KMK Law Complex Litigation Blog

Everyone practicing in this area knows that over the past several years, hundreds of "stock drop" class action complaints have been filed around the country against virtually every public company and financial institution — whether they survived the worst economic crisis since the Great Depression or not.

"Barratry" dates back to 15th Century Middle English and is defined by Mirriam Webster's Dictionary as: (1) the purchase or sale of office or preferment in church or state; (2) an unlawful act or fraudulent breach of duty by a master of a ship or by the mariners to the injury of the owner of the ship or cargo; and (3) the persistent incitement of litigation. Barratry is a common law crime in some states and a civil tort or equitable defense in others.

Over the past several years, circuit courts have started to provide more specific guidance on the countours of the "rigorous" analysis required by district courts in deciding whether to certify a class.