Case Page

 

Case Status:    SETTLED
On or around 09/15/2006 (Date of order of final judgment)

Filing Date: August 31, 1999

On May 26, 2006, the Court entered the Order signed by U.S. District Judge Melinda Harmon Preliminarily Approving Settlement and Providing for Notice. On September 15, 2006, the Court entered the Final Judgment and Order of Dismissal with Prejudice. The settlement was approved.

According to the Stipulation of Settlement, defendants will pay a total of six hundred thousand dollars ($600,000) as the settlement fund. The settlement is subject to approval of the Court.

Previously, as summarized by the same Stipulation of Settlement, on November 30, 1999, the Court appointed lead plaintiffs under §211)(a)(3)(13) of the Exchange Act and approved lead plaintiffs' selection of Lead Counsel. On January 26, 2000, the six class actions and the Derivative Action were consolidated as In re U.S. Liquids Securities Litigation, Master File No. H-99-2785 (the "Litigation"). On March 2, 2000, lead plaintiffs filed a Consolidated Complaint for Violations of the Securities Exchange Act of 1934. On April 14, 2000, defendants filed a motion to dismiss the Consolidated Complaint. On January 23, 2001, the Court entered a Memorandum and Order of Partial Dismissal which dismissed the § 10(b) claims while upholding the § 11 claims concerning the Offering. On August 12, 2004, the Company filed a petition for bankruptcy under Title 11 of Chapter 7 of the United States Bankruptcy Code and is now defunct. The Class's claims against USL were extinguished in the Company's bankruptcy proceeding. The Settling Parties reached an agreement to settle this Litigation after extensive discovery (including discovery regarding each Defendants' financial condition), arm's-length negotiations, and the substantial assistance of Judge J. Lawrence Irving (Ret.), a highly respected retired United States District Court Judge with substantial experience in the mediation of complex civil actions.

The original Complaint charges that defendants violated the U.S. securities laws by issuing materially false and misleading statements and by omitting to disclose material facts, required to be disclosed, in order to make the statements issued not materially false and misleading throughout the Class Period. In particular, the Complaint alleges that defendants falsely represented that the Company was in material compliance with applicable environmental laws when defendants knew, or were reckless in not knowing, that certain of the Company's employees, including the Vice President in charge of the Company's Detroit, Michigan facility, had ordered and supervised an illegal hazardous waste disposal program involving the discharge of untreated toxic liquid waste directly into the Detroit sewer systems.

COMPANY INFORMATION:

Sector: Services
Industry: Waste Management Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: USL
Company Market: American 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: S.D. Texas
DOCKET #: 99-CV-2785
JUDGE: Hon. Melinda Harmon
DATE FILED: 08/31/1999
CLASS PERIOD START: 05/28/1998
CLASS PERIOD END: 08/25/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  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. 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
COURT: S.D. Texas
DOCKET #: 99-CV-2785
JUDGE: Hon. Melinda Harmon
DATE FILED: 03/02/2000
CLASS PERIOD START: 05/28/1998
CLASS PERIOD END: 08/25/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley & Geller (Boca Raton)
    2255 Glades Road, #421A, Cauley & Geller (Boca Raton), FL 33431
    561.750.3000 ·
  2. Cauley Bowman Carney & Williams, PLLC (Little Rock)
    11001 Executive Center Drive, Suite 200, Cauley Bowman Carney & Williams, PLLC (Little Rock), AR 72211
    501.312.8500 888.551.9944 · info@cauleybowman.com
  3. Cauley Geller Bowman & Coates LLP (Little Rock)
    P.O. Box 25438, Cauley Geller Bowman & Coates LLP (Little Rock), AR 72221-5438
    501.312.8500 ·
  4. Greenberg, Peden, Siegmyer & Oshman
    12 Greenway Plaza, 10th floor, Greenberg, Peden, Siegmyer & Oshman, TX 77046
    713.627.2720 713.627.7050 ·
  5. Law Offices of Steven E. Cauley, P.A. (Little Rock)
    Suite 210, Cypress Plaza. 2200 N. Rodney Parham Road, Law Offices of Steven E. Cauley, P.A. (Little Rock), AR 72212
    501.312.8500 501.312.8505 · cauleypa@aol.com
  6. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles)
    355 S. Grand Avenue, Suite 4170, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles), CA 90071
    213.617.9007 213.617.9185 · info@lerachlaw.com
  7. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  8. 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 ·
  9. Schwartz, Junell, Campbell & Oathout, LLP (Miami)
    5480 SW 94th Terrace, Schwartz, Junell, Campbell & Oathout, LLP (Miami), FL 33156
    305.858.5555 ·
  10. 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