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One of the largest and costliest matters backed by outside litigation funding — an ambitious $1.65 billion lawsuit brought by two American brothers — met its demise on Tuesday.
Securities Plaintiffs Win Access to Bank of America/Merrill Documents
Key Ruling in BofA Securities Class Action Gives Plaintiffs Access to Treasure Trove of Documents
A federal judge has taken the unusual step of lifting a statutory discovery stay in a securities class action against Bank of America. His order gives plaintiffs access to the mountains of documents that BofA has given to other entities scrutinizing its acquisition of Merrill Lynch.Plaintiffs Firms Show Support for SEC Shareholder Rights Proposal
A rare joint letter to the SEC from a group of defense law firms over shareholder proxy access is receiving an even rarer response from nine of the country's largest plaintiffs law firms. The letter supports the SEC's proposal to allow shareholders to nominate directors, exactly what the defense firms argued against last week. If approved, public companies would be required to include in their proxy materials shareholder nominees for directors that could comprise up to a quarter of the board.Key Ruling in BofA Securities Class Action Gives Plaintiffs Access to Treasure Trove of Documents
On Tuesday, in a huge win for shareholders, a New York federal judge took the unusual step of lifting the statutory discovery stay in a securities class action suit against Bank of America. His order will give the plaintiffs access to the mountains of documents that BofA and related defendants have already turned over to Congress, the Securities and Exchange Commission, the New York attorney general and other government entities scrutinizing the bank's acquisition of Merrill Lynch.The judge called the deal "half-baked justice at best," but still "better than nothing." And that's about the best Rakoff had to say for a case that's bedeviled him for six months.
The Second Circuit threw out two derivative suits over Merrill Lynch's role in the financial crisis on Tuesday, allowing Bank of America to dodge at least one strain of Merrill-related litigation without resorting to a costly settlement.
With a long-running securities fraud class action against Pfizer over the drugs Celebrex and Bextra finally lurching toward trial, both Pfizer's lawyers at Simpson Thacher and DLA and their opposing counsel at Grant & Eisenhofer have lost bids for adverse inference rulings based on alleged misconduct.
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