client Privilege ,
Class Action ,
Class Certification ,
Corporate Counsel ,
D&O Insurance ,
Derivative Suit ,
Forum Selection ,
Loss Causation ,
Pleading Standards ,
Scienter ,
Securities Exchange Act ,
Securities Fraud ,
Securities Litigation ,
Short-Swing Trading ,
Special Purpose Acquisition Companies (SPACs)
The Situation: A number of shareholder derivative lawsuits in federal court have been filed seeking to hold directors and officers of major companies accountable for alleged failures to uphold their commitment to diversity....more
9/17/2020
/ Board of Directors ,
Breach of Duty ,
Caremark claim ,
Corporate Counsel ,
Derivative Suit ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Executive Compensation ,
Fiduciary Duty ,
Material Misstatements ,
Proxy Statements ,
Securities Exchange Act ,
Shareholder Litigation
The Situation: Since the Supreme Court decided Morrison v. National Australia Bank Ltd. ("Morrison") in 2010 and rejected the Second Circuit's "conduct and effects test," the Second Circuit has grappled with the issue of...more
10/9/2019
/ CFTC ,
Commodities Traders ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
Domestic Securities Transaction ,
Domestic Transactions ,
Extraterritoriality Rules ,
Fraudulent Transfers ,
Regulatory Requirements ,
Rule 10(b) ,
Securities ,
Securities Exchange Act ,
Securities Traders