Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Paul, Weiss Secures Dismissal of Securities Class Action
- Client News
- April 28, 2017
Practices
Paul, Weiss secured the dismissal of a securities class action on behalf of our clients, a group of banks that were initial purchasers of $15 billion of senior notes issued by Valeant Pharmaceuticals. In a case of first impression in the Third Circuit, U.S. District Judge Michael Shipp in Trenton ruled that the securities at issue were private placements made under Rule 144A, and thus exempt from liability under Section 12 (a) (2) of the Securities Act. The judge rejected the plaintiffs’ argument that the determination could only be resolved via fact discovery. The judge denied all other defendants’ motions to dismiss. Our clients in the litigation included Goldman Sachs, J.P. Morgan, Deutsche Bank, Merrill Lynch, CIBC and Citigroup.
Richard Rosen argued the motion.