Magistrate Judge Sharp of the Middle District of North Carolina granted Paul, Weiss's motion to dismiss a putative securities class action against our client Triad Guaranty Inc., an insurance company based in North Carolina, and certain of its officers and directors. Plaintiff claimed that defendants had manipulated internal risk models to justify lower prices on mortgage insurance in order to undercut competitors and achieve greater market share and short-term profits. Magistrate Judge Sharp held that plaintiff had failed to allege facts suggesting that plaintiff's loss was caused by the alleged fraud rather than "simply by the 'historically unprecedented' contraction of the housing industry."

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.

Citigroup Inc., represented by Paul, Weiss, has won the trial of a multibillion dollar lawsuit by Terra Firma Capital Partners Ltd. and its Chairman Guy Hands who claimed he was tricked by the bank into overpaying for EMI Group Ltd. in a 2007 auction.

Plaintiff Michael Bohigian claimed that Kohlberg Capital Corporation's (KCAP) board of directors harmed the company by improperly valuing its illiquid investments, requiring KCAP to restate its financial statements for year-end 2008 and for the first two quarters of 2009. New York State Supreme Court Justice Melvin Schweitzer's 29-page decision rejects each of plaintiff's many attempts to explain his failure to make a demand on KCAP's board before filing suit, dismisses the complaint, and gives plaintiff 45 days in which to move for permission to amend his complaint.