Investigations of Toyota Begin

Reports are beginning to surface that Toyota has received a grand jury subpoena from a federal grand jury considering possible criminal charges and a document request from the Securities and Exchange Commission. The investigations apparently revolve around safety issues, including sudden acceleration, leading to the company’s recall of more than 8 million vehicles. Among the […]

2nd Circuit Holds No Heightened Evidentiary Standard in Class Action Alleging Fraud on the Market

In a class action suit the United States Court of Appeals for the Second Circuit held that the district court had not erred in certifying the class in the Section 10(b), Rule 10b-5 securities fraud action. The complaint alleges that Citigroup defendants, Salomon Smith Barney, and Solomon’s research analyst, Jack Grubman, defrauded investors in Metromedia […]