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December 16, 1999 |

A Plaintiff'S Settlement Dilemma

Sometimes the facts get in the way of the law. The case of Charles D. Chalmers is a good example. Chalmers has been appealing the court-approved settlement of a securities class action in which plaintiffs' lawyers cut a deal with defendants without informing him that he was a "lead plaintiff" in the case. The case confronts a core issue under a 1995 law that was intended to curb abuses by class action lawyers and end the phenomenon of "lawyer-driven" litigation.
5 minute read
July 20, 2005 |

Philly Lawyers Speak Admiringly of Roberts

Those lawyers in the Philadelphia community who know U.S. Supreme Court nominee John G. Roberts say he always seemed destined for big things.
2 minute read
July 24, 2013 |

Internal Revenue Code Cannot Trump DGCL, Federal Court Rules

A federal judge has blocked a $36 million derivative suit filed against Viacom Inc. and its 11 board members alleging that the board breached their fiduciary duty by blocking Class B shareholders from approving an executive compensation plan, which permitted the company's top three executives to receive tax-deductible compensation. Although the plaintiff claimed that the compensation plan violated a section of the Internal Revenue Code because only certain shareholders voted, the court held that the IRC cannot trump the Delaware General Corporation Law, which permits the creation of nonvoting stock.
4 minute read
In re AOL Time Warner Shareholder Derivative Litigation, 02 Civ. 6302
Publication Date: 2006-09-14
Practice Area: Business Law
Industry:
Court: U.S. District Court for the Southern District
Judge: Shirley Kram
Attorneys:
For plaintiff:
For defendant:
Case number: 02 Civ. 6302

U.S. DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK For the Plaintiffs Morris and Morris LLC: Karen L. Morris, Patrick F. Morris Greenfield & Goodman LLC: R

May 18, 2004 |

California Public Employees' Retirement System v. WorldCom, Inc.

Bankruptcy Removal Statute Trumps Rule That Securities Act State Actions Cannot Be Removed
34 minute read
April 12, 2005 |

Cendant Lead Plaintiffs Decide Fees Under PSLRA

Rejecting an appeal brought by three law firms that demanded portions of the $55 million in attorneys fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the Third Circuit U.S. Court of Appeals has ruled that the lawyers who were named to lead the case have the power to say who gets paid.
6 minute read
November 11, 1999 |

Funds Feud in Stock Case

U.S. District Judge Ronald Whyte has yet to make up his mind on who will take charge of one of the largest securities class actions in the country. But he did make two decisions in what might be a $1 billion case against McKesson HBOC Inc. Whyte joined a trend among federal judges and ruled that so-called aggregation of plaintiffs into one group so as to win lead counsel status is verboten. And, Whyte barred an institutional investor from serving as lead plaintiff because it is a "professional plaintiff."
6 minute read
April 12, 2005 |

Lead Plaintiffs Decide Fees Under the PSLRA

Rejecting an appeal brought by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3rd U.S. Circuit Court of Appeals has ruled that the lawyers who were named to lead the case have the power to say who gets paid.
6 minute read
June 01, 2001 |

3rd Circuit Reviews Fees, Counsel Choice in Cendant Class Action Settlement

How much should the lawyers who won the largest settlement ever in a securities fraud class action -- $3.19 billion for Cendant Corp. shareholders -- get for their efforts? The 3rd U.S. Circuit Court of Appeals, which heard oral argument last Tuesday on appeals over the fees, will soon decide. But the court will also consider what constraints a district court judge should have on choosing the lead plaintiffs' counsel.
7 minute read
April 27, 2001 |

Arthur Andersen Will Pay Sunbeam Investors $110 Million

In the second-largest securities settlement ever paid by an accounting firm, Arthur Andersen will pay $110 million to investors in Sunbeam Corp. stock who said the accountants turned a blind eye to Sunbeam's blatant inflation of its earning figures. According to the suit, the discovery of Sunbeam's book-cooking caused stock prices to plunge from a high of $53 to a low of about $7 per share.
4 minute read

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