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Thompson v. Li Ka-Shing

Presidential immunity protects former President from investors' conspiracy and fraud claims.

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Judge Lynch

THOMPSON v. LI KA-SHING — This action is one of nearly ninety filed against the officers and directors of Global Crossing, Ltd. (“GCL”) and others by purchasers of GCL securities in the wake of the collapse, and accompanying decline in stock price, of the company in early 2002. Like many of the cases, this one has been transferred to this Court from the Central District of California by the Judicial Panel on Multidistrict Litigation for consolidated or coordinated proceedings. This action differs from all the others in that plaintiffs have added to the usual roster of defendants (the “private defendants”) several “Corrupt Officials” (the “official defendants”) who plaintiffs allege conspired with the private defendants to artificially inflate the price of GCL stock, and who plaintiffs claim are consequently liable as well for their losses. Among the official defendants named in the Complaint is William Jefferson Clinton, who was President of the United States during the events at issue in the complaint, and who now moves for dismissal of the complaint against him.

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