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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.
The HealthSouth litigation continues. On Tuesday the shareholders of HealthSouth, represented by the ubiquitous Coughlin Stoia Geller Rudman & Robbins, announced a $109 million settlement with Ernst & Young, which was the scandal-ridden company's accountant. And more action in the case is on the way.
Coughlin Stoia Geller Rudman & Robbins didn't get hired by two California pension funds in the class action against Bank of America this week, but it did win a class certification ruling in a long-running case against HealthSouth's banker, UBS, and former HealthSouth CEO Richard Scrushy.
The high court left some uncertainty about the viability of claims by U.S. shareholders who bought shares of foreign companies on foreign exchanges. The Toyota judge decided, for the purposes of picking a lead plaintiff, that only U.S.-traded securities count.
In an unusual move, J. Crew has turned the tables on shareholders and sued them for allegedly backing out of the terms of a memorandum of understanding. In a complaint filed in Delaware Chancery Court, the company seeks to enforce the $10 million "binding agreement" that allegedly resolved shareholder charges arising from the the company's buyout by CEO Mickey Drexler and two private equity funds.
With securities arbitration awards creeping ever higher in the wake of the financial meltdown, Miller and Harris still easily cracked the top 10 with a $61 million FINRA award against Soci�t� G�n�rale on behalf of a California investment management firm.
This proposed deal comes two weeks after a federal judge signed off on a similar $90 million settlement of shareholder claims against the officers and directors of Lehman that was covered entirely by D&O insurance.
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