Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that regulators said had hurt millions of customers. The agreement, detailed in court filings on Monday, is the latest in a succession of settlements and penalties…
Tag: shareholder litigation
Activision Blizzard Beats Shareholder Lawsuit – The Hollywood Reporter
This distinction is, we suspect, an unthreadable needle. Activision Blizzard will not have to face a lawsuit from investors claiming the company lied to them by minimizing the impact of allegedly widespread sexual harassment and discrimination against female employees, a federal judge has ruled. U.S. District Judge Percy Anderson on Monday concluded that Activision Blizzard…
ISS Report on the Top 100 Settlements in Shareholder Litigation
ISS has updated its annual report on shareholder litigation. The data in the report is broken down by size of settlement, counsel, administrator, and plaintiffs. From the summary: Two of the settlements in 2021 delivered significant settlement amounts to be included within this Top 100 publication of largest U.S. settlements of all-time. These two class…
Murdochs Dodge $82 Million Suit Over $72 Billion Disney-Fox Deal
Billionaire media mogul Rupert Murdoch and his sons don’t have to face a shareholder challenge to the $82.4 million in bonuses they got when selling Fox’s film and TV assets to Walt Disney Co. for $71.6 billion, a Delaware judge ruled Friday. “The critical deficiency in the complaint is the lack of any factual allegations…
Sketchers Settles Lawsuit By Canceling Stock Awards
A Delaware shareholder derivative suit against Sketchers is being settled as the company agrees to cancel $20 million in equity awards issued to founder Robert Greenberg and two top officers in 2019 and 2020. The lawsuit alleged breaches of fiduciary duty, unjust enrichment, and corporate waste for these and other awards as well. The shareholders…
Materiality in the Atossa Genetics Case
Ann Lipton writes: I just recently came across the Ninth Circuit’s decision in In re Atossa Genetics Inc Securities Litigation, 868 F.3d 78 (9th Cir. 2017), and it struck me because it highlights an ongoing tension between the reliance/materiality distinction in fraud-on-the-market cases in general, and in the Supreme Court’s jurisprudence in particular….One might describe…
A Professor Filed a Shareholder Lawsuit to Restrict Shareholder Rights
“An enormous zeal for the overdog” — a good description of this effort to get the shareholders of J&J to waive their right to file shareholder lawsuits — permanently. Over the past two years, some senior officials at the Securities and Exchange Commission have indicated that they would be open to corporations foisting mandatory arbitration on…
Goldman Settlement of Investor’s Board-Pay Claims Rejected – Bloomberg
A bid by Goldman Sachs Group Inc. to settle a lawsuit over how much it pays directors was rejected by a judge who said that simply making changes in corporate governance didn’t provide enough benefit to the firm. The ruling comes as part of a chancery court crackdown on so-called “disclosure settlements,’’ in which companies resolve investor…
ValueEdge Advisors 