For those who haven’t previously been following, this is our third installment on COVID-19 class actions. The first installment was prospective and authored prior to any filed class actions. The second installment examined the first certified class and putative class actions filed in the mass tort and consumer spaces. In this installment, we discuss and
securities
The Ten Most Significant Class Action Cases of 2014
Year-end lists are funny things. They take a sort-of arbitrary starting and stopping point, and then they cram a bunch of prejudices into a (usually) arbitrary number of items. And then people take them kind of seriously. But they can be handy ways of catching trends one did not see before. And in a year…
Amending Rule 23: Lessons from the PSLRA
Earlier this year, it became clear that the Advisory Committee on Civil Rules is considering possible amendments to Rule 23. As Tony Lathrop’s post summarizes, the “front burner” issues at the moment largely concern class action settlements, focusing in on possible limits to cy pres relief and greater clarity on what Rule 23(e)’s…
The State of the Merger Class Action
Merger-challenge class actions have become very popular in the last decade. (For a great source of data, check Cornerstone Research’s surveys on the subject.) They operate similar to traditional securities class actions, but have found a way of resurrecting the sense of urgency that the Private Securities Litigation Reform Act (PSLRA) removed; they do it…
Securities Certification Requires Actual Evidence – In re Kosmos Energy
For some time, academics have been decrying the demise of the class action, arguing that the Supreme Court’s precedent makes it harder than ever to certify a class under Rule 23. And yet, as one practitioner I know observed, plaintiffs keep filing the things. And quite a few courts keep certifying them.
Now, however, at…
Analyzing Securities Motions to Dismiss
University of Idaho law professor Wendy Gerwick Couture has published an interesting working paper analyzing a data set of dismissal opinions from securities fraud class actions: Around the World of Securities Fraud in 80 Motions to Dismiss. The paper is a quick read, distilling her data into eight major observations.
Among her most interesting…
How to Get a Settlement Denied, Part 2 – Better v YRC Worldwide
Settlement opinions are often not that interesting. The vast majority of them are by-the-numbers approvals of proposed settlements that offer little insight about how Rule 23 works. This is especially true of preliminary approval opinions. But every once in a while, a court refuses even the preliminary approval of a settlement. When that happens…
Overreaching, Underreaching, and the Supreme Court
In the past few years, Professor Mark Moller of DePaul University Law School has proven to be one of the most thoughtful critics of modern class action law in the legal academy. While most commentators take on class action decisions from either a pro-plaintiff or pro-defendant standpoint, Professor Moller appears intent on evaluating these opinions…
Forum non conveniens – Trezziova v. Kohn
The Madoff Ponzi scheme had far-reaching impact. How far? At least as far as Ireland and Luxembourg, each of which produced a number of plaintiffs in Trezziova v. Kohn (2d Cir. Sep. 17, 2013). In Trezziova, investors in a number of funds (the Thema International Fund PLC [], the Herald LUX Fund…
Whistleblowing and Superiority – Better Bounty Hunting
It’s an odd quirk of class action practice that an automotive company defending a products-liability class will be quick to invoke the superiority of its regulator (the National Highway Traffic Safety Administration, or NHTSA), while a securities defendant will rarely–if ever–argue that the case is better handled by the SEC. (The difference may be…