SAN FRANCISCO, CA – (May 28, 2020) – The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the publicly traded common stock of Grand Canyon Education, Inc. (“Grand Canyon” or the “Company”) (Nasdaq: LOPE) between January 5, 2018 and January 27, 2020, inclusive (the “Class Period”). [Read more…]
Lieff Cabraser announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the common stock of ServiceMaster Global Holdings, Inc. (“ServiceMaster” or the “Company”) (NYSE: SERV) between February 26, 2019 and November 4, 2019, inclusive (the “Class Period”).
U.S. District Judge Jon S. Tigar of the Northern District of California has issued an order granting final approval to a $320 million settlement that will end shareholders’ derivative litigation relating to Wells Fargo’s unfair sales practices and its widespread fake accounts scandal. Plaintiffs in the suit, including the Fire & Police Pension Association of Colorado and the City of Birmingham Retirement and Relief System, allege that since at least 2011, the Board and executive management of Wells Fargo knew or consciously disregarded that its employees were illicitly creating millions of costly deposit and credit card accounts for their customers, without those customers’ consent, in order to meet the banks’ aggressive sales goals. [Read more…]
Lieff Cabraser partner Daniel P. Chiplock, along with Tyler Gellasch of the Healthy Markets Association and Andy Green of the Center for American Progress, wrote a piece published by the Harvard Law School Forum on Corporate Governance in support of the Securities & Exchange Commission’s continued ability to compel disgorgement as a remedy in financial fraud cases. The Supreme Court is set to hear oral argument in March on whether the SEC may continue seeking disgorgement, compelling giving-up of all ill-gotten gains—in civil enforcement proceedings. [Read more…]
Lieff Cabraser today filed an amicus brief in the U.S. Supreme Court arguing for the importance of the ability of the Securities and Exchange Commission to continue to seek disgorgement of the gains from securities law violations in federal court in order to effectively deter securities fraud and promote the public policies that form the foundation of U.S. securities laws. [Read more…]
San Francisco—(BUSINESSWIRE)–IN RE WELLS FARGO & COMPANY SHAREHOLDER DERIVATIVE LITIGATION, Lead Case No. 3:16-cv-05541-JST (N.D. Cal.)
TO: ALL RECORD AND BENEFICIAL OWNERS OF WELLS FARGO & COMPANY COMMON STOCK AS OF FEBRUARY 26, 2019 (THE “RECORD DATE”), WHO CONTINUE TO OWN SUCH SHARES (“WELLS FARGO SHAREHOLDERS”)
YOU ARE HEREBY NOTIFIED, that pursuant to an Order of the United States District Court for the Northern District of California, a hearing will be held on August 1, 2019, at 2 p.m., before the Honorable Jon S. Tigar, United States District Judge, at the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, California 94102, for the purpose of determining whether the proposed settlement of the above captioned derivative action (the “Derivative Action”), with a total settlement value of $320 million (as described below), should be approved as fair, reasonable and adequate, and whether a judgment dismissing the Defendants (as identified in the Stipulation of Settlement (“Stipulation”)) from the Derivative Action with prejudice should be entered. [Read more…]
A California federal judge has granted preliminary approval to a proposed $320 million settlement that would end shareholders’ derivative litigation relating to Wells Fargo’s fake accounts scandal. Plaintiffs in the suit, including the Fire & Police Pension Association of Colorado and the City of Birmingham Retirement and Relief System allege that since at least 2011, the Board and executive management of Wells Fargo knew or consciously disregarded that its employees were illicitly creating millions of deposit and credit card accounts for their customers, without those customers’ consent, in order to meet aggressive sales goals. [Read more…]
Lieff Cabraser, working with an international coalition of law firms including Danish law firm Németh Sigetty, will proceed with a lawsuit against Danske Bank A/S (“Danske” or the “Bank”) to pursue compensation for damaged investors after revelations of alleged money laundering, financial mismanagement, and deficient regulatory disclosures. [Read more…]
In partnership with the Investigative Fund, The Intercept has published a powerful piece calling attention to proposed changes to the securities laws that may keep shareholders from being able to sue corporations that violate the law to shareholders’ detriment. The right to a trial may be replaced with mandatory arbitration agreements that will shunt shareholder lawsuits into private, closed-door arbitration funded by the very corporations alleged to have committed the fraud. [Read more…]
