United States District Court, S.D. New York
August 11, 2004.
IN RE WORLDCOM, INC. SECURITIES LITIGATION. This Document Relates to: SUNTRUST BANK and TRUSCO CAPITAL MANAGEMENT, INC., Plaintiffs,
BERNARD J. EBBERS, et al., Defendants.
The opinion of the court was delivered by: DENISE COTE, District Judge
On July 27, 2004, plaintiffs SunTrust Bank and Trustco Capital
Management, Inc. (collectively, "SunTrust") wrote to advise the
Court that they would be filing a motion which they wanted the
Court to decide prior to the September 1, 2004 close of the
opt-out period in the consolidated WorldCom, Inc. ("WorldCom")
class action. The proposed motion is described as one addressing
the plaintiffs' standing to sue on behalf of affiliates and
customers. The SunTrust Action was filed on September 16, 2002
in the Southern District of Mississippi. The SunTrust plaintiffs
write that they want an "affirmative determination on this issue
from the Court before the opt-out date so its customers can
decide whether to opt out of the class and file their own
individual action should the Court rule that SunTrust lacks
standing to assert their claims." As of today, no motion has been filed. The opt-out period was originally set to
close on February 20, 2004.
Any affiliate or customer of the SunTrust plaintiffs who is a
member of the WorldCom class should have been provided with the
notices regarding the class action and the opt-out period. To the
extent that the SunTrust plaintiffs are nominees, they were
required by the August 2, 2004 Notice to provide or to assist in
providing that notice.
The SunTrust plaintiffs are hereby
ORDERED to refrain from any communication with any affiliate or
customer that would state, suggest, or imply that there will be a
decision before September 1, 2004 on any motion they may file; or
that the opt-out period may be extended for their customers or
affiliates until after a decision on their motion.
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