The Continuous Growth of Securities Litigation – Exploring Opportunities and Pitfalls in 2017
Securities litigation poses a substantial risk to both American and Canadian businesses and remains as a potential minefield for them. In Canada, a February 11, 2016 report reveals that securities class action lawsuit filings in 2015 were at their lowest levels since 2003. However, increasing market volatility experienced in 2016 is expected to counter some of the factors contributory to the decline. On the other hand, the U.S. Securities and Exchange Commission (SEC) has announced that it was able to file 868 cases in fiscal 2016, versus 807 in fiscal 2015, with over four billion dollars in penalties.
With trends showing these types of cases on the rise, companies need to stay informed of the governing rules and regulations to be able to manage possible exposure associated with securities litigation.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders brought together by The Knowledge Group will help counsel and companies understand the various aspects surrounding the evolving landscape of securities litigation. They will provide an in-depth discussion of the increasing litigation trends and will offer best risk mitigation practices.
Key topics include:
- Securities Litigation in the U.S. and Canada – Trends and Developments
- Increased Enforcement
- Opportunities and Pitfalls
- Notable Cases
- Best Risk Mitigation Practices
Joseph Gulino, Director,Assistant Managing Partner
- Is the typical U.S. shareholder class action “aging out”? A review of the current status, recent legal developments and other factors reducing the class action significance.
- Toshiba ADR case
- VW case
- other recent court decisions affecting securities litigation in the United States
- Growth of foreign cases
- Due to opening legal markets, and developments and uncertainty in the United States
- Some recent success stories (Fortis and RBS)
- Dutch foundations
- Growing/maturing litigation funding market
- U.S. and non-U.S. investors gaining confidence and comfort with legal actions in “foreign” jurisdictions, which is another factor driving this growth
Teresa M. Tomchak, Partner
Farris, Vaughan, Wills & Murphy LLP
- Frequently used to affect a merger, particularly cross-border
- Courts in Canada may refuse to approve arrangements because proper procedure is not followed.
- Courts will decide which shareholders get to vote depending on how the transaction is structured.
- Hostile Take-over bids/Proxy Fights
- Significant amendments to the takeover bid regime occurred in Canada in 2016.
- Increasing use of private placements to block bids.
- Shift from securities commissions to courts to deal with such matters.
- Several court decisions discussing when the courts will intervene in such battles.
- Securities Class Actions
- Courts in Canada reluctant to grant leave in Canada to allow plaintiffs to commence actions for secondary market claims against the company.
- Courts also have been refusing leave to commence actions against other parties.
- Oppression/Derivative Actions
- The use of oppression as the primary tool for shareholders to commence litigation against company is declining.
- Courts have also been reluctant to grant leave to commence a derivative action on behalf of the company for wrongs
Who Should Attend:
- Securities Lawyers
- Financial Fraud Practicing Lawyers
- Senior Financial Management
- Compliance Officers
- Legal Counsel
- Finance Lawyers
- Financial Crime Attorneys & Consultants
- White Collar Attorneys
- Securities Litigation Attorneys
- Corporate Attorneys
- Litigation Officers
- Corporate Executives
- Public and Private Companies
Joseph Gulino, Director and Assistant Managing Partner, has successfully represented institutional investors in active cases in multiple jurisdictions around the world for over a decade. A U.S.-trained, multilingual attorney, Joseph is dual-licensed to practice in the U.S. (Florida, Pennsylvania and Washington, D.C.) and England & Wales. He represents DRRT’s clients in investor protection matters and securities and antitrust litigation. He is a Board Certified International Lawyer by the Florida Bar.
Leading a team of skilled international litigators, Joseph directs major non- U.S. securities litigation cases, such as Vivendi, Saipem, and Tesco, working closely with DRRT’s partner firms in several global jurisdictions. He has acted as liaison counsel for DRRT clients in some of the largest U.S. securities cases, including Citigroup, Bank of America, and Merck.
A member of Associazione Internazionale Giuristi di Lingua Italiana (AIGLI) and the Association Internationale des Jeunes Avocats (AIJA), Joseph has lectured on securities litigation and investor protection claims in Italy, Belgium, and Luxembourg, and has authored articles on investor protection in various French legal journals.
Joseph Gulino, Director and Assistant Managing Partner, has successfully represented institutional investors in active cases in multiple jurisdictions around the …
Teresa is a partner at Farris, Vaughan, Wills & Murphy LLP. Teresa has extensive experience in securities litigation and regulation. Teresa has been involved in numerous shareholder disputes, hostile take-over bids, proxy fights, contested plans of arrangement and securities class actions. Teresa has represented clients during investigations and enforcement hearings before various provincial securities commissions and IIROC. Teresa is a co-author of CLE’s award winning text, British Columbia Business Disputes. Teresa was recognized by Lexpert as one of Canada’s leading lawyers under 40 and is recognized as a litigation star by Benchmark Canada.
Teresa is a partner at Farris, Vaughan, Wills & Murphy LLP. Teresa has extensive experience in securities litigation and regulation. …
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Method of Presentation:
NASBA Field of Study:
Business Law - Technical
NY Category of CLE Credit:
Law Practice Management
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DRRT is an international law firm, institutional claims filing provider and litigation funder in non-class action jurisdictions. DRRT counsels and assists global institutional investors with over $10 trillion in AuM. The main focus of DRRT is to help investors recover losses resulting from false, misleading or omitted information by publicly listed companies.
In investor terms, DRRT helps its clients generate “Legal AlphaSM” through uncompromising pursuit of loss recovery in private and class actions, shareholder derivative suits, appraisal disputes, and in the class action and semi-class action settlement claims filing area through Pro-Active Portfolio MonitoringSM. DRRT has a long track record of successfully representing institutional investors in more than a dozen countries around the world and has recovered over $1 billion for institutional investors. DRRT is widely recognized as one of the world leaders in global class-action alternatives for loss recovery.
About Farris, Vaughan, Wills & Murphy LLP
Farris, Vaughan, Wills & Murphy LLP is a leading BC Law Firm with offices in Vancouver, Kelowna, and Victoria. Our full-service firm represents some of the largest public and private institutions and corporations in the province, offering versatile and innovative approaches to legal issues for over 100 years. We balance a strong regional presence with an expanding international practice that includes U.S., European, and Asia-Pacific based clients. Farris offers a full range of legal services in the areas of corporate law, tax & wealth management, litigation, and labour and employment.