Some business groups claim the new rule goes beyond the intent of Congress and puts U.S. firms at a competitive disadvantage.
In re Benihana Inc. Shareholders Litig. (Del. Ch. Ct.)
BRIEF – Benihana argues for dismissal of plaintiff’s class action, which seeks to enjoin a merger even though the merger has already closed. Benihana argues that the merger was approved by 99.9 percent of shareholders and that no better offers were received. Benihana seeks dismissal for failure to state a claim for which relief can be granted, under Chancery Court Rule 12(b)(6).
HSH Nordbank AG v. UBS AG (Sup. Ct., N.Y.)
COMPLAINT – Plaintiffs claim defendants’ offering materials for securitized residential home mortgages contained material misrepresentations and omissions. Claims include fraud, negligent misrepresentation, aiding and abetting fraud, declaratory judgment, and contract claims including rescission. Plaintiffs seek over $150 million in damages.
S.E.C. v. Biochemics (D. Mass.)
COMPLAINT - The S.E.C. has alleged defendants made misrepresentations about the value of company’s shares, about drugs supposedly under review by FDA, and about executives’ history, demanding injunctions and other relief.
The 2nd Circuit is expected to decide in 2013 whether to force a $1.33 bln payment to investors, a ruling that could have broad impact on the ability of governments to raise money by selling bonds.
The settlement resolves litigation that began in 2010 when Lehman sued the bank to recover more than $3 bln it said it had been deprived of due to its Chapter 11 filing two years earlier.
The latest settlement would be potentially more than a broad pact agreed in February 2012 between state attorneys general and five large banks.
The PC and printer maker bought the British company for $11 bln last year to lead its push into the more profitable software sector.
The funds accused Porsche of a "massive short squeeze" in 2008 by buying nearly all of Volkswagen's shares in a bid to take over the company, despite stating it had no plans to do so.
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‘If it ain’t broke, don’t fix it’: Treasury exempts foreign-exchange swaps and forwards from Dodd-Frank swaps regulation requirements
Deconstructing the black magic of securitized trusts
Not so fast: Directors and officers sued by the FDIC over bank failures should not assume D&O Insurance will cover the claims
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