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November 28, 2007 |

JDS Uniphase Scores a Win in Securities Case

The first securities class action to go to verdict in the Northern District of California since 2002 ended with a defense verdict Tuesday -- just like the one in 2002. This time, JDS Uniphase and four of its executives snatched a complete win, ending plaintiffs' dreams of up to $18 billion in damages. Investors accused the JDS defendants of misrepresenting the true health of the telecom company in 2000 and 2001, resulting in an artificially inflated stock price.
3 minute read
February 02, 2009 |

Rakoff Assigned to Lawyer's Case

Southern District Judge Jed S. Rakoff, an independent-minded veteran of the federal court, has been assigned the case of attorney Marc S. Dreier, who was indicted Thursday on charges he had defrauded hedge funds and investors of $400 million. Mr. Dreier could spend the rest of his life in jail if convicted of the charges: conspiracy to commit securities and wire fraud as well as securities fraud and wire fraud. The charges represent an expansion of the counts with which Mr. Dreier was charged after his Dec. 7 arrest in New York.
8 minute read
October 19, 2010 |

Ex-Countrywide Executives Settle SEC Charges

Angelo Mozilo, the former chief executive officer and chairman of Countrywide Financial Corp., once the nation's largest mortgage lender, has agreed to pay $67.5 million to settle claims by the Securities and Exchange Commission that he misled shareholders about the risks associated with his company's loans.
4 minute read
January 22, 2010 |

And All It Took Was $92 Million! Gen Re Settles Federal Charges in AIG Case

The company had good reason to sign a non-prosecution agreement and agree to pay $92 million: It admitted that senior execs knew Gen Re's sham transactions with AIG, which permitted AIG to inflate loss reserves, were fraudulent.
2 minute read
May 29, 2007 |

Newsbriefs

4 minute read
January 13, 2010 |

Slew of Client, Fee Details Found in Proposals From Fla. Pension Fund Beauty Contest

Thanks to the transparency of the Florida pension fund's selection process for picking plaintiffs firms for securities class actions, a veritable treasure trove of details has emerged on leading law firms' histories, partners' hourly billing rates and more. Among other tidbits: One firm describes its patented portfolio system in such extensive detail that the Am Law Litigation Daily concludes that "wannabe copycats should pounce."
3 minute read
October 10, 2011 |

Justice Watch: Shareholder suits getting tougher to win

Shareholders are still trying to hold corporate executives accountable for alleged misrepresentations in securities fraud class actions. But there is a strong headwind against them.
6 minute read
July 28, 2011 |

Second Derivative Suit Stems From Phone Hacking Scandal

The News of the World phone hacking scandal has spawned a second derivative suit against its parent company, News Corp., in the Delaware Court of Chancery.
6 minute read
March 17, 2011 |

Fewer Securities Cases Settled Last Year, Survey Reports

The number of securities class action settlements plummeted to 86 last year, its lowest level in a decade, according to a new report issued by Cornerstone Research. The total settlement value also declined by about 18 percent to $3.1 billion in 2010 from $3.8 billion in 2009.
4 minute read

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