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Merger suits usually mean cash for lawyers, zero for investors
A shareholder lawyer told a Delaware judge at a midsummer court hearing two years ago that his team deserved $700,000 for work on a lawsuit in which his clients received nothing. Shareholders of BJ Services Co., an oilfield services company now owned by Baker Hughes Inc., claimed its sale to the former parent would undervalue their holdings.Among the findings: Thirty-four percent of the cases were either dismissed or dropped--but half settled before a final ruling on dismissal. Insurers pony up for settlements more often than not, but directors and officers rarely contribute. Plus: The latest Cornerstone report shows the aggregate amount of securities class action settlements was up in 2009.
Plaintiffs lawyers got J. Crew to agree to changes in the merger process, but whether that will result in an improved bid is an open question.
Merck replaced Evan Chesler with Kannon Shanmugam of Williams & Connolly in its attempt to overturn a Third Circuit ruling that said shareholders filed their Vioxx-related securities fraud ruling before the statute of limitations ran out. But according to Tony Mauro, the W&C lawyer had a rough go at the high court. Meanwhile, the Roberts Court continues to take on thorny business issues, granting cert--over the SEC's objections--in the leading f-cubed case.
BlackRobe Capital may have been backed by plenty of high-profile legal talent, but it turns out that wasn't enough to keep the litigation funding firm afloat.
In re Nazi Era Cases Against German Defendants Litigation, etc.
In these actions arising from the efforts of Holocaust victims to obtain payment from German corporations, where it was agreed that various plaintiffs would dismiss their suits in exchange for payments to be made through the creation of a foundation, and the United States and Germany signed an executive agreement reflecting their commitment to the foundation, the political-question doctrine precludes adjudication of whether sufficient and timely interest payments have been made to the foundation.True, Wednesday's rulings weren't all bad: Judge Jed Rakoff kept alive claims against banks involved in 19 mortgage-backed securities offerings. But plaintiffs continued their run of futility in ARS litigation and in claims against the ratings agencies.
Right now the standard for "storm warnings" in securities class actions is about as precise as a ten-day weather forecast. But the high court will have a chance to clarify when the statute of limitations begins running when it decides if the Third Circuit gave shareholders too much time to heed warnings of Vioxx-related fraud.
Securities Analyst's Method Was Reliable, U.S. Judge Concludes
The report of an expert in economic analysis of securities will be admitted in a securities fraud case in which investors lost more than $230 million as a result of fund bankruptcy, a federal judge ruled last month. In a 100-plus-page opinion involving seven cases combined for discovery purposes, the judge denied a motion to exclude the expert's testimony as failing to meet the Daubert standards.Trending Stories
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