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Manhattan federal district court judge Gerald Lynch took the rare step of adding a lengthy footnote to his original decision granting Mayer Brown's motion to dismiss the Refco securities class action against it. In his addition, the judge addresses the frustration of a system that does not permit shareholders to seek redress from "participants in a fraudulent scheme who may even have committed criminal acts."
Class Status Granted in Fen-Phen Suit
A New York judge for the first time has certified a class action on behalf of persons with no disease but seeking medical monitoring because of their exposure to an alleged dangerous drug. Certification was granted to a class consisting of about one million New York consumers who took the diet drug cocktail known as fen-phen. The Manhattan Supreme Court justice became the eighth state court judge nationally to greenlight a claim seeking a medical monitoring program for former users of the diet drug.Winners (and losers) have been revealed in the highly competitive contest to be named lead plaintiff and lead counsel for the consolidated securities class action against Bank of America over its ill-fated acquisition of Merrill Lynch.
Tuesday was supposed to be the day that the federal government showed it's getting tougher on Wall Street malefactors. But we just kept getting reminded of how doggedly private lawyers have been hounding the banks at the center of the financial crisis.
In five years, Sirius XM Radio has gone through a major merger, a near-bankruptcy and a creeping takeover by Liberty Media. If you think that sounds like a recipe for shareholder litigation, you're absolutely right. But the company's defense lawyers keep spoiling the fun.
Delaware Vice-Chancellor Leo Strine questioned why Cravath simultaneously represented Massey officers and directors in a derivative suit and advised the Massey board on how to evaluate the derivative claims in the context of a merger offer by Alpha Resources. He still let the deal go forward, though.
For the lawyers at Cravath fighting Dexia SA's mortgage-backed securities lawsuit against JPMorgan, Jed Rakoff giveth, and Rakoff taketh away.
Bristol-Myers Squibb's aborted deal with generic drugmaker Apotex over the blood thinner Plavix led to a world of trouble for BMS. The pharmaceutical company has spent the last few years resolving Plavix-related cases. Most recently, it disclosed a deal to settle a securities class action for $125 million.
In a ruling that offers a broad interpretation of the protection afforded law firms by the Supreme Court's Stoneridge ruling, Manhattan federal judge Gerald Lynch has granted a motion by Mayer Brown and former partner Joseph Collins to dismiss Refco shareholder claims against them.
State Street Corporation's lawyers at Wilmer, Cutler, Hale, Pickering & Dorr failed to persuade a Boston federal judge to toss consolidated class actions accusing the bank of duping investors on a gigantic scale.
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