The majority of securities class actions that are not dismissed are settled. These settlements often contain broad releases aimed at ending litigation and provide class members with the right to object or opt out of the settlement. Parties frequently agree on provisions that allow defendants the option to cancel the settlement if a certain percentage of the class elects to opt out. In recent years, there has been a notable increase in the percentage of class members opting out of settlements. This growing trend of opt-outs is a pressing concern for parties involved in securities class action litigation.
This program will address the reasons behind opt-outs, including the preservation of the right of individual litigants to bring a direct action against defendants and the potential for larger recoveries. The program will also discuss the potential risks and costs for both defendants and opt-out plaintiffs, as well as the potential impact of this trend on D&O insurance carriers' policy pricing.
Presenter Bios
Jay Dubow co-leads the securities investigations and enforcement practice at Troutman Pepper. He focuses his practice on complex business litigation, with a special emphasis on defending against shareholder derivative and securities class action litigation. He also represents clients involved in investigations by the U.S. Securities and Exchange Commission (SEC) the Pennsylvania Department of Banking and Securities, and various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc. (FINRA). He also conducts internal investigations on behalf of clients. Such investigations have included allegations involving the Foreign Corrupt Practices Act (FCPA), whistle blower claims, financial fraud, and civil and criminal violations of various federal and state laws.
Jay also counsels’ cannabis and CBD industry clients on corporate and regulatory issues, as well as the potential risks both for cannabis-focused companies and non-industry participants doing business with cannabis companies.
Jay previously worked at a public credit card company as senior vice president, general counsel, and chief administrative officer. Jay began his career as a staff attorney and then branch chief in the Division of Enforcement of the SEC in Washington, D.C.
Active in local and national bar associations, Jay is a leader in the American Bar Association’s Business Law Section and currently serves as vice chair of the Business and Corporate Litigation Committee, co-chair of the Cannabis and Alcoholic Beverages Subcommittee, and vice chair of the Criminal and Enforcement Litigation Subcommittee. He is on the editorial board of The Business Lawyer, the law review of the Section of Business Law of the American Bar Association.
Milica Krnjaja focuses her practice on a diverse range of matters involving business litigation. She is also active in pro bono matters, including representing refugees in obtaining permanent residence and representing clients in civil rights litigation. In 2023, Milica was awarded the Professor Louis Del Duca Memorial Award by the Pennsylvania Bar Association.
Prior to joining the firm, Milica served as a judicial extern for the Honorable Christopher C. Conner in the U.S. District Court for the Middle District of Pennsylvania.
Milica obtained her law degree from Penn State Dickinson Law, where she served as the executive board member of the Dickinson Law Moot Court. While at Penn State University, she was also accepted in The Order of Barristers.
Joanna Cline practice includes a variety of commercial and corporate matters, with notable experience in handling disputes over stock and asset purchase agreements, alleged breaches of fiduciary duty, information rights, securities litigation, restrictive covenants, general contract litigation, fraud, RICO, and antitrust.
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