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IN RE WORLDCOM

United States District Court, S.D. New York


April 12, 2004.

IN RE WORLDCOM, INC. SECURITIES LITIGATION, This Document Relates to: HOWARD KATZ, et al., Plaintiffs, -v- WORLDCOM, INC., et al., Defendants JIM BARNETT, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants, MAURICE CLOWERS, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants RICHARD G. ARNOLD, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants NANCY BARKLEY, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants MAURICE F. BARLOW, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants HELEN K. HAMILTON, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants C. LARRY HOOD, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants BERTHA M. GILKEY, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants FARRELL F. ALBRIGHT, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants RANDY BEANE, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants JACKIE S. BELL, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants SYLVIA B. BEASELEY, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants JEANETTE M. ALLEN, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants MARVIN L. BRYANT, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants RAYMOND E. JOURDAN, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants LINDSEY H. ANDERSON, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants MARY CONNOR ADCOCK, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants NATASHA TURNER CARPENTER, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants CATHY G. FRANCK, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants DARYL W. ABRAMS, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants WILBURN E. BAGWELL, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants RALPH A. SMITH, JR., et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants DALLAS LITTLE, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants JANAN H. CLARK, et al., Plaintiffs, -v- BERNARD J. EBBERS, et al. Defendants RUTH BRINSON, et al., Plaintiffs, -v- ARTHUR ANDERSEN, LLP, et al. Defendants

The opinion of the court was delivered by: DENISE COTE, District Judge

ORDER

An Opinion of April 2, 2004, granted the defendants' motions in the Securities Litigation to dismiss with prejudice these twenty-six actions as preempted by the Securities Litigation Uniform Standards Act. The twenty-six actions are composed of Ten Actions and Sixteen Actions filed by different consortia of counsel. Certain of the plaintiffs in the twenty-six actions requested an opportunity to participate in the class action in the event that their individual joinder action was dismissed. The April 2 Opinion made the dismissal subject to such terms as it would impose when it resolved the request by the defendants that the plaintiffs' ability to participate in the WorldCom consolidated class action be conditioned on the joint application by all of the plaintiffs to do so. An Order of April 2 scheduled oral argument on that sole remaining issue for April 8. Through a letter of April 6, William M. Quin of Lundy & Davis, counsel for the plaintiffs in the Sixteen Actions, represented that all of the plaintiffs in the Sixteen Actions agreed to participate in the Securities Litigation class action and to relinquish their individual actions, including three plaintiffs (James Lever, Margaret Lever, and Larry Hood) who had mailed opt-out forms. In light of that representation, counsel for the Sixteen Actions did not appear at the April 8 conference.

William C. Spencer of Mitchell McNutt & Sams, counsel for the plaintiffs in the Ten Actions, represented at the April 8 conference that all of the plaintiffs in the Ten Actions wish to discontinue with prejudice their individual joinder actions.

  Those plaintiffs who are class members wish to participate in the WorldCom class action, and those plaintiffs who are not members of the class action because they only held WorldCom securities during the class period and did not either buy or sell such securities during that time, wish to participate in a holder class action in the Securities Litigation to the extent one is certified. Accordingly, it is hereby

  ORDERED that the March 11, 2004 motion in Bell v. Ebbers, 03 Civ. 4490, to extend time to file a notice of appeal is denied as moot.

  IT IS FURTHER ORDERED that the March 16, 2004 motion in Katz v. Ebbers, 02 Civ. 9518 [now captioned by plaintiffs as Schwartz v. Ebbers], for leave to file an amended complaint is denied for the reasons set forth in the April 2, 2004 Opinion and as moot through the April 6 representations of counsel. The SSB Defendants' motion to intervene in 02 Civ. 9518 for the purpose of opposing plaintiffs' motion for leave to file an amended complaint is granted.

  IT IS FURTHER ORDERED that dismissals of the twenty-six actions of April 2, 2004 is with prejudice for all purposes except the right of the plaintiffs in the Sixteen Actions to participate in the WorldCom consolidated class action in the Securities Litigation; and the right of the plaintiffs in the Ten Actions to participate in the WorldCom consolidated class action in the Securities Litigation or, in the event such an action is certified within the Securities Litigation, a holder class action.

  IT IS FURTHER ORDERED that all plaintiffs in the twenty-six actions having requested that their actions be voluntarily dismissed in order to participate in the class actions described above, their applications are granted.

  IT IS FURTHER ORDERED that the opt-out forms executed by James Lever, Margaret Lever and Larry Hood are hereby vacated.

  SO ORDERED.

20040412

© 1992-2004 VersusLaw Inc.



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