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The 6th Circuit splits with 2nd and 9th, lowers bar for securities claims

5/24/2013

A three-judge panel held that in order to proceed with Section 11 claims, shareholders need not show defendants knew the falsity of purported misstatements in offering documents.

Calpers goes to the mattresses against bond insurer's law firm

5/23/2013

In the fight over pension contributions in two California municipal bankruptcies, the pension fund is questioning the ethics of Winston & Strawn, which represents the MBIA unit National Public Finance.

K&L Gates declaration

Motion to disqualify

MBS investors and the ResCap deal: making the best of a bad situation

5/23/2013

How an $8.7 bln allowed claim deal turned into projected recovery of $672 mln.

Rescap - Plan support agreement

Emerging consensus: Dodd-Frank protection extends to SOX whistle-blowers

5/22/2013

On Tuesday, a New York federal judge ruled that a former UBS senior strategist can pursue claims that the bank violated Dodd-Frank anti-retaliation provisions even though he was fired after reporting concerns to superiors, not to the SEC. That’s the fifth such decision.

Is long-running pollution 'an event'? 3rd Circuit says yes in CAFA case

5/22/2013

According to defense lawyers, the appellate court’s interpretation of the Class Action Fairness Act would keep mass environmental suits in state court.

Shuttered FrontPoint hedge funds sue Libor banks for $250 mln fraud

5/21/2013

In the second recasting of the Libor litigation, Quinn Emanuel has filed a New York state-court fraud and breach of contract case against panel banks that engaged in interest rate swaps with the FrontPoint funds. The funds want $250 million in damages.

Salix complaint

UBS, powerful amici urge 2nd Circuit not to meddle with Morrison

5/21/2013

The appeals court is poised to consider whether foreign companies whose shares are cross-listed on U.S. exchanges can be sued for federal securities violations. UBS and its friends say that the so-called listing argument would fly in the face of the Supreme Court’s intent.

Ruling for AIG, Triaxx could delay May 30 trial in BofA put-back deal

5/20/2013

A hearing on the bank’s proposed $8.5 billion settlement with Countrywide MBS investors is supposed to start in less than two weeks, but what happens if MBS trustee BNY Mellon appeals a new ruling that it must turn over some privileged documents to settlement objectors?

Chutzpah redefined? Rating agencies want FHFA to share discovery costs

5/20/2013

Businesses that earned tens of millions of dollars when they cranked out ratings of mortgage-backed securities are arguing that they should not be forced to bear the full cost of producing their deal files to the conservator of Fannie Mae and Freddie Mac.

It's alive! Dexia's $775 mln MBS case vs JPMorgan back from the dead

5/17/2013

Judge Jed Rakoff found that under a recent 2nd Circuit ruling he doesn’t have jurisdiction over the case. He wiped out his own summary judgment ruling for JPMorgan and sent Dexia’s claims back to state court.

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