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In re Bausch & Lomb Inc. Securities Litigation

October 26, 2007

IN RE BAUSCH & LOMB INCORPORATED SECURITIES LITIGATION


The opinion of the court was delivered by: Marian W. Payson United States Magistrate Judge

ORDER

WHEREAS, Section 21D of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 ("PSLRA"), provides that in securities class actions, courts "shall appoint as lead plaintiff the member or members of the purported plaintiff class that the court determines to be most capable of adequately representing the interests of class members," 15 U.S.C. § 78u-4(a)(3)(B)(i);

WHEREAS, the PSLRA provides that a rebuttable presumption arises that the "most adequate plaintiff" is the movant who "filed the complaint or made a motion in response," "has the largest financial interest in the relief sought by the class," and "satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure," 15 U.S.C. § 78u-4(a)(3)(B)(iii)(I);

WHEREAS, plaintiffs Structural Ironworkers Local #1 Annuity, Pension and Welfare Funds ("Structural Ironworkers") and Ironworkers St. Louis District Council Pension Fund (the "St. Louis Ironworkers Fund" and, collectively with Structural Ironworkers, the "Pension and Welfare Group"), Police and Fire Retirement System of the City of Detroit ("Detroit Police and Fire"), M.H. Kim and Jae R. Lee ("Kim and Lee"), and Helen Sarnoff and Anne Dayton ("Sarnoff and Dayton") timely filed four separate motions pursuant to the PSLRA for appointment as lead plaintiffs in this action (Docket ## 36-9, 35-16, 35-21, 35-9);

WHEREAS, Sarnoff and Dayton formally withdrew their motion for appointment as lead plaintiffs (See Brannon v. Bausch & Lomb, Inc., Docket 06-CV-6296, # 32 (W.D.N.Y. 2006);

WHEREAS, following oral argument on the motions, the St. Louis Ironworkers Fund formally withdrew from the Pension and Welfare Group's motion for appointment as lead plaintiffs, and Structural Ironworkers continued to seek appointment as lead plaintiff by itself (Docket # 68);

WHEREAS, Detroit Police and Fire claimed losses of $263,084 on its investments in securities of Bausch & Lomb Incorporated during the Class Period;

WHEREAS, Kim and Lee claimed aggregate losses of $111,684 on their investments in securities of Bausch & Lomb Incorporated during the Class Period;

WHEREAS, Structural Ironworkers claimed losses of $71,326 on its investments in securities of Bausch & Lomb Incorporated during the Class Period;

WHEREAS, on August 4, 2006, Kim and Lee filed a Statement in Response to Competing Motions for Lead Plaintiff and Lead Counsel, in which they stated:

Given the Detroit Police and Fire has the largest financial interest and is presumptively the "most adequate plaintiff," Detroit Police and Fire should be appointed lead plaintiff. (Docket # 41 at 1-2);

WHEREAS, on October 13, 2006, the Court conducted oral argument on the motions to appoint lead plaintiff and to approve lead counsel (Docket # 67);

WHEREAS, at the October 13, 2006 oral argument, the Court asked counsel for Kim and Lee, "you have withdrawn that application [i.e., Kim and Lee's motion for appointment as lead plaintiff] and you've submitted a short statement or memorandum in support of the motion by Detroit Fire and Police[,] [c]orrect?" and counsel for Kim and Lee responded, "That is correct, your Honor" (Docket # 89-2 at 3);

WHEREAS, by Order dated July 13, 2007, the Court appointed Structural Ironworkers as lead plaintiff and approved Structural Ironworkers' selection of counsel as ...


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