Bernstein Litowitz

1. Suit Over UBP Madoff Losses Tossed For Preemption

Thursday, Mar 11, 2010

A federal judge has thrown out a putative class action alleging Swiss bank Union Bancaire Privee and its officers and directors were liable for hundreds of millions of dollars in losses incurred by its funds in the wake of Bernard Madoff’s massive Ponzi scheme.

2. Google Books Deal Violates NAFTA: Canadian Authors

Wednesday, Mar 10, 2010

Hundreds of Canadian authors have objected to a proposed settlement that would allow Google Inc. to create a massive digital library, saying that it would trample their rights under the North American Free Trade Agreement and that it didn't respect Canadian copyright law.

3. Bid To Revive Omnicom Securities Class Action Nixed

Tuesday, Mar 09, 2010

A federal appeals court has upheld the dismissal of a securities fraud class action alleging that marketing and advertising holding company Omnicom Group Inc. and its senior officers fraudulently manipulated financial statements to stave off losses stemming from soured investments in Internet companies.

4. Ambac Appeals Remaining Claims In Shareholder Suit

Tuesday, Mar 09, 2010

Ambac Financial Group Inc. is appealing a decision by a federal judge in New York to allow a shareholder class action against the bond insurer to go forward, in spite of the fact the judge already pared back some claims relating to a 2008 stock offering.

5. Examiner Backed In Bid To Unseal Lehman Report

Friday, Mar 05, 2010

The lead plaintiffs in a proposed securities class action against Lehman Brothers Holdings Inc. have backed an examiner's bid to unseal a 2,200-page report about the bank's collapse.

6. KV Pharma Shareholder Suit Over Recalls Nixed

Tuesday, Feb 23, 2010

A federal judge has dismissed a consolidated securities lawsuit accusing KV Pharmaceutical Co. of making misstatements and omissions amid widespread drug recalls, saying the plaintiffs failed to plead their case with enough particularity for the suit to go forward.

7. Claims Pared In Ambac Shareholder Class Action

Tuesday, Feb 23, 2010

A federal judge has trimmed some claims in a shareholder class action alleging that bond insurer Ambac Financial Group Inc. assured investors that the company was maintaining a cautious strategy while it was in fact insuring increasingly risky financial products.

8. Opponents Face Off Over Google Books Deal

Thursday, Feb 18, 2010

After a nearly five-hour-long contentious hearing before a packed courtroom, the judge tasked with sifting through the antitrust, intellectual property and privacy concerns raised by a proposed settlement to let Google Inc. create a massive digital library refused to rule on the dispute Thursday, saying there was "just too much to digest."

9. Google Books Deal Set For Heated Fairness Hearing

Tuesday, Feb 16, 2010

The federal courthouse in Manhattan is slated to be the scene of a showdown Thursday over a proposed settlement that would allow Google Inc. to create a massive digital library — a deal that has raised significant antitrust and intellectual property concerns.

10. Google Defends Book Settlement Ahead Of Hearing

Friday, Feb 12, 2010

Ahead of a fairness hearing set for Thursday on the updated settlement over Google Inc.'s plans to create a massive digital library, Google is fighting back against critics, saying the settlement ultimately promotes the creation and distribution of books.

11. 2 More Speakers Added To Google Books Hearing

Tuesday, Feb 09, 2010

The state of Pennsylvania and the literary agency Writers' Representatives LLC have been added to the already extensive list of those set to speak at a fairness hearing this month on an updated settlement over Google Inc.'s plans to create a massive digital library.

12. Revised Google Books Deal Still Needs Work: DOJ

Thursday, Feb 04, 2010

The U.S. Department of Justice has again panned Google Inc.'s plan to become the world's digital librarian, saying a redrawn class settlement in the Google Books case makes progress over an earlier version but still grants the technology giant too much.

13. Medtronic Securities Action Survives Dismissal Bid

Thursday, Feb 04, 2010

A federal judge has allowed a putative securities class action against Medtronic Inc. related to the off-label use of the medical device maker's InFuse spinal graft to proceed, but ruled that some of the company's allegedly misleading statements aren't actionable.

14. Cos. Turn To Plaintiffs Firms To Meet Litigation Needs

Monday, Feb 01, 2010

When Deutsche Bank went after Bank of America Corp. for losses in the asset-backed commercial paper market, it turned to the experienced plaintiffs litigators at Boies Schiller & Flexner LLP to pursue its case. And the German bank is not alone, as companies with similar claims increasingly seek counsel from those on the other side of the bar table, experts say.

15. Revised Google Books Deal Draws New Fire

Thursday, Jan 28, 2010

A revised settlement in the ongoing dispute over the use of copyrighted works in Google Inc.'s digital library has garnered a fresh wave of criticism, with Amazon.com Inc. and others bombarding a federal court with renewed allegations that the deal will result in abusive pricing.

16. Mills Ex-Exec Fights $203M Securities Deal

Tuesday, Jan 26, 2010

The former chief operating officer of Mills Corp. is challenging a $202.75 million settlement the shopping and entertainment center developer has reached with shareholders in a securities class action, arguing that the deal strips him of his rights to pursue claims against other parties.

17. $37M Settlements End AHM Securities MDL

Friday, Jan 15, 2010

American Home Mortgage Investment Corp., auditor Deloitte & Touche LLP and a raft of underwriters have paid more than $37 million to settle class allegations that they deceived investors about the bankrupt subprime mortgage lender’s dicey practices and impending collapse.

18. KPMG Tries To Shake Action Over New Century Audit

Thursday, Jan 14, 2010

KPMG LLP is seeking to rid itself of a shareholder class action accusing it of issuing an inaccurate audit report for failed subprime mortgage lender New Century Financial Corp., arguing the plaintiffs cannot prove loss causation.

19. Stone Energy Looks To End Investor Suit For $10.5M

Tuesday, Jan 12, 2010

The lead plaintiff in a class action accusing oil and gas firm Stone Energy Corp. of overstating its oil reserves and falsifying financial reports has asked the court to preliminarily approve a $10.5 million settlement.

20. Ex-Comverse Execs Settle Backdating Spat For $62M

Monday, Jan 04, 2010

Shareholders in two derivative suits over the notorious backdating scandal at communications technology company Comverse Technology Inc. have agreed to settle their cases in exchange for a $62 million payout from former executives.