Wall Street Banks Benefit From Tougher Suit Standards in U.S.
By Thom Weidlich – Sep 8, 2010
This Bloomberg article should be read in full at the above link. It describes how all knids of lawsuits will be tougher to pursue in federal court with stricter standards for setting forth facts in order to even proceed with a lawsuit. The article states in part:
Two U.S. Supreme Court decisions making it tougher to pursue lawsuits may have begun to bear fruit for corporations fighting investor claims or employee litigation.
Where once it was enough to give a defendant “fair notice” of a claim and the grounds on which it rested, the high court’s 2007 holding in Bell Atlantic Corp. v. Twombly required an antitrust complaint to contain enough facts to show a claim that is “plausible on its face.” Two years later, in Ashcroft v. Iqbal, the court applied Twombly to all federal civil suits.
The Supreme Court rulings mean that someone who wants to sue in federal court “should not subject a defendant to the costs and burdens of litigation when there is no plausible basis for their claims,” Lisa Rickard, president of the U.S. Chamber of Commerce’s Institute for Legal Reform, said in an e-mail.
Based in Chicago and Oak Brook, Ill., Lubin Austermuehle represents clients throughout Illinois and across the United States who are involved in serious or high-stakes business litigation. Our Illinois business lawyers work for both plaintiffs and defendants in cases of contract disputes, intellectual property infringement, trade secrets, restrictive covenants, indemnification and any other claims that could have a serious effect on the finances and future of the business. Our Chicago business law firm’s clients include companies in every field and businesses of all sizes, from small family businesses to major corporations. To learn more or speak to an experienced Northbrook business litigation attorney, please contact us through our website or call (833) 306-4933 today.