Credit: Olivier Le Moal/Adobe Stock Plaintiff Can't Opt Out of $97 Million Securities Settlement, NJ Fed Judge Rules
The party seeking to opt out had argued that maintaining its own lawsuit separate from the class action should have provided a "reasonable indication" of its plans.
September 13, 2024 at 05:00 PM
4 minute read
A New Jersey federal court judge refused to allow a plaintiff to opt out of a $97 million federal securities class action settlement, dismissing the argument that maintaining its own lawsuit separate from the class action was a "reasonable indication" that it was opting out.
The case, Roofer's Pension Fund v. Papa, was filed in June 2017 in the U.S. District Court for the District of New Jersey over alleged violations of federal securities laws against Perrigo Co. and various corporate individuals. The plaintiffs, Sculptor Master Fund and Sculptor Enhanced Master Fund, filed a motion to opt out in August, asking Chief U.S. District Judge Renée Marie Bumb to either excuse them from the now-settled class action or to give them another opportunity to opt out.
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