Bloomberg and Biden’s social solution? Sue.
By ATRA Public Affairs Manager Bailey N. Griffith In one of the Democratic Party’s recent debates, former Vice President Joe Biden raised the trial lawyers’ rally cry: Sue ’em! […]
Derivative Proceedings and Shareholder Class Actions: AB 3123 (2013)
Requires a written demand be made on the corporation for
Requires a written demand be made on the corporation for derivative suits. The new demand requirement grants the company 90 days to respond and stays all proceedings, including discovery, during this period. It also allows the corporation to move for a stay of proceedings if it is currently conducting an investigation. Raises the amount of ownership in the company that a shareholder must have in order to avoid posting security in any shareholder class action or derivative suit. Requires that the shareholder hold ownership at the time of filing suit and remains a shareholder for the duration of the suit. Next and significantly, the court shall dismiss the case if the corporation moves for dismissal after specified groups have determined “in good faith, after conducting a reasonable inquiry upon which its conclusions are based, the maintenance of the derivative proceedings is not in the best interest of the corporation.” The specified groups include: (1) a majority vote of shareholders; (2) a majority vote of independent directors; (3) a majority vote of a committee appointed by independent directors; (4) a panel appointed by the court at the request of the corporation. Finally, introduces a fee shifting provision which requires plaintiffs to pay the corporation if the suit was brought without the exercise of reasonable diligence, cause or with improper purpose.
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Bloomberg and Biden’s social solution? Sue.
By ATRA Public Affairs Manager Bailey N. Griffith In one of the Democratic Party’s recent debates, former Vice President Joe Biden raised the trial lawyers’ rally cry: Sue ’em! […]
Philly can become less anti-business by looking at the courts
By Tiger Joyce and Curt Schroder (Pennsylvania Coalition for Civil Justice Reform) Mayor Jim Kenney touted the importance of fostering a pro-business climate in Philadelphia during his Feb. 11 […]
Report: Excessive lawsuit costs subtract almost $2 billion and 20,000 jobs from Louisiana’s economy
Groups calling for an overhaul of Louisiana’s legal system say “excessive” litigation costs subtract $1.9 billion from the state’s annual economic output, leading to the loss of 19,794 jobs and […]
ATRA says attorneys spent $1.5 million on TV ads in West Virginia in three months
The American Tort Reform Association has released a report showing that attorneys spent $1.5 million from July through September on television advertisements in West Virginia. ATRA found that viewers […]
Florida Lawyers Dump $13 Million Into TV Ads
Florida Lawyers Dump $13 Million Into TV Ads New report shines a light on the 113,000 local ads from 2019’s third quarter; $71 million spent on national ads JANUARY 28, […]
Georgia Lawyers Dump $10 Million Into TV Ads
Georgia Lawyers Dump $10 Million Into TV Ads New report shines a light on the 100,000+ local ads from 2019’s third quarter; $71 million spent on national ads JANUARY 28, […]
News Report Unearths ‘Trial Lawyer Underground’
Lawsuit Industry’s ‘Largely Unreported’ Lobbying Success with Obama Administration Detailed
Costly New Anti-Arbitration Rule Aimed at Nursing Homes Is Administration’s Latest Gift to Trial Lawyers
ATRA Urges Media to Focus on Other ‘Midnight’ Regulations Expected to Favor Big Donors to President’s Party as Time Runs out on His Second Term
ATRA Calls Silver’s 12-Year Sentence ‘Worthy of His Crimes’
Urges NY Lawmakers to Pass Asbestos Transparency Legislation, Says AG Schneiderman Should Investigate Fraud by Asbestos Plaintiffs’ Lawyers