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Investment Bank Accountability For the Issuance of Fairness Opinions
A fairness opinion is a professional opinion of a paid consultant, usually an investment bank with expertise in financial valuation, about the fairness of the price of a proposed material transaction.Chancery Court Approves Settlement in Countrywide Litigation
The second time was the charm for parties seeking to settle class action litigation in Delaware arising from Countrywide Corp.'s merger with Bank of America; after rejecting the settlement in March, the Court of Chancery approved an amended agreement on Aug. 24.Laster Offers Shareholder Derivative Litigation Critique in Allergan Case
After Gibson, Dunn & Crutcher knocked out a derivative suit over Allergan Inc.'s marketing of Botox six months ago, the company and its board of directors hoped the litigation had been put to rest. But Vice Chancellor J. Travis Laster of the Delaware Court of Chancery, in an opinion Monday that offers a critique of the current landscape of shareholder derivative litigation, refused to dismiss the case even though a federal judge in Los Angeles had thrown out parallel claims brought by separate plaintiffs in January.Greenberg Traurig accused of participating in fraud
An investor in a defunct mortgage broker claims Greenberg Traurig and Wells Fargo helped prolong a $700 million fraud scheme.Investors Awarded $6.1B in WorldCom Case
A federal judge also raised attorney's fees in the corporate fraud case, bringing the firms' compensation to a total of $335 million.Judge tosses $277 million jury verdict in securities class action
Apollo Group, convinced it had a watertight case, last year became one of a handful of companies in the past decade to go to trial rather than settle a securities class action. The company lost that bet when it was hit with a $277 million compensatory damages verdict after jurors ruled that Apollo had misled investors. The decision was the largest investors' win since the Private Securities Litigation Reform Act was enacted. Apollo was vindicated Monday when a district court overturned the jury's verdict.Trending Stories
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