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

United States District Court, S.D. New York


August 4, 2005.

IN RE WORLDCOM, INC. SECURITIES LITIGATION. This Document Relates to: ALL ACTIONS.

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

ORDER

On July 13, 2005, this Court issued an Order to Show Cause (the "July 13 Order") why respondents Roslyn Berger ("Berger"), John P. Karoussos ("Karoussos"), Pearl Chu, Jim Chu (together, "the Chus"), Tom Dawkins ("Dawkins"), and Marilyn Gale ("Gale") should not be enjoined from pursuing NASD arbitration claims against the Citigroup Defendants to the extent those claims relate to investments in securities issued by WorldCom.

Karoussos and Gale did not respond to the July 13 Order by the specified date of July 20, 2005. The Citigroup Defendants having applied for enforcement of the release and injunction contained in the Judgment as against the claims asserted by Claimants in an arbitration, having provided proof of service of the July 13, 2005 Order on counsel for Karoussos and Gale, and having represented to the Court that neither Karoussos nor Gale opted out of the class action; and having reviewed the Statements of Claim submitted by Karoussos and Gale to the NASD, it is hereby ORDERED that Karoussos and Gale are enjoined from arbitrating any claims relating to investments in securities issued by WorldCom.

  IT IS FURTHER ORDERED that Karoussos and Gale are permanently barred and enjoined from instituting, commencing or prosecuting, either directly or in any other capacity, all claims of every nature and description, known and unknown, arising out of or relating to investments (including, but not limited to, purchases, sales, exercises, and decisions to hold) in securities issued by WorldCom, and/or in options or derivative instruments based in whole or in part on the value of securities issued by WorldCom (including Targeted Growth Enhanced Terms Securities with respect to MCI WorldCom, Inc. and GOALs issued by UBS AG), including without limitation all claims arising out of or relating to any analyst research reports or other statements made or issued by the Citigroup Defendants concerning WorldCom; any disclosures, registration statements or other statements by WorldCom; as well as all claims asserted by or that could have been asserted by Plaintiffs or any member of the Class in the Action against the Citigroup Releasees.

  In addition, having been informed by counsel for the Citigroup Defendants that resolution of the Chus' claims may be reached without the aid of the Court, and having been informed that Dawkins has withdrawn his claims relating to investments in WorldCom, and having adjourned the show cause hearing for Berger until August 26, 2005, it is hereby ORDERED that the show cause hearing scheduled for 10 a.m. on August 4, 2005, is adjourned until August 26, 2005, at 9 a.m., in Courtroom 11B, 500 Pearl Street, New York.

  SO ORDERED.

20050804

© 1992-2005 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.