Class
Action Suits filed, as of June 13, 2008 ETrade
-- Suit 1 Sun Trust from Levi & Korsinksy Sun Trust from Klayman & Toskes Arnold Chase Family versus UBS June 12 Update from Girard Gibbs, law firm: Thus far, we have filed 13 ARS class action lawsuits. These include: Deutsche Bank, TD Ameritrade, Wachovia, UBS, Merrill Lynch, Citigroup, E-Trade, Morgan Stanley, Raymond James, RBC Dain Rauscher, Wells Fargo, Oppenheimer and Bank of America.
As of today,
we have been contacted by over 2,150 individuals throughout the country
regarding their purchase of auction rate cases. In terms of joining
the suit, we do not require individuals to join, so
to speak, at this juncture of the case, since their interests are represented
by our firm as members of the proposed class (those who purchased through
the named broker-dealers during the relevant class period).
As for progressing in federal courts, in most of our cases, we are approaching lead plaintiff deadlines, or have just submitted lead plaintiff applications. A lead plaintiff is a proactive member of the plaintiff class who acts as a representative party for all of the shareholders. Lead plaintiffs are typically appointed by the court as the class member or members most capable of representing the interests of the entire class. The lead plaintiffs are encouraged to have oversight of, and input into, the litigation of a class action beyond that of other class members. Throughout the next few weeks, lead plaintiffs will be appointed by the courts in all of the ARS cases that have been filed.
The class actions are progressing in federal courts in New York and California.
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