News Archive — All

BR&B Partner Jeff Golan Publishes Corporate Governance Article

11/26/2012 - ExecSense, the world’s largest publisher of professional webinars, eBook, eDocuments and podcasts, has published an article written by BR&B partner, Jeffrey W. Golan, entitled “Corporate Governance Tips for Independent Board Members.” The chapter draws on Jeff’s work and thoughts stemming from various firm cases, including WorldCom, Cendant, Allergan, Synthes and Nvidia, as well as other instances of failed corporate governance at the board level.

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Court Preliminarily Approves Additional WorldCom Settlement

10/2/2012 - U.S. District Judge Denise Cote has preliminarily approved an additional $38 million settlement in In re WorldCom, Inc. Securities Litigation. The WorldCom class action, in which BR&B served as co-lead counsel for Lead Plaintiff the Comptroller of the State of New York State as Trustee for the New York State Common Retirement Fund, was resolved by settlements in 2004 and 2005 with the various defendants in an aggregate settlement amount of approximately $6.15 billion.

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BR&B Named to National Law Journal Plaintiffs’ Hot List

10/2/2012 - Barrack, Rodos & Bacine has been named to The National Law Journal’s Plaintiffs’ Hot List for 2012. The NLJ singled out BR&B’s successful trial against Apollo Group, Inc., noting that “the deal required tenacity and a trip to an appeals court.” As we have reported elsewhere, after a Phoenix federal jury in 2008 ruled in favor of the plaintiffs, awarding damages of up to $5.55 per share, the trial judge dismissed the verdict. The U.S. Court of Appeals for the Ninth Circuit, however, reinstated the jury verdict in 2010 and the U.S.

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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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