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iStar Wins Appeal in Class Action Derivative Suit

Paul, Weiss obtained an appellate victory on behalf of senior management of real estate investment trust iStar Inc. when Maryland's highest court upheld the intermediate court's dismissal of a putative derivative and class action.

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Citigroup Wins Anti-Suit Injunction Precluding Overseas Enforcement of Vacated Arbitration Award

Justice Charles Ramos of the New York Supreme Court's Commercial Division granted a motion for a foreign anti-suit injunction in favor of Paul, Weiss client Citigroup Global Markets, Inc.

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Former MDC Partners Chief Accounting Officer Wins Dismissal of Securities Fraud Class Action

Judge Richard Sullivan of the Southern District of New York dismissed a securities fraud class action complaint against Paul, Weiss client Michael Sabatino.

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Wilmington Savings Fund Society Obtains Summary Judgment in Breach of Indenture Action

The Honorable Jesse M. Furman of the U.S. District Court for the Southern District of New York granted summary judgment to Paul, Weiss client Wilmington Savings Fund Society, FSB, on its claim for breach of contract against defendant Cash America International, Inc. 

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Eleventh Circuit Affirms Dismissal of Securities Class Action Suit Against ADT

The U.S. Court of Appeals for the Eleventh Circuit affirmed the dismissal of a consolidated securities action against Paul, Weiss client The ADT Corporation that challenged the company's disclosures concerning its stock repurchase program in 2012 and 2013, the impact of competition on the company's performance, and the company's buyback of stock from an activist investor.

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U.S. District Court in New Jersey Rules That the Two-Year Limitations Period for Suits to Recover Short-Swing Profits Under Section 16(b) of the Securities Exchange Act of 1934 Is a Statute of Repose That Is Not Subject to Tolling

Last week, a judge in the United States District Court for the District of New Jersey ruled on an issue that has remained unresolved since the United States Supreme Court split 4-4 on it four years ago:  whether the two-year limitations period for bringing claims to recover short-swing profits under Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act") is an ordinary statute of limitations that is subject to extension under the doctrine of equitable tolling, or whether it is a statute of repose that is not subject to extension or tolling under any circumstances.

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Richard Rosen and Jessica Carey Co-Author Article on PSLRA’s Safe Harbor in Insights

Litigation partners Richard A. Rosen and Jessica S. Carey co-authored an article in the May issue of Insights. The article, titled "The Safe Harbor for Forward-Looking Statements after Twenty Years," explores case law on the "Safe Harbor" for forward-looking statements under the Private Securities Litigation Reform Act of 1995 and suggests strategies for defense counsel to successfully invoke its protection.

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Supreme Court Rejects Federal Jurisdiction Over State Law Claims That Do Not Necessarily Raise Exchange Act Issues

In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132 (May 16, 2016), the Supreme Court held that the provision of exclusive federal jurisdiction in the Securities Exchange Act of 1934 ("Exchange Act") does not generally extend to claims brought under state law even if the complaint refers to purported Exchange Act violations.

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Omnicare: Limits on Investor Suits for Statements of Opinion

In this video, litigation partner Bill Michael discusses implications of the United States Supreme Court ruling in Omnicare, Inc. v. Laborers' District Council Construction Industry Pension Fund.

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