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Backdating cases head to settlement
A significant portion of the stock-options backdating cases have reached preliminary settlements in recent months, with plaintiffs' firms Labaton Sucharow and Coughlin Stoia Geller Rudman Robbins serving as lead counsel in some of the most noteworthy agreements. Of those made public, few settlements have reached proportions that lawyers anticipated at the start of the backdating scandal.Can an ad hoc coalition of pension funds prove that BofA's alleged failures to disclose material information about Merrill bonuses and deteriorating financial condition impacted the market? Plaintiffs lawyers from Bernstein Litowitz, Kaplan Fox, and Barroway Topaz give it a shot in a new 155-page complaint.
You have to love the unending pluck and resourcefulness of American plaintiffs lawyers. With the Supreme Court's ruling in Morrison v. NAB blocking most U.S. securities suits against foreign issuers, Grant & Eisenhofer and Barroway Topaz are making use of a Dutch law that permits foundations to sue on behalf of investors.
Cite as: In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS), NYLJ 1202489220302, at *1 (SDNY, Decided March 31, 2011)District Judge Richard J. Sull
Cite as: In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS), NYLJ 1202489220302, at *1 (SDNY, Decided March 31, 2011)District Judge Richard J. Sull
Securities Plaintiffs Win Access to Bank of America/Merrill Documents
$3 Million Verdict Tossed in Hormone Therapy Case
Philadelphia's juries seem to be persuaded by the arguments presented by hormone therapy litigation plaintiffs in their products liability actions against a locally based pharmaceuticals giant, but the city's judges don't. A ruling Wednesday by a judge granting the defense judgment NOV in Nelson v. Wyeth means that the first hormone therapy case to reach trial in the city's Complex Litigation Center has effectively ended with a Wyeth victory despite a sizable jury award in favor of the plaintiffs.Shareholder Suits Fly as Deals Flourish
Securities defense lawyers at large law firms have noticed an uptick in shareholder lawsuits over mergers and acquisitions, even those worth under $100 million, a reflection of both increased deal activity and eroded share values that have lowered sale prices. Says Kevin Muck, head of securities litigation at Fenwick & West, "It's a sign of the economy improving. As more companies do deals, these lawsuits follow, inevitably."Trending Stories
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