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Nick Even in Courthouse News Service: Firm Releases 2011 Review of Securities Suits
(CN) - International corporate law firm Haynes and Boone released its inaugural Securities Litigation Year in Review 2011, predicting an interesting year ahead while highlighting some of the major decisions issued by the U.S. Supreme Court and the Circuit and District Courts.
The review looked largely at four decisions handed down in 2011: Wal-Mart Stores, Inc. v. Dukes; Erica P. John Fund, Inc. v. Halliburton Co.; Matrixx Initiatives, Inc. v. Siracusano; and Janus Capital Group, Inc. v. First Derivative Traders. The Halliburton and Matrixx decisions can be "characterized as 'plaintiff-friendly' - from a Supreme Court generally considered to be 'pro-business,' " the review states...
Although not a securities class action, the Wal-Mart ruling holds significance for securities class claims due to the issue of commonality, said Nick Even, Co-Chair of Haynes and Boones' national Securities and Shareholder Litigation and Class Action Defense practices and co-author of the report.
"The potential [for securities class actions] lies in the issue of commonality because it has always been treated as a given in securities cases," he said. "A bar has now been set for plaintiffs to beef up allegations and for defendants to be more aggressive in driving a wedge in lack of commonality."
Excerpt from Courthouse News Service, Feb. 21, 2012. To view the full article, click here.