S.D.N.Y. | Class Defense Blog

Securities Fraud Defendant Rebuts Fraud-on-the-Market Presumption of Reliance

By Joshua Yount on March 11, 2013 Posted in Class Certification, Motions Practice, Predominance, Securities

With all of the attention on last week’s Amgen decision, another interesting decision addressing the fraud-on-the-market presumption of reliance in securities fraud actions may have escaped notice. In GAMCO Investors, Inc. v. Vivendi, S.A. (S.D.N.Y. Feb. 28, 2013), Judge Scheindlin found that the defendant had rebutted the presumption of reliance as to a group of related… Continue Reading

Plaintiffs Seek to Revive Securities Fraud Class Actions Under Second Circuit’s “Class Standing” Doctrine

By Joshua Yount on February 22, 2013 Posted in Class Action Trends, Securities

I previously blogged about the Second Circuit’s troubling decision in NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co. (pdf), 693 F.3d 145 (2d Cir. 2012), which invented a “class standing” doctrine allowing a named plaintiff in a class action to assert Securities Act claims regarding securities that he or she never purchased. In the… Continue Reading

Class Certification Denied in Skinnygirl False-Advertising Case Because Class Representative Didn’t Rely on Label

By Dale J. Giali and Michael Resch on January 28, 2013 Posted in Adequacy, Class Certification, Typicality

Plaintiff Christopher Rapczynski testified that he purchased Skinnygirl Margarita mix “because I love my wife,” she “said she liked it,” and she “has my three children and works very hard.” Those all may be good reasons for a nice Valentine’s Day present, but not for bringing a class action. As the Southern District of New… Continue Reading