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Case Status:    SETTLED
On or around 03/27/2006 (Date of order of final judgment)

Filing Date: June 22, 2000

According to the latest docket posted, on December 19, 2005, the Court entered the Order preliminarily approving the settlement and scheduling the final approval hearing for March 21, 2006. According to the Stipulation of Settlement, the settlement fund was reduced to $15 million. The settlement hearing was held, and on March 27, 2006, the Court entered Judgment.

In an article in the New York Law Journal dated November 28, 2003, on May 29, 2001 the parties to this litigation entered into a Memorandum of Understanding ('MOU') outlining the general terms of a proposed settlement of $17.4 million. On the same day, Reliance, on behalf of itself and the individual defendants, entered into an agreement ('the funding agreement') with Syndicate 1212 of Lloyd's, London and the other underwriters referred to above, in which the underwriters agreed to fund the proposed settlement, consistent with their insurance obligations. The court granted a motion to join Syndicate 1212 at Lloyd's, London and other underwriters ('the underwriters') as defendants in this action for the purpose of enforcing a Memorandum of Understanding executed by plaintiffs and defendants.

Further, the article stated that on June 12, 2001 Reliance filed a bankruptcy petition under Chapter 11 in the United States District Court for the Southern District of New York, thus staying the class action as against Reliance pursuant to 11 U.S.C. §362(a). That action is pending before Bankruptcy Judge Gonzalez.

According to a the complaint, During the Class Period, defendants issued a series of public statements touting the Company's growth and profitability. After numerous repeated public announcements emphasizing the Company's success, Reliance stock traded at over $10 per share in June of 1999. On May 10, 2000, Reliance took investors by surprise, announcing that the company's financial results for the first quarter of fiscal 2000 were even worse than investors had been led to believe. For the quarter, Reliance announced that it would be reporting an operating loss of $36.5 million, or $.31 per diluted share, for the first quarter. In response, Reliance stock fell steadily, from $2.625 on May 10, 2000, to its trading price of slightly over $ 1 per share on June 19, 2000 - - a far cry from its Class Period high of over $11 per share. Throughout the Class Period, Defendants made a series of false and misleading statements regarding the financial success and record growth of Reliance, which statements caused Reliance's stock price to be artificially inflated. Those statements appeared in public filings with the SEC and in Reliance press releases.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: REL
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: S.D. New York
DOCKET #: 00-CV-4653
JUDGE: Hon. Allen G. Schwartz
DATE FILED: 06/22/2000
CLASS PERIOD START: 02/08/1999
CLASS PERIOD END: 05/10/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  3. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  4. Law Offices of Leo W. Desmond
    2161 Palm Beach Lakes Blvd., Suite 204, Law Offices of Leo W. Desmond, FL 33409
    888.337.6663 · Info@SecuritiesAttorney.com
  5. 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
  6. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  9. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  10. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  11. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 00-CV-4653
JUDGE: Hon. Allen G. Schwartz
DATE FILED: 07/16/2001
CLASS PERIOD START: 02/08/1999
CLASS PERIOD END: 12/06/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  3. Law Firm of Harvey Greenfield (New York)
    60 East 42nd Street, Law Firm of Harvey Greenfield (New York), NY 10165
    212.949.5500 ·
  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 · ldbs@wesetnet.com
  5. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  6. 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 ·
  7. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  8. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
  9. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  10. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  11. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  12. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date