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March 20, 2013 |

Court Puts New York Litigation on Hold in NYSE M&A Battle

New York Supreme Court Justice Shirley Kornreich was none too pleased earlier this year to find herself in a tug of war with Delaware's top business court judge, Leo E. Strine Jr., in litigation over NYSE Euronext's $8.2 billion sale to IntercontinentalExchange. "Who — please tell me it's not Chancellor Strine who has the Delaware cases?" she pleaded back in January.
2 minute read
Apollo Group, Plaintiffs Lawyers Reach $145 Million Truce in Securities Class Action over University of Phoenix Student Recruitment
Publication Date: 2011-12-02
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Seven years after shareholders first accused Apollo Group of misleading them about a government report on student recruitment practices at the Apollo-owned, for-profit University of Phoenix, the class action plaintiffs lawyers behind the litigation may finally see a payday. On Nov. 29 a federal judge in Arizona preliminarily approved a $145 million settlement, with up to $48.3 million set aside for lead class counsel at Barrack Rodos & Bacine and other firms.

April 30, 2013 |

Securities Claims Narrowed in Lawsuit Against AIG

Southern District Judge Laura Taylor Swain has dismissed claims that AIG's offering materials for sales of common stock from 2006 to 2008 misstated its credit risk.
2 minute read
January 08, 2010 |

Allegations delay litigation firm selection

The State Board of Administration will address allegations made anonymously about a law firm vying to represent Florida's public pension funds in securities class actions.
3 minute read
May 26, 2008 |

Mel Weiss asks judge for leniency in sentencing

Securities plaintiff's lawyer Melvyn Weiss, the convicted co-founding partner of Milberg Weiss, has asked a federal judge to sentence him to a term of 18 months, the minimum term allowable under a plea agreement he reached with federal prosecutors earlier this year. Federal prosecutors are seeking the maximum under that plea agreement: 33 months. In court filings, prosecutors said they agreed with a pre-sentencing report that concluded an applicable sentencing range to be 33 to 41 months but recommended the lowest end of that range for Weiss. Sentencing is scheduled for June 2.
4 minute read
February 24, 2009 |

Courts Clarify Road Map for Investment Managers to Lead Securities Cases

Investment managers who handle retirement accounts are regulated under the Employee Retirement Income Security Act and the Investment Advisers Act of 1940. Under ERISA, an investment manager is defined as "any fiduciary ... who has the power to manage, acquire, or dispose of any asset of a plan." Pursuant to ERISA, a fiduciary's duties are to protect the assets of the plan for the plan beneficiaries.
9 minute read
April 24, 2007 |

Buyer Beware: Private Securities Litigation Is Under Attack Again

Not since the mid-1990s, when Congress enacted the Private Securities Litigation Reform Act of 1995 (PSLRA), raising the bar on investors seeking the aid of federal courts to redress harm caused by fraud, has there been such a strong anti-securities litigation effort as the effort taking hold in the United States today.
6 minute read
August 31, 2010 |

Pre-Complaint Investigations Crucial to Pleading Plausible Securities Claims

This article summarizes relevant precedent and rules applicable to securities fraud pleading practice under the Private Securities Litigation Reform Act of 1995 (PSLRA) and, using a case study, demonstrates the value of a thorough pre-complaint investigation. A good investigation can make the case before your securities fraud complaint hits the docket.
8 minute read
January 23, 2006 |

What's Become of Underwriting Due Diligence Since WorldCom?

Judge Denise L. Cote's decisions last year in the In re WorldCom Inc. Securities Litigation clarified and developed the law concerning underwriters' and auditors' obligations of due diligence under the Securities Act of 1933.
9 minute read
August 27, 2008 |

SEC: Rating Agencies Suffer From Conflicts of Interest

Attorney Jeffrey A. Barrack describes the conflicts of interest and inadequate procedures revealed by the SEC and the Office of Economic Analysis examinations, as set forth in a July 2008 Summary Report of Issues in the Commission Staff's Examinations of Select Credit Rating Agencies and details the evidence demonstrating those failures, and further suggests certain theories of liability under which the credit rating agencies may be held responsible for the economic losses that they caused.
9 minute read

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