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Another Supreme win for securities class plaintiffs
At a time when class certification has become tougher under recent U.S. Supreme Court precedent, securities plaintiffs scored a major win when the justices ruled that materiality need not be proven at the certification stage of fraud-on-the-market claims.
Securities – Misrepresentation
11-1080 Fulton County Employees Retirement System v. MGIC Investment Corp.
Mixed results in Koss securities fraud suit
The class action on behalf of shareholders of Koss Corp. may proceed, at least in part.
09-1403 Erica P. John Fund, Inc. v. Halliburton Co.
Securities Securities fraud; class actions; loss causation Securities fraud plaintiffs need not prove loss causation in order to obtain class certification. It is undisputed that securities fraud plaintiffs must prove certain things in order to invoke Basic ’s rebuttable presumption of reliance. According to the Court of Appeals, EPJ Fund had to prove the separate […]
09-1750 In re: Motorola Securities Litigation
Securities ERISA; affiliated purchasers A corporation’s profit sharing plan cannot claim a share of the settlement of a securities fraud action. “[T]he Plan is an affiliate of Motorola and on this basis is excluded from the class, although we arrive at this conclusion by a slightly different analysis. The district court applied the ordinary meaning […]
09-1156 Matrixx nitiatives, Inc., v. Siracusano
Securities Materiality Where plaintiffs alleged that the defendant failed to disclose a possible link between a product and a side effect, they sufficiently alleged materiality. Applying Basic ’s “total mix” standard here, respondents adequately pleaded materiality. The complaint’s allegations suffice to “raise a reasonable expectation that discovery will reveal evidence” satisfyin[...]
09-4090 SEC v. Wealth Management, LLC
Securities Receivership Where a receivership trust lacks sufficient assets to fully repay investors and the investors’ funds are commingled, a distribution plan may properly be guided by the notion that “equality is equity,” and pro rata distribution is appropriate. “The goal in both securities-fraud receiverships and liquidation bankruptcy is identical- the fair distributi[...]
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WLJ People
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- Hupy and Abraham wins award for ‘Behind the Handlebars’ video series
- Evers appoints trio to Milwaukee County Circuit Court
- Kubiak joins Amundsen Davis’ Business Litigation Service Group
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- Teuta Jonuzi, Joshua Hargrove promoted to equity partners at Tracey Wood & Associates
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