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5/18/2009
MIlberg Looks North for New Business
9/28/2008
Shareholder Lawsuits in the Wake of the Financial Bailout
Uphill Battle For Shareholder Suits
Securities Suits Up in March
Did I Mention That it is a Bad Week for KMPG
The End of Milberg Weiss?
Lerach Sentencing A Sign of Class Action Clean Up
Bill Lerach's Former Firm Diversifies
University of Phoenix Parent Faces Nearly $300 Million Judgement in Shareholder Suit
Stoneridge Verdict is In
Securities Suits Back on the Rise?
Biovail Buys it sWay out of Class Action Suit
The King is Dead, Long Live the King
Ripples of Lerach Guilty Plea Reach Coca Cola Class Action
Stoneridge The Roe v. Wade of Securities Law?
Downplaying Stoneridge? 10/08/2007
Securities Lawsuits Down
Spring Brings SEC Examination of Securities Class Action
The American Lawyer Wonder Where the Security Class Actions Have Gone
Milberg's Schulman Continues to Battle Charges Against Him
MIlberg Looks North for New Business
The noted, and notorious, securities class action powerhouse is apparently focusing on Canada when it comes to the development of new cases.
--MDT
--MDT
Labels: Canada, class action, Milberg, securities
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Shareholder Lawsuits in the Wake of the Financial Bailout
You know they're coming, but how with they fare? Law.com lays down the handicap.
-- MDT
5/08/2008
-- MDT
Labels: lawsuit, securities, shareholders
Uphill Battle For Shareholder Suits
The game has changed.
4/01/2008
Labels: class action, securities
Securities Suits Up in March
And you can get all the gritty details via Kevin LaCroix's D&O Diary. While you're there, take some time to appreciate the great new site design.
Looks great Kevin!
-- MDT
3/27/2008
Looks great Kevin!
-- MDT
Labels: class action, lawsuit, securities, Standford Securities Class Action Clearing House
Did I Mention That it is a Bad Week for KMPG
In addition to their more immediate woes, there is also the small matter of the $80 million hit they'll pay to settle a class action lawsuit for their role in some decade-old questionable account at Xerox. Xerox itself will pay $670 million to bring an end of to the suit.
-- MDT
3/24/2008
-- MDT
Labels: class action, KPMG, securities, Xerox
The End of Milberg Weiss?
With the guilty plea from firm patriarch, Melvin Weiss you know the talk of Milberg's demise is going to make the rounds, never mind that they still top the lists of securities class action firms over the last year. Still, if you're interested in what various persons of interest from around the legal world have to say about Milberg's future, this Portfolio article is your huckleberry.
-- MDT
2/11/2008
-- MDT
Labels: class action, Melvyn Weiss, Milberg, Milberg Weiss, securities
Lerach Sentencing A Sign of Class Action Clean Up
Interesting comment from Stephen Bundy, professor of law art UC Berkeley: "What you're watching is a bit of a transition from a world in which class-action practice did have some disreputable aspects to a different model that's much more responsible, publicly oriented and closely regulated..."
More on the changing face of class action litigation, via the LA Times.
-- MDT
2/01/2008
More on the changing face of class action litigation, via the LA Times.
-- MDT
Labels: Bill Lerach, class action, securities, sentencing
Bill Lerach's Former Firm Diversifies
Coughlin Stoia Geller Rudman & Robbins, the firm formerly headed by the now awaiting sentencing, Bill Lerach, is broadening its base. Well known for their shareholder class action cases, Coughlin Stoia has announced the creation of a new litigation group focusing on patents.
Details via The San Siego Tribune.
-- MDT
1/17/2008
Details via The San Siego Tribune.
-- MDT
Labels: Bill Lerach, class action, Coughlin Stoia, Lerach, patents, securities
University of Phoenix Parent Faces Nearly $300 Million Judgement in Shareholder Suit
Lest you think that the Stoneridge verdict was a total game changer...here's a monster verdict in a rare securities case that actually made it to a jury. Apollo Group is the corporate entity behind the ubiquitous internet advertizer, University of Phoenix. The "university" is one of the biggest and most notorious "distance learning" diploma mills around (325,00 students nationwide - PE has locations in 40 states).
At issue in the suit was Apollo's failure to disclose a 2004 probe by the Department of Education that accused University of Phoenix of illegally paying staff members based on the number of students they enrolled. For its part Apollo argued that disclosing the DOE report prematurely would have done unwarranted harm to shareholders. A jury found differently, determining that Apollo should bear responsibility for 60% of shareholder losses.
