How Does Delaware Do It? Judges Alone Don’t Explain Chancery’s Speed

By Matthew Jennejohn July 28, 2022 by renholding

On July 19, 2022, in the Twitter v. Musk litigation, Chancellor Kathaleen McCormick presided over what was likely the most widely observed hearing on a motion to expedite in the Delaware Court of Chancery’s history. While deal bust-ups are front …

Twitter v. Musk: Where Are the Arbs?

By John C. Coffee, Jr. July 27, 2022 by renholding

Every pundit and commentator has by now analyzed the ongoing battle between Elon Musk and Twitter over Musk’s attempt to walk away from their deal. Almost all of these evaluations have rated Twitter as having a considerably stronger case, because …

ISS Discusses Securities Class-Action Settlements in First Half of 2022

By Jeff Lubitz July 18, 2022 by renholding

The value of U.S. shareholder class action settlements in the first half of 2022 totaled $2.32 billion, the exact amount as the same period in 2021. However, the quantity of settlements in the first six months of the year increased

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Issuer Liability: Ownership Structure and the Circularity Debate

By Martin Gelter July 6, 2022 by renholding

In many countries, investors can hold publicly traded companies liable for public misstatements. Issuer liability is intuitively appealing because statements are generally made on behalf of the company by its representatives. Moreover, large companies typically have deep pockets, which ensures …

Wachtell Lipton Discusses Important Supreme Court Business Cases

By John F. Savarese, Kevin S. Schwartz, Noah B. Yavitz and Adam L. Goodman July 6, 2022 by renholding

Last Thursday, the Supreme Court concluded its most tumultuous Term in recent memory. The Term was marked by a number of closely divided decisions on contentious issues ranging from President Biden’s vaccination mandate to gun rights to religious liberty. Anticipation …

The Two-Front War on the Administrative State: How Far Will the Supreme Court Go?

By John C. Coffee, Jr. July 5, 2022 by renholding

The hostility of at least a plurality of the Supreme Court to the Administrative State has become increasingly evident. This faction has been pursuing a two-front war: First, it has significantly curbed (or seems about to curb) the enforcement powers …

Sullivan & Cromwell Discusses Supreme Court Decision on Exemption to Federal Arbitration Act

By Andrew J. Finn, Ann-Elizabeth Ostrager and Albert W. Kwan June 21, 2022 by renholding

Among other things, the Federal Arbitration Act (FAA) authorizes U.S. courts to enforce arbitration agreements in “contract[s] evidencing a transaction involving commerce,” but excludes from its scope “contracts of employment of seamen, railroad employees, or any other class of workers …

Katten Discusses Shareholder Litigation Risk in an Unstable Geopolitical Environment

By Richard Zelichov and Trevor T. Garmey May 26, 2022 by renholding

Over the past two years, U.S. public companies faced an unpredictable risk environment. Two geopolitical crises – the Covid-19 pandemic, and the Russian invasion of Ukraine – strained international supply chains and destabilized financial markets.

It is tempting to view …

Does the Threat of Securities Class Actions Add Value for Shareholders? Evidence from China

By Warren Bailey, Hui Ma, Rongli Yuan and Hong Zou May 18, 2022 by renholding

Securities class actions (SCA) are an important governance mechanism in the U.S. securities market, but there is a significant debate about their costs and benefits to investors. SCA are intended to serve two key functions in investor protection: disciplining and …

To Remove or Not To Remove: Is that the Question in 1933 Act Securities Cases?

By Tanya Pierce March 25, 2022 by renholding

When the removal provisions of the Securities Act of 1933 (1933 Act) and the Class Action Fairness Act of 2005 (CAFA) conflict, the 1933 Act should prevail. The conflict arises in cases involving initial offerings of noncovered securities when plaintiffs …

Gibson Dunn Offers 2021 Year-End Securities Litigation Update

By Craig Varnen, Brian M. Lutz, Monica K. Loseman, Jefferson E. Bell, and Mark H. Mixon, Jr. March 1, 2022 by renholding

Federal securities filings continued to slow during the second half of 2021. The volume of new securities cases filed in 2021 fell by 36% compared to 2020, and 51% compared to 2019. Nonetheless, federal and state securities laws continue to …

ISS Discusses Shareholder Class Actions Related to Covid-19

By Jeff Lubitz February 21, 2022 by renholding

As the world completes a full two years of navigating the perils of the Coronavirus pandemic, U.S. shareholders continue to file class action complaints alleging companies with various acts of fraud related to COVID-19.

As previously reported by ISS Securities

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ISS Discusses Proposed Shareholder Class-Action Against ING Groep

By Elisa Mendoza February 16, 2022 by renholding

ING Groep N.V. – a company that offers banking services to private clients, small businesses, large corporations, financial institutions, and governments worldwide – is at the epicenter of a proposed shareholder class action. Investors are looking to remediate the significant

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Davis Polk Discusses Second Circuit Reversal of LIBOR-Based Fraud Convictions

By Daniel S. Kahn, Greg D. Andres, Martine M. Beamon, Paul J. Nathanson and Tatiana R. Martins February 2, 2022 by renholding

On January 27, 2022, the Second Circuit reversed the wire fraud convictions of two traders for their purported roles in the London Interbank Offered Rates (LIBOR) manipulation scandal, which previously resulted in a number of resolutions by banks. In United …

ISS Discusses $4 Billion in Settlements Expected to Kick-Off 2022

By Jeff Lubitz January 13, 2022 by renholding

As 2021 came to a close, the final tally of new U.S. shareholder class action complaints declined for the second straight year (this followed a record number of new cases from 2017 – 2019). Industry experts point to three factors

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Sullivan & Cromwell Discusses Dashed Efforts to Make New York a Hub for Non-U.S. Derivative Litigation

By Robert J. Giuffra Jr., David M.J. Rein, Amanda Flug Davidoff, Justin J. DeCamp and Oliver W. Engebretson January 12, 2022 by renholding

In the last week of December, the Commercial Division of the New York Supreme Court dismissed two shareholder derivative actions brought against directors and officers of large European companies in decisions with critical implications for non-U.S. companies’ exposure to fiduciary …

ISS Discusses Shareholder Class Action Settlements in 2021

By Jeff Lubitz December 22, 2021 by renholding

As the world will soon reflect on two full years of living through the COVID pandemic, the pace of shareholder-related class action settlements continue to bring significant recoveries back to harmed investors.

In fact, according to ISS Securities Class Action

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ISS Discusses the Challenges of Litigating Class Actions in the UK

By Elisa Mendoza December 6, 2021 by renholding

Although the United States inherited its common law legal system from the United Kingdom, the U.S. securities class actions jurisprudence is well advanced of the development of this area of law in the United Kingdom. With the first major collective …

Jack Weinstein: Last of the Mohicans?

By John C. Coffee, Jr. December 2, 2021 by renholding

This is a speech that Professor Coffee is scheduled to deliver today as part of a webinar program that will pay tribute to Judge Jack Weinstein and will be presented jointly by Columbia Law School and the Institute of Judicial …

ISS Discusses Landmark Ruling in China’s First Shareholder Class Action

By Jeff Lubitz November 30, 2021 by renholding

The Intermediate People’s Court of Guangzhou delivered a groundbreaking victory to investors in China’s first-ever shareholder class action.

The China Securities Investor Service Centre (CSISC), a government-affiliated body, represented investors as it brought the action against Kangmei Pharmaceutical Co. (In

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