Comerica Incorporated - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

Comerica Incorporated Conclusion: According to the Order and Final Judgment, entered on December 1, 2005, from U.S. District Judge Honorable Marianne O. Battani of the U.S. District Court for the Eastern District of Michigan, the case is settled. The action is dismissed with prejudice and without costs, except as provided in the Stipulation. Further, the Plan of Allocation is approved, and Plaintiffs’ Counsel are awarded 27% of the Gross Settlement Fund in fees, and $266,824.13 in reimbursement of expenses.

By the Notice of Settlement, the settlement in In re Comerica Inc. Securities Litigation, Case No. 02-CV-60233 will provide a $15.0 million settlement fund for the benefit of investors who purchased or otherwise acquired Comerica common stock between July 17, 2002 and October 1, 2002, inclusive. The Court will hold a Final Settlement Hearing on Monday, October 24, 2005. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. At the Final Settlement Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Plaintiffs’ Lead Counsel for attorneys’ fees and reimbursement of expenses.

The original Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between July 17, 2002 and October 1, 2002, thereby artificially inflating the price of Comerica defendants issued statements regarding the Company's financial performance and filed a quarterly report with the SEC which described the Company's increasing revenues and financial performance. These statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had materially overstated its net income by approximately $23 million in the second quarter of 2002; (ii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (iii) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times. The complaint further alleges that on or around October 2, 2002, before the market opened for trading, the Company issued a press release announcing that it will record a $328 million charge "related to an incremental provision for credit losses and goodwill impairment for the company's Munder Capital Management subsidiary." As a result, the Company will be restating its second quarter earnings to $161 million, compared to previously-reported earnings of $184 million. The Company further reported that the additional provision and charge-offs related to the second quarter "were determined during a recent subsidiary regulatory examination." Following this report, shares of Comerica fell $10.19 per share, or $20.3%, to close at $40 per share, on volume of more than 10.855 million shares traded, or more than ten times the average daily volume.

INDUSTRY CLASSIFICATION:
SIC Code: 6021
Sector: Financial
Industry: Regional Banks

COMPANY/ISSUER NAME:	Comerica Incorporated
COMPANY/ISSUER TICKER:	CMA
COMPANY WEBSITE:	http://www.comerica.com/

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Richard Kasner, et al. v. Comerica, Inc., et al.

COURT: E.D. Michigan	DOCKET NUMBER: 02-CV-60233
JUDGE NAME: Hon. John Corbett O'Meara
DATE FILED: 10/16/2002	SOURCE: Notice of Filing
CLASS PERIOD START: 07/17/2002	CLASS PERIOD END: 10/01/2002
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Faruqi & Faruqi LLP 320 East 39th Street, New York, NY, 10016 (voice) 212.983.9330, (fax) 212.983.9331, Nfaruqi@faruqilaw.com Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , Miller Shea, P.C. 1301 W Long Lake Rd, Ste 135, Troy, MI, 48098 (voice) 248.267.8200, (fax) 248.267.8200, info@millershea.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT

Type:		Date on the document:

REFERENCE COMPLAINT

In Re: Comerica, Inc. Securities Litigation

COURT: E.D. Michigan	DOCKET NUMBER: 02-CV-60233
JUDGE NAME: Hon. Marianne O. Battani
DATE FILED: 10/10/2003	SOURCE: Docket
CLASS PERIOD START: 07/17/2002	CLASS PERIOD END: 10/01/2002
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Faruqi & Faruqi LLP 320 East 39th Street, New York, NY, 10016 (voice) 212.983.9330, (fax) 212.983.9331, Nfaruqi@faruqilaw.com Milberg Weiss Bershad & Schulman LLP (New York) One Pennsylvania Plaza, 49th Floor, New York, NY, 10119 (voice) 212.594.5300, (fax) 212.868.1229, info@milbergweiss.com Miller Shea, P.C. 1301 W Long Lake Rd, Ste 135, Troy, MI, 48098 (voice) 248.267.8200, (fax) 248.267.8200, info@millershea.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amended Class Action Complaint
Type: Complaint		Date on the document: 10/10/2003
Stipulation Of Settlement
Type: Settlement		Date on the document: 06/29/2005
Notice Of Pendency Of Class Action And Proposed Settlement, Motion For Attorneys’ Fees And Final Settlement Hearing
Type: Notice		Date on the document: 07/29/2005
Proof Of Claim And Release
Type: Other		Date on the document: 07/29/2005
Order and Final Judgment
Type: Order		Date on the document: 11/29/2005
U.S. District Court Civil Docket
Type: Docket		Date on the document: 12/09/2005

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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