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Judge Rejects 'Worthless' Deal
A New York federal judge has rejected a shareholder class action settlement and request for $200,000 in plaintiffs' attorney fees, calling the deal virtually worthless to shareholders. The case stemmed from the 1998 purchase of London insurance broker Willis Corroon Group P.L.C. by an investor group led by Kohlberg Kravis Roberts & Co. (KKR).ActiveVideo's lawyers at Morgan Lewis accused Verizon of refusing to comply with an injunction in the ongoing patent battle between the two companies on Wednesday--the same day Verizon had been ordered to cease infringing ActiveVideo's patented video-on-demand technology.
Ted Wells may have delievered the most memorable lines in the AIG-Greenberg trial, but it was David Boies who provided the best arguments. At least according to a federal jury in New York, which returned a verdict Tuesday afternoon in favor of Greenberg's Starr International Company.
The Fontainebleau resort claimed back in April that its lenders had reneged on a $700 million revolving credit line, and sued to get the money to finish construction. The case has seen fast and furious developments since then, with the resort filing for bankruptcy. But time ran out on its revolving credit claims Wednesday, when a Miami federal court judge found the banks--not the resort--correctly interpreted the loan agreement.
A Seattle federal district court judge had harsh words for how Bernstein Litowitz crafted a securities class action complaint against former Washington Mutual officers and directors when she dismissed it in May. She apparently liked the amended version much better, judging by her decision Tuesday to allow most of its claims to move forward.
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