Securities Class Actions

bankinchains.jpgThe prudent answer to this question should be probably not, but we can hold out hope.

A FINRA panel recently upheld a class action exclusion in a broker-dealer agreement to arbitrate contained in its customer agreement.  In other words, the provision prohibits a customer from seeking class action status against the broker-dealer, forcing all customer complaints

The U.S. Court of Appeals for the Third Circuit found that two founders of a metal components business were not liable in a securities fraud lawsuit although both had improperly looted millions of dollars of corporate assets. See Gallup v. Clarion Sintered Metals Inc., 3d Cir., No. 11-4004, 7/26/12, and

Essentially, the

Ernest Badway, recently, appeared on one of the top-rated business programs in India, The Firm, to discuss United States District Court Judge Barbara Jones’ dismissal of a major securities class action involving a major, Indian based, multi-national company, Satyam.  The Firm airs on CNBC-India.  The video is in two parts.  Please click ‘Next’ icon on the bottom

The Second Circuit ruled that the First Amendment trumps the federal government’s enforcement off-label marketing prohibitions. The decision could change the face of pharmaceutical compliance and limit criminal, regulatory, and civil exposure to government and private plaintiffs.
Continue Reading Game Changing Off-Label Marketing Decision Has Implications for Related Securities Lawsuits

Over the years and, most certainly, since the passage of the Private Securities Litigation Reform Act, plaintiffs’ lawyers have used confidential witnesses in their pleadings. 

Plaintiffs’ lawyers, typically, do not name these witnesses in their complaints to avoid motions to dismiss and other legal actions.  However, over the last several years, court decisions have become increasingly critical of

In response to the Supreme Court’s decision in Morrison v. National Australia Bank where the Supreme Court said that there was no private right of action for lawsuits that involved transnational fraud, the SEC has taken a position that has angered some. 

As many know, the Dodd-Frank Act confirmed the SEC’s jurisdiction as it relates

We previously blogged on the Argentina bond case.  See  Now, to update our readers, the United States District Court for the Southern District of New York has vacated the attachment orders previously placed on the Republic of Argentina’s assets held at the Federal Reserve Bank of New York.  The Court indicated that it

In an intriguing case out of the United States District Court for the Western District of Missouri, a plaintiff’s purchase of condominium units with an option to participate in the rental program did not involve an investment contract under either the federal or Missouri securities laws.  The court, thus, dismissed the plaintiff’s securities claims. 


Recently, the United States District Court for the Eastern District of Washington attacked the attorney’s fees and expenses filed by plaintiff’s attorneys in a securities fraud suit. 

The judge was not pleased that the attorneys had submitted a six figure bill with expenses and disbursements that it considered excessive.  In particular, the court sited a

Late last week, one of my colleagues sent me an e-mail where he copied 8 other people, half of them I could not identify if my life depended upon it.  I then heard about the person who had a Twitter account with over 17,000 follwers, and was now being sued by his former employer over ownership of the account–