No matter how much a shareholder strives and seeks, it cannot find the “profit realized” when an issuer repurchases its own stock on the open market. This according to the Eleventh Circuit’s per curiam opinion in Roth v. Russell. 2025 WL 1553628 (11th Cir. June 2, 2025). Andrew Roth saw an opportunity when Luminar Technologies,…
Tag: Securities
SLUSA CLASS ACTION BAR IS BROAD ENOUGH TO COVER EVEN SOME BREACH OF FIDUCIARY DUTY CLAIMS
In Cochran v. Penn Mutual Life Insurance Co., 35 F.4th 1310 (11th Cir. May 31, 2022), the Eleventh Circuit affirmed the district court’s dismissal of a claim for breach of fiduciary duty as barred by the Securities Litigation Uniform Standards Act (SLUSA). After Jeffrey Cochran’s 401(k) retirement plan was terminated by his employer, he transferred…