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The Bulletin - Winter 2025

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  • Kessler Topaz Achieves Significant Victory at the U.S. Supreme Court in NVIDIA Securities Fraud Case

    Nathan Hasiuk

    In a major victory for investors, on December 11, 2024, the U.S. Supreme Court dismissed NVIDIA’s appeal in a closely watched securities fraud case.[1] The decision maintains investors’ ability to bring securities fraud claims under well-established pleading rules, rejecting NVIDIA’s proposed...

  • Court Rejects Social Media Companies' Challenges to Local Government and School Districts' Claims in Multidistrict Litigation Regarding the Youth Mental Health Crisis

    Matthew Macken, Jordan Jacobson

    The Court presiding over In re Social Media Adolescent Addiction/Personal Injury Products Liability Litigation, 22-md-03047 (N.D. Cal.)—a multidistrict litigation (“MDL”) involving lawsuits filed by hundreds of school districts and local governments from around the country—has found that the...

  • Investors May Proceed with Claims That Wells Fargo Conducted Sham Interviews of Diverse Candidates to Meet Diverse Search Requirements

    Jennifer Joost, Dylan Isenberg

    On July 29, 2024, Judge Trina L. Thompson of the Northern District of California issued an order denying a motion to dismiss Lead Plaintiff SEB Investment Management AB’s Amended Complaint for Violations of the Federal Securities Laws (“Amended Complaint”), holding that the Amended Complaint...

  • KTMC Scores Unique Victory Where Court Finds Controlling Stockholder and Financial Advisors Conflicted by Tax Receivable Agreement in Sale of Foundation Building Materials

    J. Daniel Albert, Kevin Kennedy

    On May 31, 2024, Firefighters’ Pension System of the City of Kansas City, Missouri Trust (“Plaintiff”) secured an important victory in its class action litigation challenging the January 2021 acquisition of Foundation Building Materials, Inc. (“FBM” or the “Company”) by American Securities LLC...

  • KTMC Secures $169 Million Settlement for Self-Administered Group Health Plans

    Melissa Yeates, Jonathan Neumann

    KTMC recently secured a landmark settlement agreement of approximately $169 million on behalf of a class of self-administered, self-insured group health plans (the “Class”). Pursuant to the agreement, which was fully approved by the U.S. Court of Federal Claims (“Claims Court”) in May 2024, the...

  • A Look At Recent Securities Decisions Revolving Around the COVID-19 Pandemic

    Joshua Keszczyk, Geoffrey Jarvis

    The COVID-19 pandemic was an unprecedented event that left the United States navigating uncharted waters, including with respect to how investors could hold public companies and their executives accountable under the federal securities laws for material misstatements made regarding a company’s...

  • A Limited Carve Out Under Morrison? For Now, U.S. Federal Courts Can Hear Section 10(B) Claims On Behalf Of U.S. Purchasers Of Dual-Listed Securities Purchased On The Tel-Aviv Stock Exchange Ltd.

    Geoffrey Jarvis, Varun Elangovan

    For more than a decade, the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), has precluded virtually all private litigation in federal district courts under the Securities Act of 1933 (the “Securities Act”),[1] or the Securities and Exchange Act of 1934...