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Securities class action filings remained somewhat steady in 2011, largely due to a surge in two types of lawsuits - those filed against Chinese companies listed on U.S. stock exchanges and those linked to mergers and acquisitions, according to a pair of reports at year's end.
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A federal judge has denied, in part, defendants' motions to dismiss a lawsuit accusing General Electric of misleading investors about certain aspects of its financial condition during the financial meltdown of 2008 and 2009, including its access to commercial paper markets and exposure to risky subprime loans.
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A San Francisco judge ruled that California's largest public pension fund can pursue rating agencies Moody's and Standard & Poor's over $1 billion in investment losses, rejecting an attempt to have the lawsuit dismissed as a spurious attack on free speech.
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SAN FRANCISCO, November 17, 2011 /PRNewswire/ -- If you bought or leased a new car or truck in Hawaii, Iowa, North Carolina or the District of Columbia during January 1, 2001 to April 30, 2003, you could get a payment from two class action settlements.
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SAN FRANCISCO, Calif., November 9, 2011 - On November 7, 2011, the law firm of Berman DeValerio filed a securities class action lawsuit against Diamond Foods, Inc. (NASDAQ: DMND)("Diamond" or the "Company") and certain of its officers (collectively, with Diamond, the "Defendants"). Diamond is a branded food company specializing in processing, marketing and distributing culinary, snack, in-shell and ingredient nuts.
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In September 2006, Plaintiffs Kasadore Ramkissoon and Does 1 and 2 filed an action in the Northern District of California captioned Doe 1, et al. v. AOL LLC, Case No. C 06-5866 (SBA) (JCS). Plaintiffs alleged that AOL had violated various Federal and State laws when it made available for download data reflecting internet searches conducted by certain users during the period March 1, 2006 through May 31, 2006. The parties have now agreed to resolve the matter without any admission of fault, liability, or wrongdoing.
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As the first lower court rulings citing the Supreme Court's decision in Morrison et al. v. National Australia Bank, Ltd. start to roll in, the worst fears expressed by Justice John Paul Stevens in his concurring opinion are coming true - U.S. investors who buy stock on foreign stock exchanges can no longer sue for fraud under U.S. federal securities laws.
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Four Ohio public pension funds and the New York State Common Retirement Fund are seeking to be named joint lead plaintiffs in a class action against BP Plc ("BP" or the "Company") that aims to recover investment losses related to the massive Gulf of Mexico oil spill.
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Intel Corp. recently agreed to implement a series of corporate governance reforms designed to minimize opportunities for the types of anticompetitive behavior that spawned private litigation, regulatory actions and large fines against the company. Berman DeValerio acted as co-lead counsel in a derivative lawsuit brought on behalf of institutional and individual investors.
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A federal appeals court has affirmed the right of lead plaintiffs to select their own attorneys in a securities class action.
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