Tag Archives: Judge Sweet

Facebook IPO Lawsuits To Be Heard By Judge Sweet

Today, the MDL Panel ordered that 41 cases filed in connection with Facebook’s May 18, 2012 IPO be centralized, transferred to the SDNY and assigned to Judge Sweet. The 41 cases had been filed in the SDNY, the Northern District of California and the Middle District of Florida.… Continue Reading

Defendants Move to Dismiss “Magnetar” Suit Relating to CDO Allegedly Designed to Fail

As we blogged about before, an Italian bank that provided $180 million in credit protection on a CDO called “Pyxis” sued U.S. hedge fund Magnetar and others for allegedly conspiring to secretly place risky assets into Pyxis so that Magnetar could bet against the CDO and profit from its collapse. This evening, two [UPDATE: three] … Continue Reading

Status Update: Multiple Class Action Lawsuits Following IPO

At least three class action lawsuits have now been filed stemming from Facebook’s May 17 IPO, and there are surely more to follow. The first to be filed (Goldberg v. Nasdaq) names Nasdaq – not Facebook – as a defendant and alleges that the exchange “badly mishandled” the IPO, damaging class-members “in a variety of … Continue Reading

SEC Defendant Seeks Certification of Judge Sweet Ruling that Investment Advisers Act Can Be Applied Extraterritorially

Yesterday, defendant Perry Gruss moved to certify for immediate appeal Judge Sweet’s recent ruling in SEC v. Gruss concerning the extraterritorial application of the Investment Advisers Act. In a case of first impression, Judge Sweet held that that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), did … Continue Reading