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Huge IPO Case Hits Big Snag at 2nd Circuit
The 2nd Circuit on Tuesday vacated class certification in six key cases in the litigation over dot-com era initial public offerings -- a potentially devastating setback for plaintiffs in the biggest consolidated securities class action in U.S. history. The decision leaves in doubt whether plaintiffs will ever certify a class against IPO underwriters in the more than 300 cases that make up In Re IPO Securities Litigation. It may also help to unravel a pending $1 billion settlement agreement.The fight over the validity of so-called unfinished business claims in law firm bankruptcies is heating up in courts on both coasts this week.
Cite as: Posner v. Lewis, 103496/09, NYLJ 1202475950215, at *1 (App. Div. 1st., Decided December 9, 2010)Before: Peter Tom, J.P.; Richard T. Andrias, Eugene Nar
Bracing for a New DOJ Fraud Crusade
After a renewal of hostilities between the DOJ and two leading hospital chains, corporate health care lawyers are bracing for a new wave of health care fraud litigation. Unlike the federal Anti-Kickback Act, the so-called Stark laws so far have only been used in civil prosecutions. But both anti-fraud statutes can be enforced by government lawyers in the same lawsuit -- and that may happen more often.Brazil's Emergence as a 'Major Player' Spurs Growing Investment by Law Firms
Fraud Count Dismissal in Stewart Case Could Cut Both Ways
Judge Miriam Goldman Cedarbaum's decision to dismiss a charge that Martha Stewart defrauded investors in her own company by lying about her sale of ImClone stock turned on the different standards for "evidentiary sufficiency" in criminal and civil securities fraud cases. But white-collar crime experts say that the impact of the missing charge can cut both ways when the jury convenes to consider the remaining charges against Stewart.Trending Stories
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