Skadden Obtains Five Securities Fraud Dismissals in Two Weeks

Skadden securities litigators successfully won five significant motions to dismiss securities fraud complaints in the two weeks between March 17 and March 31, 2010.

The cases included securing dismissals on behalf of Canadian Imperial Bank of Commerce in a putative class action suit relating to its subprime and CDO exposure; former officers of Fremont General Corporation in the third dismissal of securities fraud claims arising from Fremont's collapse; Oshkosh Corporation and several of its executives in the dismissal of a complaint alleging that Oshkosh fraudulently omitted and misrepresented the financial status of a European subsidiary by delaying a goodwill impairment announcement; Morgan Stanley in the dismissal of an auction rate securities case brought by Ashland; and Merrill Lynch in the dismissal of a putative class action brought by purchasers of auction rate securities.