Five Arkansas attorneys have been formally reprimanded by a federal judge in the Western District of Arkansas after stipulating to dismissal “for the purposes of seeking a more favorable forum and avoiding an adverse decision” in connection with the approval of a class settlement. The court had initially considered harsher injunctive sanctions, including requiring the … Continue Reading
Co-authored by: Marc D. Powers, Mark A. Kornfeld, and Jessie M Gabriel Editor’s Note: This Executive Alert was published by members of BakerHostetler’s Securities Litigation and Regulatory Enforcement Team and BakerHostetler’s Class Action Team. The Supreme Court last week issued two opinions of major importance to the securities bar. In Amgen Inc. v. Connecticut Retirement … Continue Reading
The Sixth Circuit recently limited defendants’ ability to craft settlements that disproportionately favor the class representatives. Vassalle v. Midland Funding LLC, — F.3d –, 2013 WL 673517 (6th Cir. Feb. 26, 2013). Though the court did not pass on the ubiquitous incentive award, its skepticism of “preferential treatment” for class representatives might cause district courts … Continue Reading
Class action defense practitioners routinely face uphill battles on the issue of individualized defenses for class members. However, these arguments should not be overlooked as tools to defeat class certification. Lipton v. Chattem, Inc., No. 11 C 2952, 2013 WL 489147 (N.D. Il. Feb. 8, 2013), a recent case out of the Northern District of … Continue Reading
Baker Hostetler serves as court-appointed counsel to Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Securities LLC (“BLMIS”). In January of 2011, the SIPA Trustee obtained approval from the United States Bankruptcy Court for a $5 billion settlement for BLMIS customers with allowed claims. At the same time, the Bankruptcy Court … Continue Reading
In Thorogood v. Sears, Roebuck & Co., 2012 WL 1508226 (7th Cir. May 1, 2012), the Seventh Circuit considered the propriety of an All Writs Act injunction in the face of a copy-cat class action for a “near-frivolous” claim. After detailing the abuse of the class action device by the plaintiffs’ lawyers, the Court nevertheless … Continue Reading
Baker Hostetler serves as Court-appointed counsel to Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”). In December 2010, the Trustee obtained a $5 billion settlement for BLMIS customers with allowed claims. Plaintiffs in putative class actions challenged the settlement and the Bankruptcy Court’s decision holding that the class … Continue Reading
In an opinion written by Justice Kagan, the Supreme Court’s recent decision in Smith v. Bayer, 131 S. Ct. 2368 (2011) leaves class action plaintiffs with a way in which to potentially relitigate adverse certification decisions. Holding that a federal court could not enjoin a state court from determining a motion for certification similar to … Continue Reading
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