Cert. Denial In Televisa May Embroil 3rd-Party Asset Managers
By Eva Carman, Alexander Simkin and Patrick Roath (June 29, 2020, 5:58 PM EDT) -- The U.S. District Court for the Southern District of New York's recent refusal to grant class certification on "typicality" grounds in a stock-drop case may lead to additional third-party discovery burdens for asset managers.
In the case In re: Grupo Televisa Securities Litigation, a federal court recently denied class certification in a stock-drop securities case after finding that the purported class representative was not typical of a putative class because the named plaintiff, a pension fund, had invested in a pooled investment fund, which had shorted the defendant's stock, meaning that the purported class representative had actually, albeit indirectly, gained more...
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