Daily Archives: December 22, 2008, 11:59 pm

Securities Docket News Wire for Dec. 22, 2008

SEC’s Devlin insider trading case sends chill through PR firms. http://is.gd/cZ1F # Head of SIPC Says Madoff Records Reveal “Hybrid Fraud” With Potentially Greater Losses than Thought. http://is.gd/cYxH # Members of the Fifth Avenue Synagogue in New York City have lost an estimated $2 billion in Madoff scheme. http://is.gd/cX1T # The Five Levels of Familial Betrayal, SEC Edition. http://is.gd/cW5m #…

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Madoff-Related Class Action Filed Against Fairfield Greenwich Group in NY State Court

The latest Madoff-related class action to be filed is against Fairfield Greenwich Group.  The case was filed today in New York State Supreme Court in Manhattan, and alleges breach of fiduciary duty, negligence and unjust enrichment by Fairfield Greenwich Group and several of its principals.  The plaintiffs in the case are Pasha S. Anwar and Julia Anwar, who had invested…

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Court Approves Attorneys’ Fees of 15% in $303 Million GM Settlement

U.S. District Judge Gerald Rosen (E.D. Mich.) today approved a 15% legal fee ($45 million) in the $303 million settlement in the securities class action against General Motors Corp, the AP reported.  Attorneys for the class had initially requested 19%, but that request was met with an objection from the Pennsylvania State Employees’ Retirement System earlier this month, which argued…

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Head of SIPC Says Madoff Records Reveal “Hybrid Fraud” With Potentially Greater Losses than Thought

The head of the Securities Investor Protection Corporation and the receiver of Bernard Madoff’s broker-dealer business states that his investigation has now revealed a type of “hybrid fraud” that goes beyond a typical Ponzi scheme.  “We do not seem to be dealing with a traditional Ponzi scheme alone,” Steve Harbeck told London’s The Observer. “This seems to be something of…

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Bradley Lerman Joins Pfizer as Senior Vice President, Litigation

Bradley E. Lerman has joined Pfizer Inc. as Senior Vice President, Litigation. Pfizer announced today that Lerman will be responsible for leading the company’s litigation efforts. Lerman joins Pfizer from Winston & Strawn LLP in Chicago, where he has served as as a litigation partner since 1998 and where he concentrated his practice in white-collar defense, product liability and securities…

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Jonathan Polonsky joins Kilpatrick Stockton in New York

Jonathan E. Polonsky has joined Kilpatrick Stockton as a partner in its New York office.  The firm announced last week that Polonsky joined its Complex Business Litigation Team on December 1, 2008 after 18 years as a partner at Thelen LLP. Polonsky’s practice focuses on securities litigation and class actions, financial services litigation and business reorganization and creditors’ rights work.…

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