Goldman Sachs, J.P. Morgan, Deutsche Bank, Merrill Lynch, CIBC and Citigroup secures Dismissal of Securities Class Action


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.

Paul Weiss has advised Goldman Sachs, J.P. Morgan, Deutsche Bank, Merrill Lynch, CIBC and Citigroup with a team led by Richard Rosen (Picture)

Involved fees earner: Richard Rosen – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Citigroup Global Markets Ltd; Deutsche Bank; Goldman, Sachs & Co.; JP Morgan; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Canadian Imperial Bank of Commerce;

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Author: Ambrogio Visconti