News Room

News Archive — 2010

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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Ninth Circuit Reinstates Jury Verdict for Apollo Investors

6/23/2010 - 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 Circuit Court of Appeals for the Ninth Circuit has ordered the reinstatement of the jury verdict entered on January 16, 2008, in favor of a class of investors who purchased common stock of Apollo Group, Inc. The jury verdict had been entered against Apollo, the parent company of the University of Phoenix, and two former Apollo executives, based on claims that they fraudulent

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Leonard Barrack Presents at European Fund Conference

6/9/2010 - Leonard Barrack, Senior Founding Partner of Barrack, Rodos & Bacine, will be speaking at the 2nd Annual Transatlantic Conference in Brussels, Belgium on Thursday, June 10, 2010. Representatives of various collectively managed pension funds from across Europe and North America will gather to listen to instructive discussions on important issues facing global pension fund managers.

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BR&B Partners Are Named PA Super Lawyers

6/1/2010 - Law and Politics, which publishes the annual Pennslyvania Super Lawyers magazine, has named five Barrack, Rodos & Bacine attorneys to its prestigious Super Lawyers list for 2010. Senior Founding Partner Leonard Barrack, along with partners Jeffrey W. Golan and Mark R. Rosen were all recognized for outstanding professional achievement in securities litigation.

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Settlement Approved in Pepsi Bottling Cos. Takeover Lawsuits

6/1/2010 - On June 1, 2010, Vice Chancellor Strine of the Delaware Court of Chancery granted final approval of a settlement of cases brought by shareholders of Pepsi Bottling Group (“PBG”) and PepsiAmericas, Inc. (“PAS”), challenging the offers made in April 2009 by PepsiCo, Inc. to acquire its two primary bottling companies.  Barrack, Rodos & Bacine had filed the first case challenging the proposed takeovers with a complaint for BR&B client IBEW Local 98, which was thereafter appointed by the court to serve as a lead plaintiff in the cases brought on behalf of PBG shareholders.

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Delaware Supreme Court Affirms Settlement of Bank of America / Countrywide Merger Litigation

5/21/2010 - On May 21, 2010, Chief Justice Steele of the Delaware Supreme Court issued an opinion affirming the approval by Vice Chancellor Noble, of the Delaware Court of Chancery, of a settlement reached by BR&B in litigation relating to the acquisition of Countrywide Financial Corporation by Bank of America.

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BR&B Moves for Third Distribution in Cendant Corp. Litigation

4/1/2010 - On April 1, 2010, co-lead counsel Barrack, Rodos & Bacine, moved, on behalf of co-lead plaintiffs the New York State Common Retirement Fund, the California Public Employees' Retirement System and the New York City Pension Funds, for an order authorizing a third distribution of the remaining Net Settlement Fund.

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