Defendants aren’t supposed to pick a dog in the lead counsel fight. Sure, if there are parallel cases in different jurisdictions they can manipulate the outcome by negotiating a settlement with one set of plaintiffs’ lawyers instead of another, effectively preempting the lead counsel selection process. But I can’t remember ever seeing a defendant in a federal securities class action submit a brief opposing selection of a lead plaintiff and lead lawyer.
‘Enforcement 40’ for 2020
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