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The Bulletin - Spring 2018

  • Kessler Topaz Secures Record-Breaking $250 Million Settlement in Insider Trading Case

    After three years of hard fought litigation, Kessler Topaz Meltzer & Check, LLP, along with co-lead counsel,secured a $250 million settlement in a groundbreaking insider trading case against Defendants Valeant Pharmaceutical International, Inc., its former CEO Michael Pearson, billionaire hedge...
  • Non-U.S. Investment Managers' Standing to Pursue Claims Under the U.S. Securities Laws is Reaffirmed

    Melissa Troutner

    Non-U.S. institutional investors have served as Lead Plaintiffs in several historic shareholder actions in the United States. For example, Lead Plaintiffs from Sweden and the Netherlands were appointed in In re Bank of America Securities, Derivative, and Employee Retirement Income Security Act...
  • EU Collective Redress Efforts - Status Report Issued

    Geoffrey Jarvis

    The European Union’s effort to grapple with the benefits and perceived costs of U.S.- style class actions (referred to as collective redress mechanisms) reached an important milestone in 2013, when, on June 11, 2013, the European Commission (“EC”) adopted a Recommendation on common principles for...
  • Ephemeral Messaging and the Expanding Digital Universe

    Jennifer Joost

    By 2020, analysts predict the digital universe — the data that is created or copied in a given year — will be more than 40 zettabytes, or 400 trillion gigabytes, a 50-fold increase from the size of the digital universe in 2010.¹ The digital universe’s rapid growth is due in part to an increase in...
  • Appellate Update: Ninth Circuit Clarifies Loss Causation Standard in Securities Fraud Class Actions

    Eli Greenstein

    On January 31, 2018, the U.S. Court of Appeals for the Ninth Circuit issued its decision in Mineworkers’ Pension Scheme v. First Solar Inc., 2018 U.S. App. LEXIS 2450 (9th Cir. 2018) (“First Solar”), a securities fraud class action on interlocutory appeal from an August 2015 summary judgment ruling...
  • New Second Circuit Guidance on Rebutting the Presumption of Reliance

    Joshua D'Ancona, Margaret Mazzeo

    Recent appellate decisions shed new light on defendants’ burdens when attempting to prevent class certification in securities fraud class actions brought under Section 10(b) of the Securities Exchange Act. These decisions out of the Second Circuit Court of Appeals — Waggoner v. Barclays PLC, 875...