Case Page

 

Case Status:    DISMISSED    
On or around 12/04/2003 (Other)

Filing Date: July 21, 1999

According to the docket, on January 17, 2002, the Court entered the Order dismissing the remaining claims with prejudice pursuant to the proposed order of voluntary dismissal filed by the plaintiff.

Earlier, on March 22, 2000, the Court entered the Opinion and Order denying the motion for class action certification. The Court further entered the Order granting the motion to dismiss the second amended complaint as to defendants Grant Thornton LLP and Doeren Mayhew & Co. The plaintiff filed a Notice of Appeal in response to U.S. District Judge George C. Steeh’s Orders. On August 16, 2000, the plaintiff voluntarily dismissed the cause of action against certain defendants. On September 13, 2000, the Court entered the Mandate from the Sixth Circuit Court of Appeal dismissing the appeal.

The Complaint charges the accounting firms of Grant Thorton and Doeren Mayhew & Co. failed to properly conduct audits of MCA; several securities broker-dealers failed to properly conduct due diligence of the various securities their registered representatives and/or agents sold to the general public; as well as several officers and directors of MCA committed securities fraud and breached their fiduciary duty to the investors of MCA. The Complaint further alleges that the Defendants conspired with the officers and directors of MCA to defraud the investors, which lead to the massive loses the investors have experienced. The Complaint also alleges that these activities fall under the Racketeer Influenced and Corrupt Organization Act (RICO), which if successful, authorizes treble damages.

The securities class action was commenced in Oakland County Circuit Court on June 28, 1999, and was removed to the United States District Court for the Eastern District of Michigan on July 21, 1999.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

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. Michigan
DOCKET #: 99-CV-76337
JUDGE: Hon. George C. Steeh
DATE FILED: 07/21/1999
CLASS PERIOD START: 01/01/1986
CLASS PERIOD END: 01/28/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Michael P. Marsalese, Esq.
    36330 Woodward Avenue Suite 350, Michael P. Marsalese, Esq., MI 48304
    248.258.1932 248.258.1932 ·
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 99-CV-76337
JUDGE: Hon. George C. Steeh
DATE FILED: 01/03/2000
CLASS PERIOD START: 01/01/1986
CLASS PERIOD END: 01/28/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Michael P. Marsalese, Esq.
    36330 Woodward Avenue Suite 350, Michael P. Marsalese, Esq., MI 48304
    248.258.1932 248.258.1932 ·
No Document Title Filing Date