Investors in Infinity Q Capital Management’s (Infinity Q) funds filed a proposed class action against the firm last week after the fund’s founder was charged with securities fraud and obstruction of justice for allegedly inflating assets by over $1 billion and falsifying records.

The complaint, which was filed last Thursday in the U.S. District Court

On Sept. 23, the Delaware Supreme Court endorsed a new universal three-part demand-futility test in United Food and Commercial Workers Union and Participating Food Industry Employers Tri-State Pension Fund v. Zuckerberg, et al. (Zuckerberg).[1] This universal test combines the traditional demand-futility tests established in Aronson v. Lewis[2] and Rales v. Blasband

The Appellate Division of the New York Supreme Court, First Judicial Department, held this week that Bank of New York Mellon (BNY Mellon) could be liable for its failure to maintain complete mortgage loan files in its capacity as trustee for certain residential mortgage backed securities (RMBS).  The appellate court affirmed the trial court’s denial

Judge Marrero of the Southern District of New York preliminarily approved a $100 million class settlement on Thursday, and scheduled a hearing on July 8, 2016 to determine whether the settlements should be approved as fair.  Objections will be entertained no later than 20 days before the hearing.

The proposed settlement concerns six investment banks