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The Bulletin - Fall 2023

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  • KTMC Wins Historic $612 Million Jury Verdict For Fannie Mae and Freddie Mac Stockholders

    Grant Goodhart III

    On August 14, 2023, after a three-week trial in the U.S. District Court for the District of Columbia, a federal jury unanimously found in favor of plaintiff shareholders of the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The...

  • California Federal Court Certifies Advertiser Classes In Consumer Fraud Case Against Google

    Matthew Mustokoff, Stacey Kaplan

    On August 15, 2023, The Honorable Edward J. Davila of the U.S. District Court for the Northern District of California issued an order in Cabrera, et al. v. Google LLC, Case No. 5:11-cv-01263, certifying two classes of online advertisers who advertised through Defendant Google LLC’s (“Google”)...

  • SEC Strengthens Investor Protections Against Insider Trading Through Rule 10b5-1 Amendments

    Nathan Hasiuk, Vanessa Milan

    In December 2022, the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 10b5-1, which provides a defense to insider trading liability under Section 10(b) of the Exchange Act and Rule 10b-5.[1] The Rule was first adopted by the SEC in 2000 and gives executives who are frequently...

  • KTMC Resolves CBS-Viacom Merger Litigation for $167.5 million

    Grant Goodhart III

    In In re CBS Corporation Stockholder Class Action and Derivative Litigation, Consolidated C.A. No. 2020-0111-JRS, Kessler Topaz alleged that the merger of CBS and Viacom was unfair to CBS and its public shareholders because CBS was forced to overpay for Viacom’s declining business. Representing...

  • Litigators Must Seek to Preserve Corporate Communications Transmitted Over Text and Chat Applications: Lessons from The WhatsApp Probe, Google Play Sanctions, and the FTX Bankruptcy

    Jennifer Joost, Michelle Newcomer

    Five years ago, in an article titled, “Ephemeral Messaging and the Expanding Digital Universe,” we highlighted the fact that as employees grew more mobile and used their own devices to communicate, companies would be hard-pressed to maintain and preserve data from new messaging and chat...

  • KTMC Recovers $85 Million To Remedy Dolan-Led Madison Square Garden Merger

    Grant Goodhart III

    In March 2021, Madison Square Garden Entertainment (“MSGE”) announced that it was buying MSG Networks, Inc. (“MSGN”) in an all-stock merger. MSGE owned a collection of live entertainment, restaurant, and nightlife assets, the crown jewel of which was Madison Square Garden. MSGN was a broadcast...

  • Court Gives Plaintiffs Initial Victory in Rivian IPO Case

    Sharan Nirmul, Richard Russo, Jr.

    On July 3, 2023, U.S. District Judge Josephine L. Staton of the Central District of California issued an order denying, in their entirety, two motions to dismiss a federal securities class action brought against Rivian Automotive, Inc. (“Rivian” or the “Company”), its senior executives and Board...

  • KTMC Prevails In Ninth Circuit Appeal Setting Stage for Trial in Long-Standing Case Challenging Captive Reinsurance Arrangements

    Lisa Lamb Port

    KTMC is lead counsel in a case brought under the anti-kickback provisions of the Real Estate Settlement Procedures Act (“RESPA”)[1] against mortgage lender PHH Corporation (“PHH”) and its affiliates. The suit challenges a series of captive reinsurance arrangements between PHH’s reinsurance...

  • Ninth Circuit Revives "Crypto Mining" Securities Fraud Suit Against NVIDIA

    On August 25, 2023, the U.S. Court of Appeals for the Ninth Circuit reversed the dismissal of a long-running securities fraud class action against NVIDIA, the world’s largest maker of graphic processing units (GPUs). The 2019 lawsuit alleges that in 2017 and 2018, NVIDIA’s revenues skyrocketed...