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Total settlements down in class actions
Settlements in class action securities fraud cases showed their first decline in seven years in 2003, according to a new study.Who Gets Paid in Securities Cases? Look to the Lead Plaintiffs, Says 3rd Circuit
Rejecting an appeal by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3rd Circuit has ruled that the lawyers who were named to lead the case have the power to say who gets paid. According to the appeals court, the Private Securities Litigation Reform Act of 1995 established a "new paradigm" for securities litigation in which the lead plaintiffs and their lawyers call all the shots.Daily Decision Service Alert: Vol. 21, No. 182 - September 18, 2012
Daily decision alert.Judge Dismisses Class Against Mortgage Company
A nationwide consumer class action has been dismissed against GMAC Mortgage Group after a judge rules that the Real Estate Settlement Procedures Act does not prohibit mortgage brokers from "marking up" fees charged by third-party services providers unless there is evidence of an illegal kickback. The ruling is a victory for attorneys who argued that HUD's interpretation of the law was entitled to no deference because it conflicted with the plain meaning of an unambiguous statute.U.S. Supreme Court Renders Investor-Friendly Decision in Tellabs
On June 21, the U.S. Supreme Court issued its decision in Tellabs Inc. v. Makor Issues & Rights. The 8-1 opinion, written by Justice Ruth Bader Ginsburg, reaffirms the longstanding policy that private securities litigation is essential to the regulatory scheme of transparency codified in the federal securities laws.Trending Stories
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