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The court held that the doctrine can only be applied to forward-looking statements, and not to cautionary statements about MF Global's risk management system.
In what may be a sign of things to come in the subprime litigation, Merrill ponies up one of the 20 biggest securities class action settlements on record.
Judge Deborah Batts certified a class of more than two million shareholders, led by the suddenly ubiquitous Ohio AG Richard Cordray.
Lead Counsel Battle Doesn't Impress Judge
A federal judge has turned down a New York firm's novel bid to knock California plaintiffs giant Milberg Weiss Bershad Hynes & Lerach as co-lead counsel from a lucrative securities class action. In June, Bernstein Litowitz Berger & Grossmann filed a motion to disqualify Milberg Weiss serving as co-lead counsel in In re 3Com Securities Litigation, for allegedly having a conflict of interest. But on Aug. 25, U.S. District Judge James Ware dismissed Bernstein's motion without much ado.Magistrate Judge Henry Pitman U.S. DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK Magistrate Judge Pitman OPINION AND ORDER I. Introduc
State Appointed Lead Plaintiff in $3 Billion Securities Fraud Suit
In a complete reversal from a preliminary ruling last November, U.S. District Court Judge Ronald M. Whyte appointed the New York State pension system -- not the previously favored New York City pension system -- lead plaintiff in a $3 billion securities fraud litigation involving McKesson HBOC Inc. More than 53 class action lawsuits and a dozen applications to become lead plaintiff were filed after McKesson HBOC stock plummeted by 48 percent on April 28.Like mushrooms after a rainstorm, shareholder class actions seem to pop up whenever a major merger is announced. This week's offering: Schering-Plough investors don't like Merck's offer price. Let the lead counsel battle begin!
Stanley Bernstein now remembers that the Manhattan district attorney's office had investigated his personal tax returns and referred them to civil authorities.
It's up to Willkie's Richard Bernstein and Andrew Clubok of Kirkland & Ellis, who are jointly defending Facebook, to fend off a consolidated securities class action complaint due at the end of the month in the IPO litigation. A ruling this week dismissing related derivative claims is good news for the defense, but the case is just getting started.
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