Seventh Circuit Criticizes Disclosure-Only M&a Litigation Settlements, Holding That Supplemental Proxy Disclosures Must Address and Correct a Plainly Material Misrepresentation or Omission

In In re Walgreen Co. Stockholder Litigation, No. 14 C 9786, 2016 WL 4207962 (7th Cir. Aug. 10, 2016) (Posner, J.), the United States Court of Appeals for the Seventh Circuit issued a highly charged opinion critical of an unopposed settlement of a stockholder class action “strike suit” which provided “nonexistent” benefits to class members yet “sweet fees for class counsel.” 

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Objections to Criminal Presentence Report Protected Against Discovery in Class Action

In Cyphert v. Scotts Miracle-Gro Co. (In re: Morning Song Bird Food Litig.), No. 15-3943, the Sixth Circuit imposed a high standard on class action plaintiffs seeking to use two sets of objections to a presentence report (PSR) in a criminal case against the corporate defendant. 

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Signed, Sealed, Delivered, but Not Dismissed: The Sixth Circuit Takes On Campbell-Ewald’s Offered Vs. Delivered Distinction

Signed, Sealed, Delivered, but Not Dismissed: The Sixth Circuit Takes On Campbell-Ewald’s Offered Vs. Delivered Distinction

Following the Supreme Court’s January decision in Campbell-Ewald Co. v. Gomez, 136 S. Ct. 663 (2016) that a defendant cannot moot a plaintiff’s individual claim by simply offering to satisfy the plaintiff’s demand before a motion for class certification is filed, but must instead deliver that relief, the lower courts have struggled to identify when relief has been delivered versus merely “offered.”

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Class Action Accuses Big Banks of Colluding to Drive Up Treasury Yields

A Connecticut-based trading firm filed a class action lawsuit against 25 large banks, alleging they used their “privileged position” as primary dealers to collude to artificially depress the auction prices of U.S. Treasury securities at the expense of the Treasury and secondary market participants. 

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