One of the cases in which Ms. Astiana is a lead plaintiff, Astiana v.
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Question: Can an employer end a class action by paying off the lead plaintiff?
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Under a 1996 law, the lead plaintiff in securities class actions is supposed to negotiate fees on behalf of other shareholders.
Bernstein Litowitz, it should be pointed out, frequently represents the lead plaintiff in the case, the Louisiana State Employees Retirement System.
Too bad the New York pension fund will get little of it, even though it was the lead plaintiff in the suit.
The lead plaintiff in this case was the City of Livonia, Mich.
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More claims, and more defendants, will be added in the months ahead, lawyers say, before the claims are finally combined and a lead plaintiff is chosen.
D, a Georgia industrial-hygiene expert, says he was hired by the lead plaintiff lawyer, Stephen Donziger, to examine former Texaco drilling sites in Ecuador in 2004.
The lead plaintiff in this class action, Van-Ness Crawford, has three sons who are forced to attend a high school at which more than 80% of the students are failing mathematics.
The competition for control of securities class actions heated up after Congress amended U.S. securities laws in 1995 to require judges to appoint a "lead plaintiff" to oversee the litigation and negotiate fees.
Belmont was outmaneuvered in a class-action involving Lehman Brothers from being a lead plaintiff, but Belmont is still managing to keep the plaintiff lawyers it teamed up with busy in the other three cases.
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Perceived abuses in this process caused Congress in 1995 to pass a law that granted advantages to large institutions like pension funds that suffered big losses over individuals when it came to being appointed lead plaintiff.
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Upon discovering that those companies had, in her opinion, duped her into making those purchases through false or misleading statements, Ms. Ivie contacted some lawyers, and volunteered to be the lead plaintiff in a class action lawsuit.
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The lead plaintiff in a politically tinged securities lawsuit against Halliburton has taken the unusual step of asking the court to replace class-action king William Lerach with equally famous litigator David Boies as lead attorney on the case.
Morgan Chase, Bank of America, Goldman Sachs, Merrill Lynch, et al. Mr Lerach's lead plaintiff against Enron is the University of California, a conservative, highly respected institutional investor with no prior record of grandstanding or politicising governance issues.
In the cases in which Belmont is a lead plaintiff, it has said in court documents that it will not accept payment for serving as a representative party on behalf of its class beyond its share of any recovery.
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The lead plaintiff position is key in securities class-actions because it comes with the authority to select a lead counsel, a highly sought after role for law firms that almost always charge a percentage fee based on any recovery.
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After six years of litigation, including extensive motion practice, an appeal to the Second Circuit, remand, more motion practice, and discovery, lead counsel learned that the lead plaintiff never purchased any of the securities at issue in this action.
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Ohio and New York have filed a motion in U.S. District Court in Lafayette, Louisiana, seeking lead plaintiff status in the class action accusing BP of withholding information about alleged safety lapses leading up to the Gulf of Mexico blowout.
It has filed 49 securities lawsuits over the past two years, sometimes at a rate of two or three a week, making a mockery of provisions in the Public Securities Litigation Reform Act that prohibits any entity from serving as a lead plaintiff in more than five cases in a three-year period.
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It's not clear whether they have any actual shareholders on board yet (or at least any willing to serve as lead plaintiff), but a law firm in New York has filed a class action shareholders suit against Sierra alleging that the company's introduction of the Voq was so bungled and incompetent that they violated their responsibilities to shareholders.
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"I could not figure out why government employees have armed guards, banks have armed guards to protect the money, but the government, for some reason, thought we don't need armed guards to protect our children, " said Dick Heller, who was the lead plaintiff in a 2008 Supreme Court case that overturned a sweeping handgun ban in the nation's capital.
Shareholders should care about this, even if the lead plaintiff, the City of Livonia, Mich. does not. (The city west of Detroit has sued Boeing, Wachovia and at least five other companies in the last three years.) As I have observed many times before, securities settlements are paid by shareholders and every dollar that flows to the lawyers is a dollar they no longer own.
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The plaintiff sued over violations of the Fair Labor Standards Act, planning to lead a class of fellow employees who say they were denied adequate break time.
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"I am hoping surcharging becomes commonplace, but small firms will not lead the charge, " says Mike Schumann, owner of Traditions Classic Home Furnishings in Minneapolis, which was a plaintiff in the case.
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