Daily Archives: December 19, 2008, 11:59 pm

Securities Docket News Wire for Dec. 19, 2008

Securities litigation data from NY federal courts shows Madoff plaintiffs may have long wait. http://is.gd/cAJt # Distribution of $5 billion of the $7 billion in Enron settlement funds begins today. http://is.gd/czWF # Fed. court orders Madoff to provide verified accounting of all assets, liabilities and property by year end to SEC. http://is.gd/czna # NY Supreme Court: Mel Weiss “automatically disbarred,”…

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Securities litigation data from NY federal courts shows Madoff plaintiffs may have long wait

LegalMetric, a litigation data mining firm, says that investors in Bernard Madoff’s alleged Ponzi scheme should be prepared to wait years for any recovery via securities litigation.  In a press release today, Greg Upchurch, director of research for LegalMetric, stated that “it takes over three years for securities cases to go to trial in federal court in Manhattan or Brooklyn,…

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Findings and additional comments from the authors of NERA’s “2008 Trends in Securities Class Actions” report

Yesterday, NERA Economic Consulting released its 2008 Trends in Securities Class Actions, a report that is based on more than 15 years of NERA research on case filings and settlements in shareholder class actions. The report includes data through December 14, 2008 for case filings and through December 31, 2008 for settlements.  The NERA report contains several interesting findings: A…

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Italy: Parmalat founder sentenced to 10 years in prison for market manipulation

Calisto Tanzi, founder of Parmalat SpA, was sentenced to 10 years in prison today by a Milan judge for misleading investors about the health of the company before it collapsed in Italy’s biggest bankruptcy in 2003.  Bloomberg reports that all other defendants, including three former officials of Bank of America Corp., were acquitted. Tanzi was convicted of market manipulation in…

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