The 10b-5 DailyNews and events related to securities class action litigation. Containing all facts, with particularity, and an occasional dose of commentary.Cooperation- May 31, 2008 (1) The New York Law Journal has an article on the assistance being provided by Refco's ex-CEO, Phillip R. Bennett, to the investors suing the company for securities fraud. The unusual cooperation came to light when plaintiffs' counsel submitted a...http://www.the10b-5daily.com/archives/000927.html Opportunistic Objectors- May 30, 2008 The Cardinal Health securities class action is the case that keeps on giving, at least as far as this blog is concerned. Having previously posted about the lead plaintiff, discovery stay, motion to dismiss, settlement, and attorneys' fees decisions in...http://www.the10b-5daily.com/archives/000926.html Around The Web- May 24, 2008 A few items of interest from around the web: (1) The New York Law Journal (May 19 edition) has an article on the global reach of securities class actions. In particular, the article discusses (a) the developing standards for subject...http://www.the10b-5daily.com/archives/000925.html Contrary To Common Sense- May 20, 2008 One of the concerns raised by Congress, as part of the PSLRA, was that the application of traditional joint and several liability in securities cases may be unfair, given the enormous potential damages. To combat this problem, the PSLRA replaced...http://www.the10b-5daily.com/archives/000924.html How Many Prongs Are There- May 17, 2008 The long-running securities litigation related to Iridium World Communications, which attempted to create and market a global satellite phone system, has produced an interesting decision. In Freeland v. Iridium World Communications, 2008 WL 906388 (D.D.C. April 3, 2008), the court...http://www.the10b-5daily.com/archives/000923.html Law Firm Excused- May 16, 2008 The application of the Stoneridge decision is likely to develop slowly, as relatively few cases raise the issue of scheme liability. That said, the early returns look positive for defendants. In In re DVI Inc. Sec. Litig., 2008 WL 1900384...http://www.the10b-5daily.com/archives/000922.html Converium Settles- May 10, 2008 Converium Holding AG, a Zurich-based international reinsurer acquired by SCOR in August 2007, has announced the preliminary settlement of the securities class action pending against the company in the Southern District of New York (S.D.N.Y.). The case, originally filed in...http://www.the10b-5daily.com/archives/000921.html Parmalat Settles- May 9, 2008 Parmalat S.p.A., a producer and distributor of dairy products and fruit-based beverages based in Milan, Italy, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of New York. The case, originally filed...http://www.the10b-5daily.com/archives/000920.html A Little Something For The Effort- May 3, 2008 House Republican leaders John Boehner (R-OH) and Lamar Smith (R-TX) have asked the House Judiciary Committee to hold a hearing on the payment of kickbacks to lead plaintiffs in securities class actions. The press release and letter to the Chairman...http://www.the10b-5daily.com/archives/000919.html |