Munger, Tolles & Olson won a legal victory recognized on the Daily Journal’s list of Top Verdicts for 2021, published on Feb. 9, 2022.
The Daily Journal selected the firm’s representation of Southern California Edison and its parent, Edison International, in obtaining dismissal of a putative securities class action lawsuit. This dismissal was recognized in the Daily Journal’s Top Defense Results category.
Following two wildfires in Southern California in 2017 and 2018, plaintiffs alleged that Edison and its executives misled investors about the utility company’s commitment to safety, wildfire risk mitigation efforts and potential liability for wildfire damages. Plaintiffs claimed damages based on declines in Edison’s stock price after the wildfires occurred.
In April 2021, U.S. District Judge Consuelo B. Marshall dismissed the action in its entirety. In dismissing all of the plaintiffs’ claims, Judge Marshall held that Edison’s “general statements related to the prioritization of safety would not mislead a reasonable investor,” and that “contrary to Plaintiffs’ contentions, none of the statements made by the Edison Defendants is false or misleading.” Judge Marshall further held that certain claims were barred by the statute of limitations.
The Munger Tolles team consisted of attorneys John Gildersleeve, John Spiegel, and Lauren Barnett.
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