Lieff Cabraser attorney Bruce W. Leppla will be speaking at the Investment Company Institute’s May 4, 2017 General Members Meeting on “Where are the Gatekeepers? The Need for Investment Firm Oversight of the Capital Markets.” Mr. Leppla and his partners represent institutional investors in major class and opt-out investment loss recovery litigation in circumstances where such losses are due to fraud or serious corporate misconduct. [Read more…]
Lieff Cabraser attorney Michael Miarmi will participate in a live CLE webcast addressing landmark securities fraud decisions on December 17, 2015. “Fraud-on-the-Market Theory: Presumption and Other Significant Issues and Updates in 2016 and Beyond Live Webcast” will be held on Thursday, December 17 from noon to 12 p.m. (Eastern). The discussion will center around the June 2014 U.S. Supreme Court decision in Halliburton Co. v. Erica P. John Fund, Inc. in which the foundation of securities class actions was called into question. [Read more…]
Lieff Cabraser attorney Bruce W. Leppla will be speaking at the Legal Executive Institute’s October 8, 2015 meeting on Board of Director fiduciary duties related to intellectual property valuation in the context of merger and acquisition (M&A) activity. With the dramatic rise of M&A activity involving the acquisition of companies with valuable intellectual property, the issue arises as to whether the Board of the company to be acquired has taken appropriate steps to value its intellectual property. Conventional valuation methods (e.g., discounted cash flow analysis, the use of comparables, etc.) may be of limited help. Mr. Leppla will examine the legal standards with respect to board fiduciary duty in this area and also review new, more innovative financial methods to assess valuation.
Lieff Cabraser partners Joy A. Kruse and Dean M. Harvey will be discussing the latest trends in class actions at the Eleventh Annual Comprehensive Conference on Class Actions on June 4th & 5th in Seattle, Washington. Hosted by Law Seminars International, the conference will bring together distinguished practitioners in state and federal class actions. Ms. Kruse will address developments in securities law on a panel entitled “Raising Capital: Class Actions and Market Manipulation.” Mr. Harvey will speak on the “Cases at the Intersection of Class Actions and Employee Protection Regulations” panel.
Lieff Cabraser attorney Nicholas Diamand will be participating at the 2015 International Corporate Governance Network (ICGN) Annual Conference hosted by the City of London, at Guildhall from June 3-5, 2015. Diamand will chair a panel on “Legal Redress as a Corporate Governance Element of Shareholder Engagement: An International Perspective.” Institutional investors from the United Kingdom, Europe, and Australia will discuss the regional approaches to investor protection litigation and recovery.
Lieff Cabraser attorney Bruce W. Leppla will be speaking at the Investment Company Institute’s 2015 Legal Forum “ICI at 75: Facing the Future” on May 7, 2015, in Washington D.C. Leppla will be discussing the topic of investment funds as litigation plaintiffs at this year’s legal forum. The Legal Forum invites selected lawyers to give presentations to the investment management industry at the 2015 General Membership Meeting (GMM), the Legal Forum and various other conferences and workshops. Leppla is speaking this year at both the GMM meeting and the Legal Forum. He is the only plaintiffs’ lawyer to be invited, and is a frequent speaker at other ICI, International Foundation and NCPERS events.
Ohio Attorney General Mike DeWine today announced the $335 million settlement, subject to court approval, of a class-action lawsuit against The Bank of New York Mellon (“BNYM”) over claims that it unlawfully overcharged pension funds and other banking customers for foreign currency exchange (“FX”) trades. Combined with settlements with other regulatory and government agencies, the total gross compensation to BNYM’s customers will be $504 million. BNYM has agreed to pay an additional $210 million in penalties to the United States Department of Justice (“DOJ”) and other government agencies.
Lieff Cabraser attorney Bruce W. Leppla will be speaking at the Investment Company Institute‘s Annual Mutual Funds Conference on March 17 in Palm Desert, CA. He will be featured on a panel, discussing the topic of “Investment Funds as Plaintiffs: Considering When and How to Act.” The panel will cover the different types of actions that investment companies bring, the fiduciary duties of advisors and boards as relevant to plaintiffs’ litigation, relevant investment management policies, the process of case evaluation, and the reasons both for and against serving as a lead plaintiff or opting out of pending class litigation. The 2015 ICI conference will be sponsored by Brown Brothers Harriman, Bloomberg For Enterprise, Command Financial, Confluence, McGladrey, U.S. Bancorp, and Gunn, Steers & Company.