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Settlements
Iliadis, et al. v. Wal-Mart Stores, Inc. Case No. MID-L-5498-02 (N.J. Sup. Ct., Middlesex Co.) Abbey Spanier successfully appealed the denial of class action certification by the trial court in the New Jersey Supreme Court. On May 31, 2007, in its first full treatment of the state's class action rule since 1983, the New Jersey Supreme Court reversed the trial court and directed an entry of an order certifying the class. On December 31, 2009, the objectors filed a Notice of Appeal. At this time as a result of the pending appeal, the Settlement is not final. Until the Settlement becomes final which cannot happen so long as there is a pending appeal, payments provided for under the Settlement will not be made. It is uncertain how long it will take to resolve the pending appeal. It is not uncommon for appeals to take several months or more than a year to resolve. For more information regarding this case please go to the following website: www.walmartnjclassaction.com In re Sovereign Bancorp Inc. Shareholders Litigation Case No. 2587 (Court of Common Pleas, Philadelphia County) This class action and shareholder derivative suit arose out of the announcement of the merger of Banco Santander, S.A. and ("Santander") Sovereign Bancorp, Inc. ("Sovereign"). Plaintiffs alleged that defendants breached their fiduciary duties and issued materially false and misleading statements in connection with Banco Santander's proposed purchase of the shares of Sovereign that Santander did not already own pursuant to a transaction agreement. Read More In re Adelphia Communications Corp. Securities & Derivative Litigation Case No. 03 MD 1529 (LMM) (S.D.N.Y.) This class action arises out of one of the most egregious financial frauds ever uncovered at a public company. From 1998 through 2002, Adelphia Communications Corporation --- the nation's sixth largest cable company --- systematically and fraudulently failed to report billions in loans. Plaintiffs entered into partial settlements with Adelphia's independent auditors, Deloitte & Touche, LLP, and with investment banking firms and lending banks. Judge Lawrence M. McKenna observed: "If the Lead Plaintiff(s) had been represented by less tenacious and competent counsel, it is by no means clear that [they] would have achieved the success [they] did here on behalf of the Class." On August 18, 2009, Lead Plaintiffs, on behalf of themselves and the members of the settlement class, entered into a stipulation and agreement of settlement with many of the former director and officer defendants of Adelphia, including members of the Rigas family. Read More In re Medco Health Solutions Pharmacy Benefits Management Litigation Case No. 03-MD-1508 (CS) (S.D.N.Y.) This case was litigated through summary judgment motions and a settlement that provides for a cash settlement fund in the amount of $42.5 million and significant changes in practice at Medco. The settlement has been approved by the Court and counsel anticipates that the settlement fund will be distributed to those class members that submitted identification forms within the first half of 2010. Read More |
