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The Bulletin - Fall 2017

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  • Facebook and Founder Mark Zuckerberg Capitulate to KTMC on Eve of Trial

    Lee Rudy

    Just one day before trial was set to commence over a proposed reclassification of Facebook's stock structure that KTMC challenged as harming the company's public stockholders, Facebook abandoned the proposal. The trial sought a permanent injunction to prevent the reclassification, in lieu of...

  • Amsterdam Court of Appeals Denies Dutch Shareholder Association Group Action Against BP

    Emily Christiansen

    On November 7, 2017, the Amsterdam Court of Appeals issued a judgment that limits the ability of shareholders to bring claims in the Netherlands to recover purely financial losses against companies that are neither based in the Netherlands nor traded on the Euronext exchange. This judgment delivers...

  • First Solar Presents Opportunity for Ninth Circuit to Shed Light on Appropriate Loss Causation Standard

    On October 18, 2017, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in Mineworkers’ Pension Scheme, et al. v. First Solar Inc., et al., No. 15-17282 (9th Cir.), a securities fraud class action on interlocutory appeal from an August 2015 order by the United States District Court...

  • Still Having Trouble Getting Your Money Back? You're Not Alone

    Over the last decade, we have checked in from time to time on the current state of claims administration for institutional investors relating to securities class action settlements and judgments. At every turn, we have seen challenges confront the institutional investor community, making it harder...

  • Waggoner V. Barclays Plc: Rebutting the Fraud-On-The-Market Presumption of Reliance Requires a Preponderance of the Evidence

    Nathan Hasiuk, Johnston (Jay) Whitman, Jr., Andrew Zivitz

    In Waggoner v. Barclays PLC,1 the Second Circuit held that in order to rebut the fraud-on-the-market presumption of reliance in a class action alleging fraud claims under the Securities Exchange Act of 1934 (the “Exchange Act”), defendants must prove by a preponderance of the evidence that the...

  • Kessler Topaz Prepares for Trial Against Energy Transfer Equity

    In April 2016, Kessler Topaz commenced a lawsuit in the Delaware Court of Chancery on behalf of a class of common unitholders of the midstream oil-and-gas master limited partnership, Energy Transfer Equity (ETE). The lawsuit concerns a discriminatory distribution of convertible preferred units...

  • In re Banco Bradesco: Statements Concerning Corporate Code of Ethics Held Actionable and Dismissal of Parallel Criminal Charges Against a Defendant Carry No Weight at the Pleading Stage

    Margaret Mazzeo

    KTMC serves as lead counsel in In re Banco Bradesco Sec. Litig., No. 1:16-cv-4155-GHW, 2017 WL 431407 (S.D.N.Y. Sept. 29, 2017) for the court-appointed lead plaintiff, the Public Employees’ Retirement System of Mississippi (“Lead Plaintiff”), and a putative class of Banco Bradesco investors. In a...

  • What Could Have Been: The Rise and Fall of the CFPB'S Arbitration Rule

    On July 19, 2017, the Bureau of Consumer Financial Protection (“CFPB”) issued a final rule prohibiting covered providers of certain consumer financial products and services from using arbitration clauses barring consumers from filing or participating in class action lawsuits concerning those...