Four Decades for Justice
Cravath partner Timothy G. Cameron and associate Sofia A. Gentel authored the U.S. chapter for the fourth edition of “The Class Actions Law Review,” which was published in May 2020 by The Law Reviews. The chapter provides a detailed overview of class actions in U.S. federal courts and how they typically proceed, examining the mechanism as allowed by Rule 23 of the Federal Rules of Civil Procedure and outlining notable 2019 Supreme Court decisions concerning class actions.
Deals & Cases
On January 14, 2019, following a comprehensive review, PG&E Corporation (“PG&E” or “the Company”) announced its intent to initiate voluntary reorganization proceedings under chapter 11, through which it intends to address its responsibilities to stakeholders and achieve an orderly, fair and expeditious resolution of potential liabilities resulting from the unprecedented 2017 and 2018 Northern California wildfires. Cravath is representing PG&E as principal advisory counsel; in corporate matters related to its chapter 11 proceedings, including the arrangement of Debtor-in-Possession (“DIP”) financing; and as lead trial counsel in related litigation.
Deals & Cases
On September 18, 2014, the Second Circuit Court of Appeals affirmed the trial court’s decision dismissing an action against AWB Limited, the corporate successor to the Australian Wheat Board, which is now known as Agrium Asia Pacific Limited. The trial court’s decision is one of five dismissals -- and one of seven favorable court decisions -- Cravath obtained for AWB in actions related to the United Nations Oil-for-Food Programme since 2008.
Deals & Cases
On February 12, 2014, the U.S. District Court for the Southern District of Texas granted Cravath’s motion to dismiss with prejudice an action against AWB Limited, the corporate successor to the Australian Wheat Board, which is now known as Agrium Asia Pacific Limited. This is the fifth time Cravath has successfully represented AWB in a suit concerning the United Nations Oil-for-Food Programme (the “Programme”). This suit involves claims by a number of U.S. citizens who were allegedly injured in terrorist attacks. Plaintiffs assert that those attacks were funded by Saddam Hussein using illegal kickbacks that he received from participants in the Programme. Although AWB was not named as a defendant in the plaintiffs’ lawsuit, the individuals and entities that were named as defendants brought a third-party complaint against AWB and 61 other entities that also participated in the Programme. The third-party complaint asserts a claim for contribution against AWB and the other third-party defendants in the event the defendants in the underlying action are found liable to plaintiffs for violating the Antiterrorism Act (“ATA”).
Deals & Cases
On January 27, 2012, Judge Richard J. Holwell of the Southern District of New York dismissed all claims against Vivendi, S.A. brought by individual plaintiffs who purchased Vivendi ordinary shares on foreign exchanges. In his opinion, Judge Holwell cited the June 2010 U.S. Supreme Court decision in Morrison v. National Australia Bank Ltd, which altered then-prevailing Second Circuit law concerning the scope of Section 10(b) of the Securities Exchange Act of 1934 (and Rule 10b-5 promulgated thereunder) by holding that Section 10(b) does not apply extraterritorially. The individual plaintiffs had alleged that Vivendi misled shareholders about its financial condition between 2000 and 2002. The same Southern District of New York court previously applied Morrison to the Vivendi class action litigation in a decision dated February 17, 2011, dismissing the claims of the class action plaintiffs who purchased Vivendi ordinary shares. Cravath has represented Vivendi in various securities litigation since 2002.
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