As previously discussed briefly here, on August 27, U.S. District Judge Victor Marrero of the SDNY limited the class of investors who are part of the class action in his court against Alstom SA.
As reported by IPE.com, the judge ruled that the proposed class definition should be modified to “delete the inclusion of French persons or entities as to all defendants, English persons or entities as to Alstom, and Dutch persons or entities as to Alstom.” IPE.com reports that the impact of this ruling is that:
- French institutional investors that wish to bring a case against Alstom and/or the CEO and CFO must do so through the French courts.
- English and Dutch investors that wish to bring a claim against the company must bring a separate action through their domestic legal system, or the European courts.
The court reportedly excluded French investors because it found that a French court is unlikely to recognize the judgment of a US court and defendants may have to “relitigate the same issues against French class members in a French court.”