Pensions and Investments Publishes “Ruling Warns Funds to Follow Class Actions” by Blair Nicholas and Ian Berg

December 8, 2008

On December 8, 2008, Pensions & Investments published the article, “Ruling Warns Funds to Follow Class Actions,” co-authored by Partner Blair Nicholas and associate Ian Berg.  The article deals with the implications of a recent opinion issued by the 7th Circuit Court of Appeals regarding institutional investor fiduciary responsibilities relating to monitoring practices of on-going securities litigation and claims recovery.

According to the article, the recent Seventh Circuit decision in Larson vs. J.P. Morgan Chase & Co. sent a strong message to public pension funds regarding their obligations to monitor their portfolios.  The authors argue that since the courts assume that institutions are “comprehensively monitoring their viable claims,” it is “critically important for institutions to develop and implement shareholder litigation and claims administration policies and procedures.”  Click below to access the article.

Mr. Nicholas has extensive trial experience, including having served as one of the lead trial counsel in In re Clarent Corporation Securities Litigation.  After a four week jury trial, in which Mr. Nicholas delivered the closing argument, the jury returned a securities fraud verdict in favor of investors against the former Chief Executive Officer of Clarent.  He was also one of the principal attorneys responsible for prosecuting the In re Williams Securities Litigation, a securities fraud class action that recently settled shortly before trial for $311 million.

Mr. Berg has litigated a number of cases on behalf of public pension funds and shareholders, including In re Delphi Corp. Securities Litigation and In re Tyco International Ltd. Securities Litigation, which recovered over $3 billion for harmed shareholders.

Download: "Ruling Warns Funds to Follow Class Actions" (PDF, 19.18 K)

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