According to the most recent docket posted, on June 11, 1999, the defendants filed motions to dismiss the complaint. On March 27, 2000, the Court entered the Final Order signed by U.S. District Judge William P. Dimitrouleas granting the motions to dismiss the complaint and denying as moot the motion for appointment of co-lead plaintiffs and motion for class certification. The case was closed. On May 12, 2000, the Court entered the Final Judgment dismissing the action.
The complaint charges that as part of and as a participant in the scheme to defraud investors and create a market for otherwise unmarketable ICM "securities," SouthTrust and an Individual Defendant acted as a reference for potential investors in ICM. The complaint further alleges that Defendants violated securities laws by touting ICM and its principals without (a) any investigation into the background of any of ICM's principals; (b) any investigation of financial statements from ICM; and (c) any documentation concerning confirmation of transactions or income earned by investors. Plaintiffs seek to recover damages on behalf of all class members.