This update provides an overview of the major developments in federal and state securities litigation since our 2023 Mid-Year Securities Litigation Update:
FILING AND SETTLEMENT TRENDS
Data from a recent NERA Economic Consulting (“NERA”) study illustrates several trend changes.
Columbia Law School
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Davis Polk Discusses FTC and DOJ Focus on Private Equity Investment in Healthcare
On March 5, 2024, the FTC, the DOJ and the U.S. Department of Health and Human Services announced that they are seeking public comment on private equity investment in the healthcare sector. The announcement coincided with the FTC’s workshop, Private…
How the Major Questions Doctrine Could Reshape Banking Law
In early February, several state and national banking trade associations filed suit in U.S. district court in Texas challenging the federal banking agencies’ first comprehensive updates to the regulations implementing the Community Reinvestment Act (CRA) in nearly three decades. Among…
In Securities Fraud Class Actions, Do You Get What You Pay For?
When it comes to recovering money for shareholders injured by corporate fraud, do the plaintiffs’ lawyers matter? Intuitively, the answer seems like it must be yes. The most talented lawyers should develop more creative legal theories and uncover more evidence…
How to Reestablish the Authority of Corporate Law in the Shareholder Proposal Process
The shareholder proposal process has gone too far. How else to interpret the proposal recently sponsored by the climate activist investors Arjuna Capital and Follow This at ExxonMobil, which called on the oil giant to reduce further its carbon footprint?…
Latham & Watkins Discusses FTC AI Agenda and Novel Impersonation Rulemaking
On February 15, 2024, the Federal Trade Commission (FTC) issued a Supplemental Notice of Proposed Rulemaking (SNPRM) seeking comment on a proposed rule that, if implemented, would prohibit the impersonation of any individual and prohibit companies from supplying technology that…
Why Information Exchanges Among Rivals Should Be Presumed Illegal
When rival businesses share confidential, competitively sensitive information, the result is usually a restraint on competition. Indeed, it is often unnecessary for the rivals to “agree” specifically on how they will compete because the information they share ensures that no…
Public Enforcement of Securities Laws Is Effective
Does the enforcement of securities law by government authorities make a difference for market outcomes? This is an important question for policymakers and scholars and our focus in a forthcoming book chapter.
The academic debate on the question began with…
Commissioner Dissents from SEC Rule on Climate-Related Disclosures
Today [March 6], much emphasis will be placed on how this rule has been dialed-back from the proposal, is focused on providing material information to investors, and that the Commission is not a climate regulator. To that, I emphasize the…
SEC Chair Gensler on Final Rules Regarding Mandatory Climate Risk Disclosures
Today [March 6], the Commission is considering whether to adopt final rules to mandate climate risk disclosures by public companies and in public offerings. I am pleased to support this adoption because it benefits investors and issuers alike. It would…