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Results: 1-10 of 23

BankAtlantic loses class action trial

  • Locke Lord LLP
  • -
  • USA
  • -
  • November 18 2010

In a verdict handed down on Thursday (111810), a South Florida federal jury found that BankAtlantic violated federal securities laws by making several false statements to investors during the class period

District Court dismisses subprime class action case with prejudice

  • Locke Lord LLP
  • -
  • USA
  • -
  • October 20 2010

The U.S. District Court in Manhattan recently dismissed a securities class action brought by a proposed class of investors, alleging that the company and two of its senior officers violated Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and SEC Rule 10b-5 by making false or materially misleading disclosures about the company’s risk management and exposure to mortgage-related securities

ARS derivative suits will need to overcome business judgment rule

  • Locke Lord LLP
  • -
  • USA
  • -
  • October 12 2010

In the past few months, several derivative suits against mutual fund issuers of auction rate securities (ARS) have hit the courts

Changes in securities & insurance regulation affecting enforcement strategies ALI-ABA conference on insurance & financial services litigation

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 19 2010

Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme

SDFL judge finds for Wachovia in unique auction rate securities suit

  • Locke Lord LLP
  • -
  • USA
  • -
  • May 18 2010

A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities ("ARS") originally purchased through Wachovia

Supreme Court upholds Gartenberg test for mutual funds’ compensation of investment advisers

  • Locke Lord LLP
  • -
  • USA
  • -
  • May 5 2010

The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its "fiduciary duty" to a mutual fund by charging excessive fees under 36(b) of the Investment Company Act of 1940

Second Circuit allows securities fraud claim alleging misrepresentations regarding nature, but not amount, of mutual fund’s fees

  • Locke Lord LLP
  • -
  • USA
  • -
  • April 27 2010

The Second Circuit recently overturned the Southern District of New York’s dismissal of a claim under 10(b) Securities Exchange Act of 1934 relating to management fees charged to a mutual fund in Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLC

District of New Jersey dismisses securities fraud claims against company that suffered data breach

  • Locke Lord LLP
  • -
  • USA
  • -
  • March 29 2010

Late last year, the United States District Court for the District of New Jersey dismissed a securities fraud litigation that had been brought against a payment card processor in connection with the theft, by cybercriminals, of credit and debit card information from the company's computer system

Cornerstone’s review and analysis of 2009 securities class action settlements

  • Locke Lord LLP
  • -
  • USA
  • -
  • March 29 2010

Cornerstone Research released its report on its review and analysis of 2009's securities class action settlements

Two more dismissals of Securities Act lawsuits against rating agencies

  • Locke Lord LLP
  • -
  • USA
  • -
  • February 19 2010

Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York granted McGraw Hill and Moody's (together, the "Ratings Agencies") motions to dismiss in both Tsereteli v. Residential Asset Securitization Trust 2006-A8 et al. and In re: IndyMac Securities Litigation - but without issuing detailed written opinions