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In Re UBS AG Securities, 07 Civ. 11225
Publication Date: 2012-10-02 Practice Area: Business Law
Industry: Court: U.S. District Court, Southern District Judge: District Judge Richard J. Sullivan Attorneys: For plaintiff: Plaintiffs are represented by Gregory M. Castaldo, Andrew L. Zivitz, Sharan Nirmul, Naumon A. Amjed, Jennifer L. Joost, and Richard A. Russo, Jr. of Topaz Kessler Meltzer & Check, LLP, Radnor, PA. Jay W. Eisenhofer, Geoffrey C. Jarvis, Brenda F. Szydlo, and Charles T. Caliendo, of Grant & Eisenhofer P.A., New York, NY. Joseph F. Rice, William H. Narwold, Gregg S. Levin, James M. Hughes, and Badge Humphries of Motley Rice LLC, and Samuel H. Rudman and Robert M. Rothman of Robbins Geller Rudman & Dowd LLP, NY. The UBS Defendants are represented by Robert J. Giuffra, Jr., Suhana S. Han, and Matthew A. Schwartz of Sullivan & Cromwell LLP, New York, NY. The Underwriter Defendants are represented by Barry Robert Ostrager and Jonathan K. Youngwood of Simpson Thacher & Bartlett LLP, New York, NY. For defendant: Case number: 07 Civ. 11225
Cite as: In Re UBS AG Securities, 07 Civ. 11225, NYLJ 1202573246145, at *1 (SDNY, Decided September 28, 2012)District Judge Richard J. Sullivanp clas
Lead Paint Litigation Is Beginning to Fade
A series of recent rulings have stymied public nuisance claims made by dozens of cities and counties to recover damages related to lead paint, which has been found to cause learning disabilities in children. Lawyers for the paint and pigment companies highlighted the rulings as part of a definitive shift against public nuisance claims.Federal Judge Revives Congoleum Bankruptcy, and Takes Over Case
After 12 failed attempts at a Chapter 11 reorganization plan that would set up a trust for tens of thousands of asbestos claims against Congoleum, a federal judge has reinstated the case and, in an unusual step, has withdrawn it from the bankruptcy court so he can handle the confirmation process himself. A bankruptcy judge dismissed the Chapter 11 case earlier this year, fed up over the proponents' failures to address concerns about unequal treatment of claimants and $2 million in fees for claimants' lawyers.Trial Lawyers Sticking With Democratic Party
Trial lawyers are holding steady as one of the Democratic Party's biggest sources of campaign contributions, providing a cushion for the party as it struggles to maintain control of Congress in the midterm elections. Lawyers who represent plaintiffs in securities class actions, personal injury cases and consumer protection lawsuits have donated millions of dollars this election cycle to Democratic campaigns, at some firms contributing even more than in the 2008 campaign when presidential hopefuls were after their money.Saudi Charity Dropped From Suit Over Sept. 11 Attacks
A Saudi charity that allegedly funded terror activities cannot be sued for the Sept. 11, 2001, attacks because of the Foreign Sovereign Immunities Act, a federal judge has ruled. Southern District of New York Judge Richard Conway Casey found that the Saudi High Commission was shielded from suit because it has presented a prima facie case that it is a foreign sovereign and has not waived immunity. He made similar findings on suits brought against the commission's president and the Saudi Interior Minister.Congoleum's 'Prepackaged' Bankruptcy Shot Down by Judge
A federal judge in Trenton, N.J., has shot down Congoleum's "prepackaged" Chapter 11 reorganization plan. The plan drafted by Congoleum and the principals of two national asbestos plaintiffs powerhouses, Joseph F. Rice and Perry Weitz, proposed a trust funded by company insurers to which the two plaintiffs firms' clients would get first preference. U.S. Bankruptcy Judge Kathryn C. Ferguson said the plan wasn't fair and equitable and noted "serious concerns" over Rice and Weitz's "independence of judgment."Alaska Electrical Pension Fund v. Pharmacia Corp. et al, etc.
Where there was an apparently legitimate scientific dispute between defendant and the FDA, the investors were not put on inquiry notice of fraud until a newspaper article stating that defendant withheld data regarding its drug's performance in a long-term study.New State Law May Nix Asbestos Cases
Lawyers are gearing up for a constitutional challenge to a new state law that could remove nearly 3,000 asbestos cases from Georgia dockets. The law was designed to stem a tide of out-of-state claims, according to the measure's primary sponsor. Noting that the claims originate in states ranging from Alabama to Hawaii, a lawyer defending the asbestos suits says: "We became a dumping ground."
Asbestos 'Industry' in Decline
Thanks to a combination of state tort reform, judicial rulings and public scrutiny, the asbestos docket has dropped dramatically over the last three years.Congoleum's 'Prepackaged' Bankruptcy Shot Down by Judge
Three years into what was meant to be a quick trip to bankruptcy court, a federal judge in Trenton shot down Congoleum Corp.'s "prepackaged" Chapter 11 reorganization plan as a "dead end" that scarcely satisfies the intent of the law.TRENDING STORIES
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