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Merck Shareholder Suit Timely, Justices Rule
In a rare boost for securities fraud class actions, the U.S. Supreme Court on Tuesday closed off a "statute of limitations" defense for Merck & Co. in its battle against Vioxx-related shareholder suits.After a class action effort by ARS purchasers fails, the Anschutz Corporation stumbles in its attempt to bring an individual suit. Manhattan federal district court judge Loretta Preska once again rules that investors were given enough notice that Merrill Lynch was helping to prop up the ARS market.
A chastened JPMorgan acknowledged overcharging service members for mortgage loans and improperly foreclosing on homes.
A Sense of Security: Harvey Pitt's Return
As the U.S. economy wavers, Harvey Pitt prepares to take on the post of Securities and Exchange Commission chairman. His unanimous approval by the Senate Banking Committee points to both the ultimately uncontroversial nature of his nomination and the pressure lawmakers feel to have someone directing the SEC at a time of increasing economic uncertainty.Judge Mariana Pfaelzer in L.A. put this case--unlike so many subprime-related shareholder suits--on track to settle when she denied Countrywide's motion to dismiss and later certified the class. Now the L.A. Daily Journal reports that Countrywide and top execs have agreed to a $600 million deal.
If anyone's stopped paying attention to Apple's epic patent battle with Samsung, Friday would be a good day to tune back in.
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