|
|
|
Filings of Securities Class Actions in Canada Reach New High
Court Watch |
2012/02/01 09:37
|
Securities class action filings in Canada reached their highest level to date in 2011 with 15 new filings, according to NERA Economic Consulting’s annual report, Trends In Canadian Securities Class Actions: 2011 Update. The previous high was 12 filings in 2008.
Driving this increase in filings are so called “Bill 198” cases, which are those involving claims in respect of an issuer’s continuous disclosure obligations pursuant to PartXXIII.1 of the Ontario Securities Act (OSA) and analogous sections of the other provincial securities acts. Nine of the 15 cases filed in 2011 were Bill 198 cases, compared to the seven filed in 2010. A total of 35 Bill 198 cases have been filed since the new provisions came into force in 2005. Of these, 24 remain unresolved, 10 have settled, and one has been dismissed.
“The uptick in securities class actions filings observed since 2008 is clearly not a transient phenomenon,” said NERA Senior Vice President and Trends co-author Mark Berenblut. “This trend has been driven by filings of Bill 198 cases, which account for more than two-thirds of the cases filed between 2008 and 2011.”
“This upward trend seems likely to continue at least through 2012. Several factors may influence the number of filings and the size of settlements in the future, including future rulings in leave applications, certification motions, and any trial judgments, as well as the evolving landscape of US class actions involving foreign companies and investors following the US Supreme Court decision in Morrison,” added NERA Vice President and Trends co-author Brad Heys.
Filings against Chinese Companies
Three of the new filings during 2011 were made against Chinese companies whose shares trade on the TSX or TSX Venture Exchange. These filings are a reflection of one of the major trends driving class action filings in the United States last year. The filings in Canada include the case against Sino-Forest—one of the highest-profile suits brought against Chinese companies on either side of the border.
About NERA
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For nearly half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. |
|
|
|
|
|
|
Priest with gambling habit facing prison in Vegas
Court Watch |
2012/01/13 10:13
|
A lawyer planned to ask a federal judge on Friday to reject a call for almost three years of prison time and instead give probation to a Roman Catholic priest who pleaded guilty to siphoning $650,000 over eight years from his northwest Las Vegas parish gift shop, votive candle collection and prayer funds to support his gambling habit.
In documents filed in advance of sentencing, Monsignor Kevin McAuliffe's attorney asks U.S. District Court Judge James Mahan to let McAuliffe, 59, continue getting counseling for a gambling addiction, keep practicing as a priest and pay restitution to his parish, St. Elizabeth Ann Seton Church in Summerlin.
As an ordained priest, McAuliffe will "continue to atone for his wrongdoing as he carries on with his life-long obligations and service" to the church, attorney Margaret Stanish said in Jan. 6 documents. She quoted excerpts from some of about 100 letters of support from supporters and parishioners at one of the largest church congregations in Nevada. |
|
|
|
|
|
|
Ohio: Changes in execution process constitutional
Court Watch |
2012/01/12 10:13
|
The deviations from official death penalty procedures made during an execution last year were minor changes that wouldn't cause pain to an inmate or violate his rights, the state said in a filing Friday seeking to overturn a judge's ruling that postponed next week's execution of a man who stabbed an elderly couple to death 25 years ago.
Attorneys for Charles Lorraine argued that the deviations were important enough to cause concern that Ohio was still not following its own rules for putting inmates to death.
U.S. District Court Judge Gregory Frost agreed, and on Wednesday stopped Lorraine's execution while acknowledging he didn't want to be micromanaging Ohio's death penalty processes.
Frost said the state failed to document the drugs used in its last execution in November and failed to review the medical chart of the inmate put to death.
Attorneys for the state had argued previously that the changes were negligible, and they said Friday the execution should proceed. |
|
|
|
|
|
|
Federal court hears case on Arizona ski resort
Court Watch |
2012/01/10 10:09
|
A federal appeals court is hearing arguments in a case that challenges the planned use of reclaimed water for snowmaking at an Arizona ski resort.
The 9th Circuit U.S. Court of Appeals is scheduled to hear the case Monday morning in San Francisco.
The Save the Peaks Coalition and a group of citizens want the U.S. Forest Service to do a more thorough environmental analysis on the health and safety risks of using treated wastewater for artificial snow.
A lower court has ruled that the Forest Service adequately considered the impacts of the snowmaking plan and that the record supported the agency's decision to allow it.
More than a dozen tribes consider the mountain sacred. American Indian tribes argued unsuccessfully in a separate case that the plan violated religious freedom.
|
|
|
|
|
|
|
Court hearings resume in Jefferson bankruptcy case
Court Watch |
2012/01/05 09:37
|
Court hearings in Jefferson County's record-setting bankruptcy filing are scheduled to resume Thursday. The Birmingham News reports that U.S. Bankruptcy Judge Thomas Bennett is expected to consider a variety of motions.
Jefferson County filed the largest municipal bankruptcy in U.S. history last year over more than $4 billion in debt. Most of the debt stems from borrowing to pay for upgrades to the county's sewer system.
This week, a group of Alabama lawmakers, Jefferson County commissioners and health care professionals met privately to discuss ways to address the county's general fund crisis and other matters.
The Birmingham News reports the three-hour meeting at Vestavia Hills City Hall included Commission President David Carrington; Republican state Rep. Paul DeMarco of Homewood; and Republican state Sen. Jabo Waggoner of Vestavia Hills.
Participants said Tuesday's meeting was the latest in a series of behind-the-scenes efforts among commissioners, Jefferson County legislators, business leaders and others to find ways to solve the county's massive general fund woes. |
|
|
|
|
|
Legal News RSS Feed