-- MDT
1/16/2008
At issue in the suit was Apollo's failure to disclose a 2004 probe by the Department of Education that accused University of Phoenix of illegally paying staff members based on the number of students they enrolled. For its part Apollo argued that disclosing the DOE report prematurely would have done unwarranted harm to shareholders. A jury found differently, determining that Apollo should bear responsibility for 60% of shareholder losses.
-- MDT
Labels: Apollo Group, class action, Phoenix University, securities, Stoneridge
Stoneridge Verdict is In
"Scheme Liability" takes a hit with the highe court verdict in Stoneridge Investment Partners v. Scientific-Atlanta - one of the most anticipated cases of '07. Details at Legal Times.
1/09/2008
Labels: scheme liability, securities, Stoneridge
Securities Suits Back on the Rise?
Thank you sub-prime mortgage mess. Speaking of which, isn't it about time for the Stanford Securities Class Action Clearinghouse to issue one of those end of year review reports? Oh hey - lookee here. They're calling it a 43% increase.
-- MDT
12/14/2007
-- MDT
Labels: securities, Stanford Securities Class Action Clearing House, sub-prime mortgage
Biovail Buys it sWay out of Class Action Suit
Of the U.S. suit at least, without admitting any wrongdoing and with no liability. A parallel Canadian suit is still pending, but the company claims to have that just about resolved as well.
11/14/2007
Labels: Biovail, class action, securities, settlement
The King is Dead, Long Live the King
Bloomberg anoints Sean Coffey of Bernstein Litowitz as the new class action king. BusinessWeek made a similar proclamation two years ago. Suffice to say these guys (the folks who took down Worldcom, so respect) are probably seeing a few new opportunities come their way given the spectacular Milberg/Lerach indict-o-rama flameout.
-- MDT
10/21/2007
-- MDT
Labels: Bernstein Litowitz and Berger, class action, Sean Coffey, securities
Ripples of Lerach Guilty Plea Reach Coca Cola Class Action
New ammunition to prevent the certification of a class in the seven year old case? The defense is hoping so...
-- MDT
10/10/2007
-- MDT
Labels: Bill Lerach, class action, Coca-Cola, securities
Stoneridge The Roe v. Wade of Securities Law?
A bit of the overwrought from the Chicago Tribune... Good coverage on the case can be found at the blog of the National Association of Manufacturers (where I saw the Tribune article).
I'd probably find myself disagreeing with the NAM point of view, but that doesn't mean I don't like their style.
- MDT
I'd probably find myself disagreeing with the NAM point of view, but that doesn't mean I don't like their style.
- MDT
Labels: scheme liability, securities, Stoneridge, third party liability
Downplaying Stoneridge? 10/08/2007
Securities Lawsuits Down
Yes I know that USA Today is a paper practically written in crayon. Still you might find this story on the decline in securities litigation somewhat interesting. Of course, if you keep up with your Stanford Securities Clearing House press releases, you'd already know that their July Mid-Year report shows filings well below the historical average.
-- MDT
9/24/2007
-- MDT
Labels: class action, Making fun of USA Today, securities, Standford Securities Class Action Clearing House
Spring Brings SEC Examination of Securities Class Action
The WSJ has details on the upcoming securities lit round table at the SEC. Chairman Christopher Cox has committed to a meeting on class action litigation reform for the first quarter '08, according to the Journal. Obviously this is a subject on the minds of many given the recent travails of class action kings, Bill Lerach and Melvyn Weiss.
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
8/10/2007
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
Labels: Bill Lerach, Christopher Cox, class action, Melvyn Weiss, SEC, securities
The American Lawyer Wonder Where the Security Class Actions Have Gone
Good read from Andrew Longstreth over at Law.com... And for all the current stats on securities litigation, you know you can count on the Stanford Securities Class Action Clearing House.
-- MDT
7/06/2007
-- MDT
Labels: class action, Lerach, Milberg, securities
Milberg's Schulman Continues to Battle Charges Against Him
Steven Schulman, one of the former Milberg Weiss partners facing charges in the ongoing probe of the firm, continues to pursue the dismissal of charges against him. While his former firm talks plea deal, Schulman has expanded his motion seeking a dismissal of charges against him.
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
His most recent filing addresses the charge of "honest services fraud" arguing that the government's definition is vague and arbitrary. Schulman is also attempting to pick apart the charges of mail fraud and failure to perform his fiduciary duty. Whether he's successful, we'll know in time.
Law.com has further details on Schulman's legal maneuverings.
-- MDT
Labels: class action, indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss, securities, Steven Schulman
