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Class and/or Mass Actions
We have represented a number of defendants in class action litigation in various areas, including mass tort and securities litigation. Recent representations include:
Unger v. Amedisys, Inc. Defended Amedisys, Inc. against a securities class action suit brought by shareholders alleging that the company willfully manipulated its computer software to artificially inflate its earnings and enhance its stock price. After the district court certified the class, the Fifth Circuit Court of Appeals reversed and created a new rule regarding the burden of proof for market efficiency at the class certification stage. See Unger v. Amedisys, Inc., 401 F.3d 316 (5th Cir. 2005).
Romero v. US Unwired, Inc. et al. Defending US Unwired, Inc. (now part of Sprint PCS) against a class action suit brought by shareholders alleging securities fraud. The plaintiffs claim that the officers and directors of US Unwired failed to disclose their true opinions on the merits of plans and unfavorable trends that they presaged and, instead, misrepresented that management was “a proponent” of such plans and trends. The plaintiffs seek over $100 million in damages. The firm obtained a dismissal of the case by way of a motion to dismiss, but that ruling was reversed, in part, by the Fifth Circuit Court of Appeals. See Lormand v. US Unwired, Inc., 565 F.3d 228 (5th Cir. 2009). Since that appeal, the parties have reached a tentative settlement.
Barksdale Hortenstine v. Coxcom, Inc. Representing plaintiffs in a class action against Coxcom, Inc. (“Cox”) in connection with claims for antitrust violations arising from the illegal tying of set-top boxes to the purchase of digital cable. This case has been consolidated with other cases in an MDL proceeding that is currently proceeding in the Northern District of Oklahoma. The firm has been appointed as a member of the plaintiffs’ steering committee. On January 19, 2010, the Honorable Robin J. Cauthron denied the defendants’ motion to dismiss, and the case is currently proceeding toward class certification. Potential damages in this action could exceed one billion dollars.
Louisiana Firefighters’ Retirement System v. Northern Trust Investments. Representing the Louisiana Firefighters’ Retirement System, as class representative, in class action litigation against Northern Trust Investments, N.A. and Northern Trust Company. The class involved is a class of non-ERISA retirement plans for which the Northern Trust defendants conducted securities lending transactions. Class plaintiffs’ claims center on the actions of Northern Trust Investments, N.A., which acted as custodian of class plaintiffs’ funds, and Northern Trust Company, which acted as the securities lending agent for class plaintiffs’ funds. Specifically, class plaintiffs have alleged that the comprehensive securities lending program that the Northern Trust defendants created and operated was mismanaged by the defendants, resulting in financial loss to class plaintiffs.
Santopietro v. OCA, Inc. et al. Represented OCA, Inc. in a class action securities proceeding and governmental investigations arising out of allegations of accounting irregularities. The case was recently settled.
In re Kaiser Plant Explosion. Represented Manpower, Inc. in eighty suits, including over fifty class actions, alleging over $350 million in property damage and tens of millions in injury claims arising out of the Kaiser plant explosion. This matter settled during trial.
In re Merrill Lynch & Co., Inc. Auction Rate Securities Marketing Litigation. Representing the Louisiana Stadium and Exposition District (“LSED”) and the State of Louisiana against Financial Guaranty Insurance Corporation and Merrill Lynch, Pierce, Fenner & Smith, Inc. in connection with claims for losses relating to approximately $240 million in auction rate securities issued by the LSED. Specifically, the LSED and the State have asserted claims for losses suffered as a result of the collapse of FGIC’s credit rating, which rendered worthless the credit enhancement and bond insurance policy for which the LSED paid approximately $13 million; Merrill Lynch’s misrepresentations and omissions in connection with the structuring and issuance of the bonds; and Merrill Lynch’s improper conduct in the auctions for the bonds. The damages at issue in the case are in the tens of millions of dollars. This matter has been transferred to a multi-district litigation (“MDL”) proceeding in the Southern District of New York and consolidated with at least ten other cases.
Papst v. IBM. Represented IBM in a complex MDL action alleging patent infringement by IBM and others regarding “clean chambers” in computer hard disk drives. The plaintiffs claimed damages in the hundreds of millions. The case was settled after several years of discovery.
Underwriters at Lloyds v. High Pressure Integrity. Represented an oilfield service company in claims arising out of an offshore rig explosion. The matter was tried to a jury verdict, with 6 percent fault assessed against our client.
James Minge V. Robert Cohen, et al. Represented TransGlobe Energy Corporation in class action litigation where plaintiff claimed that he was fraudulently induced to buy TransGlobe stock; obtained dismissal of client based on lack of personal jurisdiction.
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