Appellate Court Dismisses 14 Underwriter Clients of Simpson Thacher in Securities Class Action
04.11.24
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On April 4, 2024, on behalf of 14 investment banks that served as underwriters on a pair of offerings by ViacomCBS (n/k/a Paramount Global), the Firm secured an appellate decision in New York’s First Department. This decision reversed the trial court’s February 2023 decision. The action was brought in the wake of a March 2021 secondary issuance of securities by ViacomCBS. On appeal, the court agreed that the trial court’s original ruling imposed unnecessary obligations on underwriters.
The Simpson Thacher team included Jonathan Youngwood, Rachel Sparks Bradley, Noah Gimbel, Kelsey Vickery, Rachel June-Graber and Melissa Vallejo.