Publications

This edition of the Alert addresses a Supreme Court decision holding that courts must separately review the arbitrability of each claim in a complaint. We also discuss two opinions from the Second Circuit: one ruling that a class member in the Ameriprise litigation may arbitrate certain claims notwithstanding an intervening class settlement; and another affirming the dismissal of an auction rate securities action against Merrill Lynch. In addition, we discuss a Ninth Circuit decision holding that proof of materiality is not required for invoking the fraud-on-the-market presumption at the class certification stage.

We also address a Southern District of New York ruling dismissing the Madoff Trustee’s claims against JPMorgan Chase and UBS on standing grounds, as well as a decision from the Western District of Washington holding that the PSLRA’s safe harbor does not protect oral forward-looking statements made without accompanying cautionary language. Finally, we discuss the Delaware Chancery Court’s denial of motions for expedited discovery and proceedings in two shareholder suits opposing merger transactions.