The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the Supreme Court in Basic, Inc. v. Levinson. The plaintiffs-appellees, who had acquired shares of Goldman Sachs stock between 2007 and 2010, claimed violations of section 10(b) of the Securities Exchange Act and Rule 10b–5, based on Goldman’s alleged ... Keep Reading »
Archives for January 2018
Supreme Court Says No More Spokeo: Portents for Other Standing Cases?
Earlier this week, the Supreme Court denied a petition for writ of certiorari in Spokeo II. As we previously reported, Spokeo II asked the Court to determine, in light of conflicting circuit court decisions, whether intangible harm to a statutorily-protected interest constitutes injury in fact even when a plaintiff cannot allege “real-world” harm or the imminent risk thereof. Does the denial indicate a reluctance to weigh in on thorny standing issues – or simply a ... Keep Reading »
Spokeo Seeks Supreme Court Round II
The Spokeo standing saga, which began in 2010, continues with a second cert petition to the Supreme Court. The case began when plaintiff filed a putative class action, alleging that defendant Spokeo violated the Fair Credit Reporting Act (which provides for actual or statutory damages) because its “people search engine” published inaccurate data about him. The district court found plaintiff lacked standing because he had not suffered any actual damages; the Ninth Circuit ... Keep Reading »
State of Louisiana, as Absent Class Member, Escapes CAFA Settlement Trap
The Third Circuit Court of Appeals affirmed a Pennsylvania district court decision holding the Eleventh Amendment to the United States Constitution prevented a private party from enjoining the state of Louisiana from bringing claims identical to those previously thought released in a class action settlement. As our prior post detailed, in 2013 pharmaceutical giant GlaxoSmithKline (GSK) settled a class action brought against it by indirect purchasers of the allergy ... Keep Reading »