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Case Status:    SETTLED
On or around 01/05/2001 (Date of order of final judgment)

Filing Date: October 10, 1997

According to the latest docket, on March 01, 2000 the plaintiffs filed a Notice of Appeal against the Judgment for dismissal. On July 05, 2000, the Motion filed by parties to vacate the district court's judgment was granted. It was further ordered that the agreed motion filed by the parties to remand case to district court for purposes of approval of the proposed settlement is granted. Subsequently, on October 04, 2000, the parties filed the Stipulation and Agreement of Settlement. According to the settlement notice dated October 27, 2000, a "Settlement Fund" consisting of $2,000,000 in cash, plus interest, has been established. Plaintiffs estimated that the average recovery per damaged share of Paymentech common stock under the Settlement is 29.85¢ per damaged share before deduction of Court-awarded attorneys' fees and expenses. Furthermore, in the Order and Final Judgment dated January 04, 2001, the Court finds that the prerequisites for a class action have been satisfied...the plan of allocation is approved as fair and reasonable...plaintiffs' counsel are awarded the sum of $666,667.00 in fees which sum the Court finds to be fair and reasonable and $52,358.63 in reimbursement of expenses...the parties may agree to reasonable extensions of time to carry out any of the provisions of the Stipulation. The case is closed.

In the closing Order, dated 02/08/2000, from U.S. District Judge Sam Lindsay of the United States District Court for the Northern District of Texas, the defendants' motion to dismiss plaintiffs' second amended class action complaint was granted, and plaintiffs' claims was dismissed with prejudice. The court also found that plaintiffs' third amended complaint failed to state its claims or plead scienter with sufficient particularity under the securities laws and pleading rules.

The original complaint alleged that Paymentech and certain officers and directors of the Company during the relevant time period violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by, among other things, misrepresenting material information concerning the Company's revenues, earnings and net worth and prospects for growth. In particular, the complaint alleged that Paymentech failed to disclose that at all relevant times the Company was experiencing a dramatic slowdown in sales due to the consequences of its acquisition by new majority-owner, BANC ONE Corporation ('BANC ONE') and that the Company's acquisition activity also slowed dramatically for the same reason.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PTI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Texas
DOCKET #: 97-CV-2507
JUDGE: Hon. Sam A. Lindsay
DATE FILED: 10/10/1997
CLASS PERIOD START: 04/15/1997
CLASS PERIOD END: 09/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hubbard & Biederman
    1717 Main Street Suite 4700, Hubbard & Biederman, TX 75201
    214.857.6000 ·
  2. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 97-CV-2507
JUDGE: Hon. Sam A. Lindsay
DATE FILED: 09/02/1998
CLASS PERIOD START: 01/22/1997
CLASS PERIOD END: 09/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hubbard & Biederman
    1717 Main Street Suite 4700, Hubbard & Biederman, TX 75201
    214.857.6000 ·
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. Puls Taylor & Woodson
    512 Main Street - 14th Floor, Puls Taylor & Woodson, TX 76102
    817.338.1717 ·
  4. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date