March 1, 2019
A team of Kobre & Kim attorneys – Steven Perlstein, Melanie L. Oxhorn and Brad H. Samuels – analyze the recent decision in In re Veon Ltd. Securities Litigation, including its impact on cross-border litigation involving international defendants. This U.S. class action complaint, filed against a defendant residing in Sweden, was dismissed based on the U.S. Federal Rule of Civil Procedure 4(m) – which calls for case dismissal if a plaintiff fails to serve a complaint within an allotted time limit. While Rule 4(m) is typically specific to U.S. domestic cases, this unique decision presents several holdings that can apply to international defendants.
“The court's Aug. 30, 2018, ruling shows that foreign officers and directors who are being sued in cross-border cases may be able to invoke this procedural mechanism to obtain a dismissal and secure an early, favorable result,” the team explains.
Read the full article here.