Recent News

AIG Update: BR&B Files Lead Plaintiff's Class Motion

4/11/2011 - On behalf of the State of Michigan Retirement Systems (“SMRS”), the lead plaintiff in the American International Group, Inc. (AIG) 2008 Securities Litigation, Barrack, Rodos & Bacine filed a motion for class certification, requesting that the court certify a class consisting of all persons or entities, other than defendants and their affiliates, who purchased American International Group, Inc. common stock, preferred stock and other securities that traded on a U.S.

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BR&B Files Lawsuit for GSI Commerce Shareholders

3/29/2011 - On March 29, 2011, Barrack, Rodos & Bacine filed a shareholder action for the Southeastern Pennsylvania Transportation Authority on behalf of the public stockholders of GSI Commerce, Inc. (“GSIC”). The case names as defendants each member of GSIC’s board of directors as well as eBay Inc. (“eBay”) in connection with eBay’s proposed acquisition of GSIC through a merger.

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BR&B Derivative Case Against ADM Executives Upheld

3/28/2011 - In an opinion issued on March 28, 2011, Chief Judge Gregory M. Sleet of the United States District Court for the District of Delaware denied the defendants' motion to dismiss BR&B's executive-compensation and corporate governance derivative case against executives of Archer-Daniels-Midland Company (“ADM”), which alleges that ADM’s board of directors disseminated a false or misleading proxy statement on September 25, 2009.

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U.S. Supreme Court Upholds Jury Verdict for Apollo Investors

3/7/2011 - In a press release issued today, Barrack, Rodos & Bacine, counsel for lead plaintiff the Policemen’s Annuity and Benefit Fund of Chicago ("PABF") and lead counsel for the class, announced that the United States Supreme Court has denied the petition for certiorari submitted by defendants in In re Apollo Group Inc. Securities Litigation.  Defendants had sought review of the June 2010 order of the U.S.

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BR&B Explains the SEC’s New Say-On-Pay Rules

1/28/2011 - The United States Securities and Exchange Commission (“SEC”) recently adopted new rules governing “say-on-pay” advisory votes on executive compensation, “frequency” votes to determine the frequency of future “say-on-pay” votes by shareholders, and shareholder votes on “golden parachute” agreements, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Agreement in Principle to Settle MF Global Securities Case

1/21/2011 - Barrack, Rodos & Bacine announces that an agreement in principle has been reached to settle for $90 million the securities class action lawsuit brought on behalf of investors who purchased common stock of MF Global, Inc. (NYSE: MF) in or traceable to its initial public offering in July 2007.

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AIG Update: District Court Denies All Motions to Dismiss

9/27/2010 - In an opinion issued on September 27, 2010 in the American International Group, Inc. (AIG) 2008 Securities Litigation, U.S. District Court Judge Laura Taylor Swain denied the 12 motions to dismiss the consolidated complaint filed by the lead plaintiff, BR&B client, the State of Michigan Retirement Systems. In the decision, the court held that the consolidated complaint adequately alleges material misstatements and omissions concerning AIG’s credit default swap portfolio as well as its securities lending program.

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BR&B Files Lawsuit for NewAlliance Bancshares Stockholders

9/21/2010 - On September 21, 2010, Barrack, Rodos & Bacine filed a shareholder action for the Port Authority of Allegheny County Retirement and Disability Allowance Plan for Employees Represented by Local 85 of the Amalgamated Transit Union on behalf of all public shareholders of NewAlliance Bancshares, Inc. The case names as defendants each member of NewAlliance’s board of directors as well as First Niagara Financial Group, Inc. in connection with First Niagara's proposed acquisition of NewAlliance through a merger.

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2nd Circuit Reinstates Class Action Against MF Global

9/15/2010 - Barrack, Rodos & Bacine announces that on September 14, 2010, the United States Court of Appeals for the Second Circuit reinstated a securities class action lawsuit brought on behalf of a class of investors who purchased common stock of MF Global, Inc. (NYSE: MF) in or traceable to its initial public offering in July 2007. The suit had been brought against MF Global, its former owner, Man Group, various officers and directors of MF Global, and the underwriters involved in the public offering for violations of the federal securities laws.

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BR&B Seeks $600 Million for Allergan in Derivative Action

9/3/2010 - Barrack, Rodos & Bacine has filed a derivative action for the Louisiana Municipal Policeman’s Employee Retirement System on behalf of the pharmaceutical company Allergan, Inc., and its shareholders and against the members of the Allergan board of directors, for breach of fiduciary duty of loyalty and waste arising from Allergan’s unlawful promotion of its flagship drug BOTOX® for uses not approved as safe and effective by the U.S. Food and Drug Administration (FDA).

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