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Case Status:    SETTLED
On or around 04/20/2004 (Date of order of final judgment)

Filing Date: April 17, 1997

After prior settlement agreement, on August 31, 2001 the court held a "Settlement Conference". The court finds that the proposed settlement to be fair, adequate. On September 5, 2001 the court ruled that all factors in the settlement have been satisfied and the court approves the settlement in the amount of $24,100,000. Attorney's fees awarded in the amount of $6,025,000.

By the Notice Of Pendency Of Class Action, a hearing will be held before the Honorable Denis R. Hurley, United States District Judge, United States District Court, Eastern District of New York, on August 31, 2001 at 2:30 p.m. in Room 930 of the United States Courthouse, 100 Federal Plaza, Central Islip, NY 11722, for the purposes of determining whether the Settlement is fair, reasonable, and adequate and whether it should be approved by the Court; whether judgment should be entered dismissing the Action with prejudice; whether the method of allocation for the distribution of the Class Settlement Fund should be approved as fair and reasonable; and to consider plaintiffs’ application for an award of attorneys’ fees and reimbursement of disbursements. The Settlement creates a fund in the amount of $24,100,000 in cash.

As summarized by the same Notice of Pendency, by Orders dated May 4, 1998 and July 10, 1998, the Court consolidated four pending Federal securities actions against Defendants and appointed the Waldman Plaintiffs Group as lead plaintiff and approved their selection of Lead Counsel. On September 8, 1998, the Class Plaintiffs, individually and as putative representatives of the Class, filed a consolidated amended class action complaint in the United States District Court for the Eastern District of New York, superseding all complaints previously filed by any of them relating to Olsten (the “Complaint”). The Class Plaintiffs allege, inter alia, that Defendants violated certain sections of the Securities Exchange Act of 1934 and the Securities Act of 1933 as a result of certain alleged material misstatements and omissions in connection with Olsten’s business, which allegedly had the effect of artificially inflating the market price of Olsten’s common stock. On or about October 19, 1998, Defendants filed a motion to dismiss the Complaint. After fully briefing the issues raised in Defendants’ motion to dismiss the Complaint, which motion has not been decided, counsel for Class Plaintiffs and counsel for Defendants engaged in discussions regarding the possibility of settling the Action.

The first complaint alleges that as a result of material concealed from investors, certain Olsten insiders sold large blocks of Olsten stock at artificially inflated prices, reaping proceeds in excess of $10 million. In August 1997, two additional lawsuits were filed in the United States District Court for the Eastern District of New York against the same defendants named in the Weichman lawsuit, plus Stuart Olsten. In September 1997, a fourth proposed class action lawsuit was filed.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OLS
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: E.D. New York
DOCKET #: 97-CV-1946
JUDGE: Hon. Denis R. Hurley
DATE FILED: 04/17/1997
CLASS PERIOD START: 05/31/1996
CLASS PERIOD END: 11/21/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 97-CV-5056
JUDGE: Hon. Denis R. Hurley
DATE FILED: 09/10/1998
CLASS PERIOD START: 02/05/1996
CLASS PERIOD END: 07/22/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  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. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
No Document Title Filing Date