March 4, 2013
In the March 2013 edition of California Lawyer magazine, Lieff Cabraser attorney Richard M. Heimann joined a distinguished panel of securities lawyers in a discussion of recent changes in the leadership of the Securities and Exchange Commission, judicial scrutiny of securities fraud settlements as well as class certification.
"We’re very much in favor of an aggressive SEC and working in tandem with the DOJ and hopeful that the SEC will continue their aggressive actions going forward," said Heimann, the chair of Lieff Cabraser's securities and financial fraud practice group. On the relationship between securities fraud litigation and the question of whether statutes of repose are tolled by American Pipe & Construction v. Utah, 414 U.S. 538 (1974), Heimann commented: "If the Second Circuit were to uphold the view that statutes of repose are not tolled by American Pipe, then institutional investors who are thinking about opting out may be required to opt out and file their own lawsuits before class certification is decided. And that presents the exact scenario that American Pipe was designed to prevent, which is a multiplicity of lawsuits filed before a determination on the issue of class certification.” Read the roundtable discussion.
In the same issue of California Lawyer, the magazine awarded Heimann and co-counsel a California Lawyer of the Year (CLAY) Award for his outstanding success for direct purchasers in the LCDs antitrust litigation, which resulted in settlements totaling over $470 million.