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Two months after opting out of a class action against Pfizer, a group of major public and private institutional investors are taking matters into their own hands. On Thursday the breakaway investors and their lawyers at Bernstein Litowitz filed their own securities fraud suit, accusing Pfizer of duping shareholders about risks associated with two once-blockbuster drugs.
Banks profited as middlemen in Fed plan
State Street Corp. and JPMorgan Chase Co. profited during the financial crisis by borrowing $200 billion almost risk-free from the Federal Reserve under a program intended to rescue money market mutual funds. The Fed lent State Street a total of $89 billion to buy securities from the funds in 2008 and 2009 after the credit crisis triggered by the collapse of Lehman Brothers Holdings Inc.Patane, plaintiff-appellant v. Clark, defendants-appellees
Harassment Suit Reinstated; Pleading Threshold For Hostile Environment, Retaliation Claims MetApril industrial production stalls on autos
Industrial production in the U.S. unexpectedly stalled in April, reflecting a drop in automobile output after supplies of parts were disrupted by the Japanese earthquake and tsunami.U.S. Bancorp might be boring, but it makes money
CEO Richard Davis shuns investment banking and insurance. As a result, U.S. Bancorp produced the best risk-adjusted return in the past two years of all 24 banks in the KBW Bank Index.Court Holds Securities Act Statute of Repose Not Tolled
In their Second Circuit Review, Martin Flumenbaum and Brad S. Karp, members of Paul, Weiss, Rifkind, Wharton & Garrison, review a decision in which the court held that 'American Pipe' tolling does not apply to the three-year statute of repose in Section 13 of the Securities Act of 1933, regardless of whether 'American Pipe's' tolling rule is characterized as "equitable" or "legal" in nature.Trending Stories
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