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June 02, 2010 |

'Double Derivative' Suit Filed by Shareholders Over BP Oil Spill

The environmental disaster in the Gulf of Mexico caused by the explosion of the BP oil rig Deepwater Horizon has already led to hundreds of lawsuits, and now one has been filed in the Court of Chancery.
5 minute read
March 22, 2004 |

Newsbriefs

3 minute read
October 22, 2008 |

District Court Sidesteps 3rd Circuit in Countrywide Case

A derivative suit brought against the former directors of Countrywide Financial Corp. alleging a breach of the duty of loyalty was dismissed for lack of standing by the U.S. District Court for the District of Delaware early this month.
5 minute read
December 16, 2004 |

Summary Judgment Decisions Set Stage for WorldCom Accounting Fraud Trial

The litigation over WorldCom's historic accounting fraud took a major step forward Wednesday as a New York federal judge decided summary judgment motions in the case. The rulings set the stage for a trial that pits aggrieved investors against 16 investment banks defending their role in bond offerings totaling $17 billion. Investors allege the offerings were successful because public filings contained material omissions about the financial health of the soon-to-be bankrupt company.
4 minute read
Ninth Circuit Reinstates $277 Million Jury Verdict Against Apollo Group, Finds Stock Drop Was Caused by 'Corrective Disclosure'
Publication Date: 2010-06-24
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What a roller coaster this case has been: After a rare securities class action trial, Barrack Rodos won a huge verdict, only to see it tossed on post-trial motions by Gibson Dunn. Now the Ninth Circuit has concluded that the trial judge erred in finding that shareholder losses didn't result from analyst reports of Apollo's failure to disclose government criticism.

December 08, 1999 |

Cendant Will Pay $2.8 Bil. to End Securities Case

In by far the largest class-action securities settlement in U.S. history, Cendant Corp. announced it has agreed to pay $2.8 billion to shareholders who watched the company's stock price plummet in the wake of a 1998 accounting-fraud scandal. Cendant was formed in 1997 through the merger of CUC International and HFS Inc. Just a few months after the merger, Cendant was rocked by scandal when company officials discovered CUC carried more than $500 million in fake revenue on its books.
3 minute read
March 06, 2008 |

Firm Founder Schiffrin Retires After 30-Year Career

Now that Richard S. Schiffrin has retired, he can really get down to work. Schiffrin, who founded Philadelphia securities and consumer class action firm Schiffrin Barroway Topaz & Kessler 21 years ago, has decided to end his 30-year legal career in the interest of taking up at least three new careers in other fields. His last day was Friday, Feb. 29.
4 minute read
January 16, 2008 |

U.S. High Court Continues Pro-Business Stance

Plaintiffs and defense attorneys alike called the U.S. Supreme Court's much-anticipated ruling in Stoneridge Investment Partners v. Scientific-Atlanta a continuation of the court's pro-business bent and a reaffirmation of existing law.
6 minute read
November 19, 2008 |

PEOPLE IN THE NEWS

Elected and AppointedAmanda E. Layton , an associate in Wolf Block 's employee benefits and employment services practice groups, has been appointed by the Burlington County, N.J., superintendent of education, Lester Richens, to serve on the county's task force/advisory committee for school consolidation and shared services.
3 minute read
September 16, 2004 |

$2 Million Gift Creates Harold E. Kohn Chair at Temple Law

Temple University's James E. Beasley School of Law has announced the $2 million endowment of the Harold E. Kohn chair in law, in memory of a man often described as the architect of the modern-day class action.
5 minute read

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