(Reuters) – This is not an easy time to be a shareholder lawyer in Delaware Chancery Court. It’s been more than a year since Chancery judges banded together to discourage reflexive M&A suits, announcing in a series of oral and written opinions that they would no longer approve settlements in which defendants agreed to boost deal disclosures in exchange for broad releases of potential shareholder claims. Chancery Court’s new policy deprived plaintiffs’ lawyers of a steady stream of income, and from cases that often didn’t require much work because they settled quickly.
In July 2014, nearly a year before Donald Trump declared his candidacy for the presidency of the United States, lawyers representing people who claim they were swindled by Trump University marketing asked a federal magistrate in San Diego to unseal documents that Trump and his co-defendants had designated as confidential.
(Reuters) – An item at Howard Bashman’s How Appealing blog caught my eye Thursday. Bashman linked to an article from the Milwaukee Journal Sentinel, reporting that the U.S. Supreme Court will allow Milwaukee District Attorney John Chisholm and two other Wisconsin prosecutors to file a certiorari petition under seal, with only a redacted version available to the public.
(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.