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The PSLRA was designed to limit frivolous securities lawsuits. Prior to the PSLRA, plaintiffs could proceed with minimal evidence of fraud, and then use pretrial discovery to seek further proof. That set a very low barrier to initiate litigation, which encouraged the filing of weak or entirely-frivolous suits.
Tellabs Inc. v. Makor Issues & Rights, 551 U.S. 308 (2007), was a United States Supreme Court case in which the Court ruled on the interpretation of the Private Securities Litigation Reform Act of 1995's requirement of scienter in a civil action in apply to Tellabs and Makor Issues & Rights. [1]
In 1995, Congress passed the Private Securities Litigation Reform Act (PSLRA), claiming that the class action device was being used to injure "the entire U.S. economy" through nuisance filings, targeting of deep-pocket defendants, vexatious discovery requests, and "manipulation by class action lawyers of the clients whom they purportedly represent."
The state of Georgia was not immune from an antitrust lawsuit challenging the competition-reducing acquisitions of a state-owned hospital. Florida v. Harris: 11-817: 2013-02-19 Because the police provided evidence showing the dog did well at training, a dog sniff provided probable cause for a search of a vehicle. Gunn v. Minton: 11-1118: 2013-02-20
Members of the family who own OxyContin maker Purdue Pharma, and the company itself, agreed to pay up to $7.4 billion in a new settlement to lawsuits over the toll of the powerful prescription ...
Merrill Lynch moved to dismiss the class action, arguing that it was preempted by the Securities Litigation Uniform Standards Act, which bars class action lawsuits from bringing state law claims for fraud "in connection with the purchase or sale" of securities. The District Court agreed that SLUSA preempted Dabit's claims based on the purchase ...
(Reuters) -A Democrat who served at the U.S. agency that hears appeals by federal government employees when they are fired or disciplined has filed a lawsuit challenging Republican U.S. President ...
The lawsuits allege that the company's high-voltage transmission towers. Victims of the Los Angeles wildfires, likely the costliest in U.S. history, are seizing upon a unique California legal ...