By Jay B. Kasner, Esq. & Scott D. Musoff, Esq. & Susan L. Saltzstein, Esq.
Plaintiffs filed 300 securities class actions in 2016 — a mark much higher than the annual average of 221 from 2011 to 2015. The number of filings in 2016 was the second-highest filing total in 15 years.
By David J. Greenwald, Esq. & Abigail Pickering Bomba, Esq. & Warren S. de Wied, Esq. & Steven Epstein, Esq. & Arthur Fleischer, Jr., Esq. & Scott B. Luftglass, Esq. & Philip Richter, Esq. & Robert C. Schwenkel, Esq. & Peter L. Simmons, Esq. & Gail Weinstein, Esq.
In Gordon v. Verizon Communications, the New York Appellate Division reversed the New York Supreme Court’s rejection of a non-monetary settlement to a class action challenging an M&A transaction. These authors discuss the background and key points to consider.
The pace of securities class action filings for 2016 was the highest since the aftermath of the 2000 dot-com crash. In 2016, a total of 300 securities class actions were filed in federal courts, while 262 were resolved.
By Joseph E. Gilligan, Esq. & Alexander B. Johnson, Esq. & Marc Gottridge, Esq. & Andrew J. Trubin, Esq. & Robert N. Hayes, Esq.
In Ambac Assurance Corporation v. Countrywide Home Loans, Inc., (Ambac), the New York Court of Appeals declined to follow Delaware, a number of other states and a majority of the federal courts, each of which extend attorney-client privilege protection to cover communications and information shared between parties to an M&A transaction, without requiring pending or reasonably anticipated litigation.
In Asia, it is extremely common for the first formal step in an M&A transaction to be the signing of a preliminary document such as a terms sheet or similar document setting out some key terms that the parties have agreed as a framework for a transaction.