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FIRM NEWS

In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On July 15, 2014, the Honorable William H. Pauley III preliminarily approved the Futures Plaintiffs’ partial settlement of this action with (a) the Moore Capital Defendants for $48,400,000, and (b) Defendant Joseph Welsh for a judgment of $35,000,000 in respect of the negligence claim against him collectable solely from his personal assets consisting of his rights against certain insurers. Defendant MF Global, Inc. is not part of the proposed settlement. Lovell Stewart is sole lead counsel for the Futures Plaintiffs in this action. Persons who traded in NYMEX platinum futures contracts and/or NYMEX palladium futures contracts during the time period June 1, 2006 through April 29, 2010 should save their relevant trading records because they may file claims to participate in this proposed settlement. Please check this website and the settlement website for updates regarding the proposed settlement. The settlement website is http://platinumpalladiumfutureslitigation.com. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).

Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On June 27, Plaintiffs filed a motion seeking preliminary approval of settlements with Defendants Panalpina, Geodis, DSV, and Jetspeed for an immediate cash payment of $44 million plus additional sums to be paid from proceeds from another litigation. Lovell Stewart is co-lead counsel in this action. Class Members can find additional information on https://www.freightforwardcase.com Contact Benjamin M. Jaccarino, Esq. (Bjaccarino@lshllp.com).

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Securities

Anwar, et al. v. Fairfield Greenwich Limited, et al., 09-cv-0118. The Firm is Court appointed co-lead counsel.  A partial settlement has been reached, as to one group of defendants, in the aggregate amount of $80,250,000. 

In Blatt v. Merrill Lynch Fenner & Smith Inc., 94 Civ. 2348 (D.N.J.) (JAG) (“Blatt”), the Firm was appointed as co-lead counsel and co-authored the complaint and opposition to the motion to dismiss.  After discovery, the case settled for $76.5 million settlement which provided claiming class members, after all attorneys fees and costs had been paid, with a positive return on their investment (exclusive of prejudgment interest), and is the largest class action recovery under the Investment Company Act, 15 U.S.C. § 80a-1, et seq.

In Black v. Finantra Capital, Inc., et al., 01 Civ. 6819 (S.D.N.Y.) (JSR), the Firm successfully tried and obtained a jury verdict for manipulation.  Although the District Court vacated the verdict, the Second Circuit Court of Appeals reinstated it, Black v. Finantra, 418 F. 3d 203 (2d Cir. 2005), leading to a settlement before the final judgment was entered.

Chairman of Co-Lead Counsel in Eugenia J. Fiala, et al. v. Metropolitan Life Insurance Company, et al., Index No. 00/601181 (N.Y.S. Sup. Ct.) (claims challenging the largest insurance company demutualization and the then largest initial public offering ever);