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  • Pfizer Wins Dismissal of Shareholder Class Action Suit

    LitigationSecurities Litigation

    As reported by Thomson Reuters and Law.com, Paul, Weiss client Pfizer Inc. achieved a major victory when a federal court granted the company's motion for summary judgment in In Re Pfizer Inc. Securities Litigation, a securities class action filed in the United States District Court for the Southern District of New York involving decade-old disclosures related to Celebrex and Bextra. The order dismisses the case in its entirety.

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  • Claims Dismissed Against Andrew Madoff
    and Estate of Mark Madoff

    Securities LitigationLitigation

    As has been reported by The New York Times, Paul, Weiss achieved a significant victory for our clients Andrew Madoff and the Estate of Mark Madoff. Following a three-week trial in the U.K., Justice Popplewell of the High Court of Justice, Queens Bench Division, Commercial Court issued a 188-page decision dismissing all claims against our clients brought by the Securities Investor Protection Act Trustee on behalf of Bernard L. Madoff Investment Securities (BLMIS) in conjunction with the liquidators of Bernard Madoff's London business, Madoff Securities International Ltd. The claimants alleged that our clients and six other directors of MSIL violated their fiduciary duties to act in the best interest of MSIL when they approved several sets of payments by MSIL to various third parties, including Sonja Kohn.

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  • Paul, Weiss Obtains Dismissal
    of Putative Securities Class Action
    for Pharmaceutical Client

    Securities LitigationLitigation

    Judge P. Kevin Castel dismissed with prejudice a securities fraud putative class action brought in the Southern District of New York under Sections 10(b) and 20(a) of the Securities Exchange Act against Paul, Weiss client Aeterna Zentaris, Inc., a Canadian/German company that develops oncological and other drugs, and its senior officers. Plaintiff claimed that Defendants made material misrepresentations and omissions concerning Phase 2 and 3 clinical trials, conducted by Aeterna's partner Keryx Biopharmaceuticals, of Aeterna's potential anti-cancer drug, perifosine.

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  • Second Circuit Affirms Summary
    Judgment in Case Brought by Seven
    Norwegian Municipalities

    Securities Litigation

    Paul, Weiss achieved a victory for Citigroup when the Second Circuit Court of Appeals affirmed by summary order the U.S. District Court's grant of summary judgment in favor of our clients Citigroup Global Markets Inc. (CGMI) and Citigroup Alternative Investments LLC (CAI). The case was brought in August 2009 by seven Norwegian municipalities for common law fraud and negligent misrepresentation following their investment in a Citi municipal bond arbitrage fund that lost value during the 2007 financial crisis.

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  • All Claims Against The Bank
    of New York Mellon Dismissed

    Securities LitigationFinancial Institutions

    The firm obtained a substantial victory on behalf of Paul, Weiss client The Bank of New York Mellon, when the New York Appellate Division, First Department, dismissed all of the remaining claims asserted against BNYM in its capacity as indenture trustee for certain notes issued by the predecessor to LyondellBasell, the world's third largest chemical company. The noteholders, who sought approximately $1 billion in purported damages, claimed that BNYM had violated its duties as indenture trustee by allowing LyondellBasell to issue, in connection with Basell's acquisition of Lyondell, an additional $20 billion in debt senior to the notes. 

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  • Bank of America Wins Motions
    to Dismiss Derivative Actions

    Financial InstitutionsSecurities LitigationLitigation

    Paul, Weiss client Bank of America Corporation (BofA) and several of its directors and officers achieved a victory in the United States District Court, Southern District of New York. Judge P. Kevin Castel granted the defendants' motions to dismiss two derivative actions alleging, among other things, that BofA's directors and officers breached their fiduciary duties and were unjustly enriched in connection with BofA's 2008 acquisitions of Countrywide Financial Corporation and Merrill Lynch & Co.

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  • New York State Supreme Court
    Dismisses Complaint Against FalconStor

    Securities LitigationLitigation

    New York State Supreme Court Justice Emily Pines issued a decision dismissing, with prejudice, a shareholder derivative complaint brought against Paul, Weiss client FalconStor Software, Inc. In June 2012, FalconStor entered into settlements with the Department of Justice and the SEC admitting that FalconStor employees bribed employees of JPMorgan Chase Bank, N.A., so that JPMorgan would purchase FalconStor products and services. Plaintiffs alleged that the bribery scheme took place under the direction and watch of FalconStor's board of directors, and that the directors breached their fiduciary duties by approving stock option grants that were used in the bribery scheme.

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  • Citigroup Wins Summary Judgment

    Financial InstitutionsSecurities LitigationLitigation

    Judge Lisa Munyon of the Orange County Circuit Court, in Orlando, Florida, granted Paul, Weiss client Citigroup Inc.'s motion for summary judgment on all the claims asserted in Sungate Securities LLLP, et al. v. Citigroup Inc. The plaintiffs were investors in a feeder fund sponsored by Citigroup Alternative Investments that in turn invested in a fund managed by private equity manager Terra Firma. Plaintiffs claim that the involvement of various Citigroup subsidiaries in Terra Firma's acquisition of the music company EMI constituted, among other things, a breach of fiduciary duty. Following the conclusion of fact and expert discovery, Judge Munyon granted summary judgment for Citigroup on all of plaintiffs' claims, concluding, among other things, that the partnership documents in question barred the claims, and that Citigroup did not owe a fiduciary duty to the plaintiffs.

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  • Sixth Circuit Affirms Dismissal
    of Claims Against Fitch

    Securities Litigation

    The United States Court of Appeals for the Sixth Circuit affirmed a ruling of the United States District Court for the Southern District of Ohio dismissing with prejudice all claims brought by the Ohio Attorney General against our client, Fitch, Inc., and two other national credit rating agencies in Ohio Police & Fire Pension Fund, et al., v. Standard & Poor's Financial Services, LLC, et al.

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  • Paul, Weiss Obtains Dismissal
    of Complaint Against Fitch, Inc.

    Securities Litigation

    Judge James L. Graham of the United States District Court for the Southern District of Ohio dismissed all claims brought by the Ohio Attorney General against our client, Fitch, Inc., and two other national credit rating agencies in Ohio Police & Fire Pension Fund, et al., v. Standard & Poor's Financial Services, LLC, et al. Adopting the arguments presented in our motion to dismiss, the court dismissed the complaint in its entirety.

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