Our attorneys have substantial experience representing corporations, financial institutions, accounting firms and their executives in securities and complex commercial litigation in state and federal courts throughout the United States.
Murphy & McGonigle serves as lead counsel or coordinating counsel for corporate defendants in multi-jurisdictional litigation, defends public companies and their officers and directors in securities class actions, and represents financial institutions in numerous litigations involving claims of billions of dollars relating to residential mortgage-backed securities.
The number of securities class action lawsuit filings has increased in each of the past five years (see table, above), a trend that might continue given district and circuit court decisions, post Halliburton II, that arguably lower the bar for establishing market efficiency and invoking the fraud on the market presumption of reliance at the class certification stage. The Supreme Court could choose to address this in 2018. Meantime, the Court’s anticipated Cyan opinion could clarify that SLUSA, enacted by Congress in 1998, foreclosed state courts from having concurrent jurisdiction over “covered class actions” arising under the 1933 Act. That would end the practice, in certain jurisdictions, of remanding those actions to more plaintiff-friendly state courts.