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Case Status:    SETTLED
On or around 06/04/2001 (Date of order of final judgment)

Filing Date: December 14, 1999

According to the latest docket posted, on June 1, 2001, the Fairness hearing was held before U.S. District Judge Milton I. Shadur. The settlement was approved, the court entered the Order and Final Judgment on June 4, 2001, and the action was dismissed with prejudice. The plaintiffs filed a Notice of Appeal, and on September 21, 2001, the Court entered the certified copy of the order from the 7th Circuit dismissing the appeal.

By the Notice of Pendency and Proposed Settlement, a hearing to consider whether the proposed settlement, in the amount of $45 million in cash plus accrued interest, is fair, reasonable and adequate and should be approved, and to consider the Plan of Allocation and the application of attorneys’ fees and reimbursement of expenses, will be held before the Honorable Milton I. Shadur at Courtroom 2303 of the United States District Courthouse, Northern District of Illinois, Eastern Division, 219 N. Dearborn Street, Chicago, Illinois, at 9:30 a.m., on June 1, 2001.

According to the same Notice of settlement, on December 14, 1999, a federal securities class action lawsuit was filed against defendants in the United States District Court for the Northern District of Illinois, Eastern Division seeking class action status. In January and February 2000, a number of similar complaints were also filed in the Court, each seeking class action status. On February 18, 2000, the Court consolidated the cases and ordered the filing of a single consolidated complaint. The consolidated complaint (the “Complaint”) was filed subsequently on February 25, 2000. On or about March 10, 2000, defendants filed a joint motion to dismiss the Complaint (the “Motion”). On April 18, 2000, in open court, the Court denied defendants’ Motion. Defendants filed their answers to the Complaint on May 1, 2000. On May 2, 2000, defendants filed a joint motion pursuant to 28 U.S.C. § 1292(b) to certify the April 18 order for immediate appeal to the Court of Appeals. That motion was denied on May 5, 2000. Moreover, on May 3, 2000, the Court appointed Wechsler Harwood Halebian & Feffer LLP as lead counsel and conditionally approved as lead plaintiffs the American Radio Association Pension Plan, Detectives Endowment Association Annuity Fund, District 1199-J Pension Fund and Joint Industry-Engineers Union Local 30 Pension Fund. The Court also conditionally certified the Class. On May 31, 2000 the Court confirmed and made that certification unconditional. On June 14, 2000, the Court appointed the Pension Fund as lead plaintiff and approved their selection of Schoengold & Sporn, P.C. as Associate Lead Counsel.

The original complaint alleges that defendants violated the federal securities laws, including Sections 10(b) and 20 of the Securities Exchange Act of 1934, as amended, by making false and misleading statements in press releases and filings with the Securities and Exchange Commission, concerning, among other things, the business, financial condition, earnings and prospects of Bank One and its wholly-owned subsidiary, First USA. Specifically, the Complaint alleges that Bank One achieved its financial results from First USA's improperly recorded revenues from late fees, penalties and interest by failing to post credit card payments on time.

The complaint further alleges that after a series of partial disclosures beginning on August 24, 1999, and ending on November 10, 1999, the facts concerning defendants' conduct became widely known, including a report that First USA was the target of an investigation by the Office of the Comptroller of the Currency, the stock price of Bank One plummeted from its Class Period high of $63.563 per share to close at $34.625 per share on November 10, 1999.


Sector: Financial
Industry: Money Center Banks
Headquarters: United States


Ticker Symbol: ONE
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. Illinois
DOCKET #: 99-CV-08120
JUDGE: Hon. Milton I. Shadur
DATE FILED: 12/14/1999
CLASS PERIOD END: 11/10/1999
  1. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  2. Garwin, Bronzaft, Gerstein & Fisher
    1501 Broadway Suite 1416, Garwin, Bronzaft, Gerstein & Fisher, NY 10036
    212.398.0050 ·
  3. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 ·
  4. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 ·
  5. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 ·
  6. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 00-CV-00880
JUDGE: Hon. Milton I. Shadur
DATE FILED: 02/25/2000
CLASS PERIOD END: 11/10/1999
  1. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 ·
  2. Schoengold & Sporn PC (New York)
    19 Fulton Street, Schoengold & Sporn PC (New York), NY 10038
    212.964.0046 212.267.8130 ·
  3. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
No Document Title Filing Date