Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.

IN RE WORLDCOM INC. SECURITIES LITIGATION

United States District Court, S.D. New York


May 12, 2004.

IN RE WORLDCOM, INC. SECURITIES LITIGATION, This Document Relates to: ALL ACTIONS; IN RE WORLDCOM, INC. ERISA LITIGATION, This Document Relates to: All Actions

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

ORDER

On May 7, 2004, counsel for Lead Plaintiff and defendants Citigroup, Inc., Citigroup Global Markets Inc. (formerly known as Salomon Smith Barney Inc.), Citigroup Global Markets Limited (formerly known as Salomon Brothers International Limited), and Jack B. Grubman (collectively, the "Citigroup Defendants") signed a Memorandum of Agreement settling all claims asserted against the Citigroup Defendants by Lead Plaintiff on behalf of the class. In a May 10 letter, Lead Plaintiff and the Citigroup Defendants submitted to the Court a joint application seeking (1) a severance of the class claims against the Citigroup Defendants from those asserted against the non-settling defendants, (2) a three-week suspension of all discovery-related proceedings with the exception of document production by third-parties, and (3) a modification of certain of the pre-trial deadlines. In a May 11 letter, plaintiffs in the WorldCom ERISA Litigation supported this application. For the reasons stated at the hearing on May 11 to address this application, it is hereby

ORDERED that the class claims brought against the Citigroup Defendants in the Securities Litigation are severed from the class claims against the non-settling defendants.

  IT IS FURTHER ORDERED that, with the exception of the production of documents by the Underwriter Defendants that are now subject to discovery in light of the Underwriter Defendants' May 7, 2004 notice of their intention to rely on an advice of counsel defense, until June 1, 2004, there shall be a suspension of discovery-related proceedings, including depositions, responses to interrogatories, and document production by the parties in the Securities and ERISA Litigations. Document production by third parties, however, is not subject to this suspension. In addition, parties may continue to notice depositions to be held after June 1.

  IT IS FURTHER ORDERED that the Court's November 14, 2003 and January 20, 2004 Scheduling Orders are modified only to the extent as follows:

1. Fact discovery ends July 9
2. Identification of experts July 16
3. Disclosure of expert reports by
parties bearing the burden of proof August 20
4. Rebuttal expert reports September 17
5. Any revised expert reports October 1
6. Depositions of experts October 11-22 7. Motions for summary judgment August 20
8. Oppositions to summary judgment September 17
9. Summary judgment replies October 1
IT IS FURTHER ORDERED that, because it may be appropriate to distribute a separate and additional notice for plaintiffs who may still be pursuing Individual Actions, at least in the event that the opt out period for the class action has not closed by the date that notice of the settlement by the Citigroup Defendants is sent to the class, the Lead Plaintiff shall prepare such a notice and distribute it for comment.

  SO ORDERED

20040512

© 1992-2004 VersusLaw Inc.



Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.