The judge who admitted the wiretaps of Raj Rajaratnam that led to the prosecution of Raj's onetime friend Rajat Gupta says wiretap evidence has vastly changed insider trading prosecutions, and Wall Street should be worried.
Two rival drug-testing companies agreed to end false advertising litigation, only to head back to court the same day, when one party claimed that the other’s press release on the settlement was … false advertising.
Facebook and its underwriters have moved to consolidate more than two dozen securities class actions in federal court in Manhattan (and offered some clues to defense strategy). But a survey of the cases on file so far shows a dearth of major investors to serve as lead plaintiffs.
Two powerful wings of the Obama administration apparently could not agree on a position in the Supreme Court case that will decide the scope of human rights litigation in U.S. courts. The result? A tepid amicus brief.
The Amgen case, which the Supreme Court accepted this week for next term’s docket, has the potential to devastate securities class action litigation. Will Amgen shareholders’ counsel at Labaton Sucharow argue the case themselves?
Rolex said that the consumers who watch high-end sporting contests sponsored by the two luxury brands might think the two worked together. The PTO disagreed.
Mississippi’s state pension fund went into a bruising fight to lead a securities fraud case against Diamond Foods with three law firms. When the battle ended Wednesday, only two were appointed lead counsel.
The fund’s head of securitized asset investment says noteholders have become so cynical about contractual protections in residential mortgage-backed securities offerings that they’re unlikely to resume investing until ‘a preponderance’ of MBS litigation is resolved.
If the Securities and Exchange Commission ever gets around to bringing enforcement actions against the people who structured and sold toxic mortgage-backed securities, the agency can thank Jed Rakoff for making its cases a little easier.
It used to be that Wall Street would rather take its chances in arbitration before panels approved by its own private regulator. But as FINRA claims have ballooned, firms are increasingly going to court.
© 2012 Thomson Reuters