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Goldman to face mortgage debt class-action lawsuit
Headline Legal News |
2012/02/02 10:03
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Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.
These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.
Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.
Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.
Goldman spokesman Michael Duvally declined to comment.
The bank is one of many accused by Congress, regulators and others of having fueled the nation's housing crisis and 2008 financial crisis in part by having misled investors about the quality of mortgage debt they sold.
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Filings of Securities Class Actions in Canada Reach New High
Securities Class Action |
2012/02/01 09:35
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Securities class action filings in Canada reached their highest level to date in 2011 with 15 new filings, according to NERA Economic Consulting’s annual report, Trends In Canadian Securities Class Actions: 2011 Update. The previous high was 12 filings in 2008.
Driving this increase in filings are so called “Bill 198” cases, which are those involving claims in respect of an issuer’s continuous disclosure obligations pursuant to PartXXIII.1 of the Ontario Securities Act (OSA) and analogous sections of the other provincial securities acts. Nine of the 15 cases filed in 2011 were Bill 198 cases, compared to the seven filed in 2010. A total of 35 Bill 198 cases have been filed since the new provisions came into force in 2005. Of these, 24 remain unresolved, 10 have settled, and one has been dismissed.
“The uptick in securities class actions filings observed since 2008 is clearly not a transient phenomenon,” said NERA Senior Vice President and Trends co-author Mark Berenblut. “This trend has been driven by filings of Bill 198 cases, which account for more than two-thirds of the cases filed between 2008 and 2011.”
“This upward trend seems likely to continue at least through 2012. Several factors may influence the number of filings and the size of settlements in the future, including future rulings in leave applications, certification motions, and any trial judgments, as well as the evolving landscape of US class actions involving foreign companies and investors following the US Supreme Court decision in Morrison,” added NERA Vice President and Trends co-author Brad Heys.
Filings against Chinese Companies
Three of the new filings during 2011 were made against Chinese companies whose shares trade on the TSX or TSX Venture Exchange. These filings are a reflection of one of the major trends driving class action filings in the United States last year. The filings in Canada include the case against Sino-Forest—one of the highest-profile suits brought against Chinese companies on either side of the border.
About NERA
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For nearly half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. |
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Securities Litigation Attorney - Robert L. Herskovits
Attorney News |
2012/02/01 09:35
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New York FINRA Arbitration & Securities Litigation Attorney
Robert L. Herskovits
Robert concentrates his practice in the areas of securities litigation and regulatory enforcement matters. Robert routinely advises broker/dealers, industry professionals and investors in varied litigation, arbitration and regulatory matters relating to the securities industry. Robert is certified as an arbitrator for FINRA, AAA and the NFA and formerly served as in-house counsel for an NYSE-member broker/dealer.
Prior to forming Herskovits PLLC, Robert was a partner with Gusrae Kaplan Nusbaum PLLC for more than five years.
Robert received a JD from the Benjamin N. Cardozo School of Law and a BA from Syracuse University. Robert is admitted to practice in the State of New York and before various federal courts, including the U.S. District Court, Southern District of New York, U.S. District Court, Eastern District of New York, the U.S. Court of Appeals, 2nd Circuit, and the U.S. Supreme Court.
An active participant in the bar, Robert is the Co-Chair of the Committee for Securities and Exchanges of the New York County Lawyers' Association. Robert's accomplishments were recently recognized by Thomson Reuters' "Super Lawyers", which designated Robert as a 2011 Rising Star in business litigation.
Practice Areas
•Securities Litigation and Arbitration
•Securities Industry Regulatory Defense
•Broker-Dealer Advisory Services
•Securities Industry Employment Litigation
•Commercial Litigation
Address
1065 Avenue of the Americas
27th Floor
New York, New York 10018
Contact:
Tel: (212) 897-5410
Fax: (646) 558-0239
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Online game theft earns real-world conviction
Court Watch |
2012/01/31 10:16
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The amulet and mask were a 13-year-old boy's virtual possessions in an online fantasy game. In the real world, he was beaten and threatened with a knife to give them up.
The Dutch Supreme Court on Tuesday upheld the theft conviction of a youth who stole another boy's possessions in the popular online fantasy game RuneScape. Judges ordered the offender to perform 144 hours of community service.
Only a handful of such cases have been heard in the world, and they have reached varying conclusions about the legal status of "virtual goods" — and whether stealing them is real-world theft.
The suspect's lawyer had argued the amulet and mask "were neither tangible nor material and, unlike for example electricity, had no economic value."
But the Netherlands' highest court said the virtual objects had an intrinsic value to the 13-year-old gamer because of "the time and energy he invested" in winning them while playing the game.
The court did not release the offender's name, only his year of birth — 1992. It said he and another youth beat and kicked the boy and threatened him with a knife until he logged into RuneScape and dropped the objects in 2007.
One of the thieves, who was also playing the game, was then able to pick up the items, making them his virtual property. Both were convicted by a lower court in 2009, but only one of them had appealed to the Supreme Court. |
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Assange's extradition fight faces long odds
Securities Class Action |
2012/01/31 10:16
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Julian Assange's long-running battle against extradition comes to a climax at Britain's Supreme Court this week, and legal experts say that the WikiLeaks founder faces long odds.
Assange has already failed twice in his bid to block his extradition to Sweden, where he faces sex crime allegations stemming from a trip there in mid-2010. The two-day hearing which begins Wednesday is the last chance his lawyers have to persuade a British court not to send him to Scandinavia.
"I don't think he'll succeed," said Peter Caldwell, an extradition lawyer familiar with Assange's legal submission.
European arrest warrants are difficult to beat, and Caldwell said that while Assange's case was "well-argued ... it doesn't get beyond the obligation of the U.K. to give effect to European law."
Assange is celebrated by some as a champion of transparency and reviled by others as an enemy of the U.S. government, but the argument before the Supreme Court has nothing to do with his career as an online secret-spiller or even the merits of the Swedish sex allegations — which Assange has always denied.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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