(Reuters) – On Thursday, the securities class action firm Bernstein Litowitz Berger & Grossmann hosted a teleconference for members of the Council of Institutional Investors, a coalition of public and private pension and benefits funds. The purpose of the call was to explain the stakes in North Sound Capital v. Merck, a case at the 3rd U.S. Circuit Court of Appeals that will inevitably deepen the circuit split on whether the filing of a securities class action tolls the statute of repose for individual shareholders. It’s an admittedly arcane issue, but procedurally significant for investors who want to opt out of securities class actions and bring their own claims.
Eight hundred years ago, the Silicon Valley billionaire Peter Thiel might have been guilty of crime for allegedly funding a privacy suit by the pro wrestler Hulk Hogan.
(Reuters) – On Monday, Harris County Judge Jeff Shadwick of Houston agreed to stay most discovery in a Vietnamese seafood industry worker’s fraud and conspiracy case against two noted Texas plaintiffs’ lawyers, Robert Hilliard of Hilliard Munoz Gonzales and John Cracken of the Cracken Law Firm.
Common sense has prevailed at the 2nd U.S. Circuit Court of Appeals in litigation over an alleged conspiracy among 16 global banks to manipulate the London Interbank Offered Rate (Libor), a key interest rate benchmark. The appeals court held Monday that price-fixing collusion among competitors is a violation of antitrust law, even if it takes place in the context of an ostensibly cooperative rate-setting process.
(Reuters) – I’d bet big law firms across New York read a split opinion issued Thursday by the 2nd U.S. Circuit Court of Appeals with an enormous sense of relief.
(Reuters) – When both sides in one of the biggest business law cases of the U.S. Supreme Court term claim victory, you know the one indisputable outcome of the court’s decision will be more litigation.
The 2nd U.S. Circuit Court of Appeals prides itself on putting up a united front. The court almost never grants requests to reconsider rulings by three-judge panels. (Maybe that’s why the 2nd Circuit’s “in banc” locution hasn’t displaced the more common “en banc.”) Instead, 2nd Circuit judges working on controversial opinions typically circulate drafts to the rest of the appeals court to probe for and resolve disagreements before the three-judge panel issues its opinion.
(Reuters) – Last month, facing what we now know to be as much as $852 million in exposure to drivers in California and Massachusetts, the ride-sharing company Uber agreed to a class action settlement with drivers in those states. At the time of the agreement, valued at between $84 and $100 million, Uber was in the midst of appealing a series of decisions by U.S. District Judge Edward Chen of San Francisco, who held that the company’s mandatory arbitration clause was unenforceable.