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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.
The Fifth Circuit killed off a shareholder derivative case against BP plc over the Deepwater Horizon oil spill, extending a winning streak for Sullivan & Cromwell in investor litigation over the catastrophe.
In re: Initial Public Offering Securities Litigation
Class Certification Vacated in Key Cases in Litigation Over Internet, High-Tech Initial Public OfferingsBilling, plaintiffs-appellants v. Credit Suisse First Boston Ltd., defendants-appellees
Stock Conspiracy Lawsuit Reinstated; Antitrust Laws Apply to Wall Street ManipulationsPlaintiffs Counsel Defend Fee Request in Madoff-Related Settlement
Responding to criticism from the attorney general's office, lead plaintiffs counsel Barbara Hart of Lowey Dannenberg Cohen & Hart told Southern District Judge Colleen McMahon during a March 15 hearing that there was "no scandal here" and that the objections to the $42 million fee request were "personally offensive."Delaware Plaintiffs Urge Judge to Undo $20 Million BofA Directors' Deal
Bank of America kicked off a nasty turf war earlier this year when it agreed to pay $20 million to settle derivative claims related to the bank's acquisition of Merrill Lynch. The proposed settlement, reached in federal court in New York, stands to wipe out a parallel case in Delaware Chancery Court brought by a different plaintiffs group. That isn't sitting well with the plaintiffs lawyers leading the Delaware litigation, who have one last shot at scuttling the deal before U.S. District Judge P. Kevin Castel of the Southern District of New York approves it.Plaintiffs counsel defend $42M fees sought in Madoff-related settlement
Plaintiffs attorneys passionately defended their $42 million request for legal fees for their role in reaching a settlement on behalf of investors in Bernard L. Madoff Investment Securities during a March 15 hearing in Manhattan federal court.Two months after a judge gutted sprawling antitrust litigation over alleged manipulation of global benchmark interest rates, shareholders have struck out in a related securities class action against Barclays plc.
Facebook general counsel Theodore Ullyot's former firm, Kirkland & Ellis, is getting some of the litigation work generated by company's IPO. San Francisco partner James Basile, head of the firm's litigation practice, filed a notice of appearance Tuesday in one of the four securities suits filed in the Northern District of California. Kirkland is the first firm to file an appearance in any of the suits filed in federal court.
Hewlett-Packard's decision to pay disgraced CEO Mark Hurd a rich severance package was covered by the business judgment rule, according to a ruling by Delaware vice-chancellor Donald Parsons Jr.
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