Dark Pool Class Action Securities Suit Filed Against Barclays

By | The D&O Diary | July 30, 2014
Dark Pool Class Action Securities Suit Filed Against Barclays

On July 28, 2014, in the latest securities suit to be filed in the wake of high-profile concerns about ‘high frequency trading,” a plaintiff shareholder filed a securities class action lawsuit in the Southern District of New York against Barclays and certain of its officers relating to the company’s operation of and alleged statements about its “dark pool” private securities trading venue.

Do They Have to Exist?: The Identifiable Class Requirement

Do They Have to Exist?: The Identifiable Class Requirement

In Keatley Surveying Inc. v. Teranet Inc. (which we previously wrote about), Justice Sachs addressed the contentious issue of whether, in addition to proposing a proper class definition, a plaintiff must establish the existence of an identifiable class of two or more potential class members who are interested in pursuing their claims by way of a class action.

Second Circuit Finds Auditors Exempt and Endorses Limits On Class Discovery

Second Circuit Finds Auditors Exempt and Endorses Limits On Class Discovery

While the number of class or collective action lawsuits has exploded, decisions from Circuit Courts of Appeal, particularly on procedural issues, are still infrequent enough to warrant comment.  In Pippins v. KPMG, Case No. 13-889-cv (July 22, 2014), the Second Circuit issued a decision that is notable not only for its decision on the merits, but also because it approved of common sense limits on discovery imposed by the district court.