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News

Class Action

The 10b-5 Daily
News and events related to securities class action litigation. Containing all facts, with particularity, and an occasional dose of commentary.

Summer Of Settlements
The Economist (August 11 edition) has an article discussing the rise in the value of securities class action settlements. Quote of note: "America's new Class Action Fairness Act seeks to curb frivolous class-action lawsuits against companies in areas such as...

Trials And Tribulations
The National Law Journal has a feature story on the recent increase in securities class action trials. The article suggests two possible reasons for the change: (1) an increase in the size of settlements, thus increasing the willingness of defendants...

PEC Solutions Opinion Published
The U.S. Court of Appeals for the Fourth Circuit has decided to publish its opinion in the PEC Solutions securities class action. As discussed in this post from last March, the opinion is the first post-PSLRA decision by the Fourth...

When A Promotion Is Not Enough
Everything a CEO does can effect his company's public disclosures. Regular readers will recall the case of the company that was forced to restate its CEO's resume. A similar type of case was decided earlier this year. In In re...

Time Warner Settles
Time Warner Inc. (NYSE: TWX), the world's largest media company, has announced the preliminary settlement of the securities class action pending against the company in the S.D.N.Y. The suit alleges that AOL inflated its revenue between January 1999 and August...

CIBC Settles Enron-Related Claims
Canadian Imperial Bank of Commmerce ("CIBC") (TSX: CM, NYSE: BCM) has agreed to a preliminary settlement of the claims brought against it as part of the Enron securities class action pending in the S.D. of Texas. The suit alleges that...

Reliant Settles
Reliant Energy, Inc. (NYSE: RRI), a Houston-based energy provider, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of Tex. The case alleges that from 1999 to 2001 the company engaged in...

A Curious Statute
The PSLRA created a safe harbor for forward-looking statements to encourage companies to provide investors with information about future plans and prospects. Under the first prong of the safe harbor, a defendant is not liable with respect to any forward-looking...

Cox Hearing
The New York Times reports that Representative Chris Cox, the President's nominee to head the SEC, had a confirmation hearing today before the Senate Banking, Housing and Urban Affairs Committee. He is expected to be confirmed, but did face questions...

SLUSA And The Discovery Stay
As part of the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"), Congress mandated that "a court may stay discovery proceedings in any private action in state court, as necessary in aid of its jurisdiction, or to protect or effectuate...