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U.S. Chamber says SCOTUS must kill M&A class actions (in amicus brief by George Conway)

In a bold new amicus brief backing Emulex’s petition for U.S. Supreme Court review of a decision reviving a shareholder M&A class action, the U.S. Chamber of Commerce argues that the justices should take the case to establish that investors have no right to sue under the federal securities provision at the heart of hundreds of recent class actions challenging proxy disclosures in M&A deals.

Previewing DOJ’s defense in ACLU’s asylum policy challenge

There’s an intriguing paragraph in the ACLU’s motion for a temporary restraining order to block the Trump administration from executing new restrictions on migrants seeking asylum by crossing the Mexican border. Inserted at the request of government lawyers, it provides a broad hint at how the Justice Department intends to squelch the ACLU’s case.

Wells Fargo settles BlackRock, Pimco MBS trustee class action for $43 million

In what appears to be the first class action settlement in a wave of noteholder suits against banks that served as trustees for mortgage-backed securities trusts, Wells Fargo agreed Friday to a $43 million deal to resolve claims by BlackRock, Pimco and other noteholders in 271 trusts that lost nearly $35 billion in the financial crisis. If the proposed settlement is approved by Manhattan State Supreme Court Justice Charles Ramos, shareholders will also receive $70 million from an ind

DOJ’s new suit against UBS will be ultimate test of FIRREA’s power

The Justice Department’s long-running and extremely remunerative campaign to punish banks that packaged and sold allegedly misrepresented residential mortgage-backed securities culminated Thursday in a 302-page complaint in federal court in Brooklyn against the Swiss bank UBS. UBS, which stands accused of deceiving investors about the quality of more than $41 billion in mortgage loans underlying 40 MBS offerings in 2006 and 2007, is apparently the last bank in DOJ’s sites, after a st

Jeff Sessions’ ‘unprecedented’ legacy in immigration court

When history has forgotten President Donald Trump’s unilateral Twitter war with former Attorney General Jeff Sessions, migrants seeking asylum in the United States will still be feeling the aftershocks of Sessions’ extraordinary impact on this country’s immigration system.

Veteran SCOTUS litigator calls out SG for ‘sloppy’ brief in U.S.S. Cole terror case

    On Wednesday, Kannon Shanmugam of Williams & Connolly will appear at the U.S. Supreme Court to argue on behalf of victims of the horrific 2000 al Qaeda bombing of the warship U.S.S. Cole. In 2012, those victims – U.S. sailors injured in the attack and survivors of those who were killed – obtained a $315 million default judgment against the Republic of Sudan, which allegedly assisted al Qaeda operatives. The 2nd U.S. Circuit Court of Appeals affirmed the judgment in 2015 (802 F.3d 399). Sudan

CORRECTED-As election ‘dark money’ debate rages, Ark. justice loses bid to enjoin attack ads

There is no precedent in federal law for blocking speech that may be defamatory but hasn’t yet been proven to be. Judge-ordered prior restraints on speech, as you know, are subject to the most exacting form of review under the First Amendment. Occasionally, federal judges have found a compelling public interest in barring defendants from making statements already determined to be defamatory. But preliminary injunctions prohibiting potentially defamatory speech are taboo.

Justices revisit Spokeo standing at oral arguments over cy pres settlements

A funny thing happened on the way to a U.S. Supreme Court determination of the propriety of paying charities instead of class members in so-called cy pres class action settlements. At oral arguments on Wednesday in Frank v. Gaos – in which the Supreme Court granted review to decide whether cy pres settlements are fair and reasonable under the federal rules governing class actions – at least three justices suggested the court can’t reach the cy pres issue because plaintiffs in the und

Akorn to Delaware justices: Chancery’s MAC opinion is ‘new blueprint for remorseful buyers’

The global pharmaceutical company Fresenius received a rude shock in the summer of 2017 when Akorn, the generic drugmaker Fresenius had agreed to acquire for $4.75 billion, reported its quarterly financial results. The results were terrible – far worse than Fresenius’ gloomiest projection. Fresenius CEO Stephan Sturm considered the Akorn results the biggest personal embarrassment of his career. Within weeks, the company hired Paul Weiss Rifkind Wharton & Garrison to advise it could w

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