Tag Archives: Judge Sweet

Judge Sweet Rejects Shareholder Derivative Settlement With Hollow Governance Reforms

In an opinion Thursday, Judge Sweet rejected a proposed settlement of a shareholder derivative case because the consideration for the settlement consisted of three corporate governance reforms that were all but meaningless, such as a commitment to vague and unspecified “training” and a commitment to maintain the same ethics code that existed all along and … Continue Reading

Judge Sweet: Fox News’s Statement that It Took “Decisive Action” After Assault Allegation Does Not Disparage the Unnamed Accused Assailant

This week, Judge Sweet dismissed a complaint brought by a former Fox News Latino vice president who was terminated after a Fox News contributor accused him of sexual assault.  According to the complaint, a joint statement by Fox News and the accuser published in a New York Times article — stating that Fox News took “decisive action” … Continue Reading

Judge Sweet: Lynyrd Skynyrd Movie Cannot Proceed

In an opinion this week, Judge Sweet granted a permanent injunction against a film depicting the band Lynyrd Skynyrd, finding that it violated a 1988 consent order limiting the use of the band’s name and songs.  The agreement, originally overseen by Judge Sweet, was entered into by surviving family and band members from a 1977 … Continue Reading

Judge Sweet: Allegations of Bear Stearns’ Material Omissions Before Its Collapse Survive Summary Judgment

Yesterday, Judge Sweet found that there was sufficient evidence to survive summary judgment regarding allegations that Bear Stearns hid material information about its lack of liquidity and other problems during the financial crisis.  He rejected the defendants’ argument that the supposedly hidden risks were “publicly known as a result of Bear Stearns’ disclosures”: Defendants’ opposition and cited disclosures demonstrate textbook … Continue Reading

Judge Sweet Grants Sanctions Motion Against City and NYPD for Spoliation of Evidence in Summons Quota Class Action

Yesterday, Judge Sweet granted in part a motion for sanctions against the City of New York and the NYPD for spoliation of evidence in a class action over the NYPD’s alleged quotas for issuing summonses even when the officers lacked probable cause.  Judge Sweet found that the City failed to implement and maintain a litigation … Continue Reading

MDL Investor Class Certified in Facebook IPO Actions

This week, Judge Sweet granted the motion for class certification as part of the ongoing multi-district litigation over Facebook’s alleged negligent misstatements or omissions surrounding its 2012 IPO.  Central to the litigation are calls made by Facebook’s treasurer to underwriter analysts to revise revenue projections downward, and the extent that this information spread through the investment community … Continue Reading

Judge Sweet Won’t Unseal 850,000 Criminal Court Records in Summons Quota Class Action Against NYPD

Judge Sweet denied last week the City of New York’s request to unseal 850,000 criminal court records for putative class members in a civil rights class action against the City.  The complaint, originally filed in 2010, alleges that the City of New York and the NYPD violated the class members’ civil rights by requiring officers to meet … Continue Reading

Judge Sweet Blocks Activis From “Product Hopping” Alzheimer’s Drug To Avoid Triggering Laws Requiring Substitution of Generics

In a 135-page opinion issued Thursday, but made public for the first time Friday in redacted form, Judge Sweet granted the New York Attorney General’s motion to enjoin drug maker Activis from dropping a twice-a-day Alzheimer’s drug called Namenda IR, whose patent protection is about to expire, in favor of a once-a-day version called Namenda … Continue Reading

Bear Stearns Wins Dismissal of Hedge Fund’s Securities Fraud Suit

In an opinion issued today, Judge Sweet dismissed the securities fraud claims of hedge fund SRM Global against Bear Stearns, its auditors and former executives. The suit dated back to the collapse of the mortgage-backed securities market and “near-collapse” of Bear Stearns itself in 2008. Judge Sweet ruled that the suit was time-barred. SRM had … Continue Reading

Judge Sweet Dismisses Securities Fraud Claims Against Internet Phone Company

In an opinion issued yesterday, Judge Sweet dismissed all claims brought by a putative class of shareholders against magicJack, a low-cost provider of internet phone service, and certain of its executives.  The complaint identified a  raft of alleged misrepresentations and omissions: [B]etween the period of February 28, 2012 through January 8, 2013, the Company made … Continue Reading

Judge Sweet Denies Facebook’s Motion to Dismiss Federal Securities Claims

In an opinion filed last week but just posted to the ECF docket this morning, Judge Sweet denied the motion of Facebook and its underwriter banks to dismiss federal securities claims arising from the May 2012 Facebook IPO.  Noting specifically that the complaint does not allege securities fraud, Judge Sweet permitted the class action complaint of … Continue Reading

Judge Sweet Dismisses Some, but Not All, Claims Against NASDAQ in Facebook IPO Suit

In a decision last week, Judge Sweet ruled that the self-regulatory organization (“SRO”) immunity applied to bar some of the claims brought against the NASDAQ stock exchange in the consolidated In re Facebook IPO litigation.  Judge Sweet’s opinion in essence divided the claims between those that preceded the IPO and those that occurred during and after … Continue Reading