A recent paper by Cheng, Srinivasan, and Yu of the Harvard Business School found that U.S. listed foreign companies experienced about half the class action lawsuits as their U.S. counterparts. (SSRN) Here’s the abstract: We study securities litigation risk faced by foreign firms listed on U.S. exchanges. We find that U.S. listed foreign companies experience…
The International Comparative Legal Guide recently released a study by NERA on international class actions. The bottom line: despite the Morrison decision, international class action suits are on the rise – primarily because of China. (ICLG)
DSNews reports that five Alabama homeowners are acting as lead plaintiffs in a Libor class action. They owned ARMs linked to the Libor and claim to have been damaged in the $1,000 range. The plaintiffs attorneys estimate the class could grow to over 100,000. (DSN) Also see an FT article on the same topic. (FT)…
In an RMBS litigation by the City of Ann Arbor Employees’ Retirement System as lead plaintiff against Citigroup et al, a settlement has been proposed of $13.20 per $1,000 or 1.32 cents on the dollar. As observers of RMBS settlements will note, this is the mid-range of recent settlements. Read the memorandum of law, submitted…
Zero Hedge was out this morning with an update on LIBOR liability estimates, here. Also, see the WSJ piece, here. (You’ll need a subscription.) The range: Macquarie at $176B to Morgan Stanley at $7.8B.
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