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Case Status:    SETTLED
On or around 06/19/2003 (Date of order of final judgment)

Filing Date: February 12, 2001

By the Order For Final Judgment entered on June 19, 2003, the Settlement set forth in the Settlement Agreement is fair, reasonable, and adequate. Judgment is entered dismissing the action with prejudice, on the merits. The plan of allocation and attorneys’ fees and reimbursement of expenses is also approved by the Court.

Earlier, on May 4, 2001, the Court entered the Order appointing lead plaintiffs, approving their selection of lead counsel, and establishing a plaintiffs’ executive committee. On May 21, 2001, an Amended Consolidated Class Action Complaint was filed, and on July 26, 2001, a Second Amended Consolidated Class Action Complaint was filed. The defendants responded by filing motions to dismiss the Second Amended Consolidated Class Action Complaint. On May 23, 2002, the Court entered the Order denying the motions to dismiss. On September 6, 2002, the defendants filed motions for partial summary judgment. On December 26, 2002, the Court entered the Order finding the motions for summary judgment moot. Soon after, on April 16, 2003, a Settlement Agreement was filed, and that same day, the judge preliminarily approved the settlement. The settlement fund is in the amount of $20 million.

The original complaint alleges that during the proposed class period, the Company misled investors by stating that it would not likely experience any adverse impact in connection with Unicover. Ultimately, the company revealed that it would be negatively impacted by the Unicover reinsurance scandal and that its earnings per share in the first quarter of 2000 would fall well below projected earnings. The complaint further alleges that during the class period, E. W. Blanch recognized revenue from its Unicover related brokerage business based on one or more reinsurance contracts that were not in force. The market price of the Company's shares plummeted over 60% throughout the day on March 20, 2000, causing significant losses to persons who purchased shares during the class period. The individual defendants sold over $24.7 million in the Company's stock during the proposed class period.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Life)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EWB
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: D. Minnesota
DOCKET #: 01-CV-00258
JUDGE: Hon. Michael J. Davis
DATE FILED: 02/12/2001
CLASS PERIOD START: 10/19/1999
CLASS PERIOD END: 03/20/2000
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. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 01-CV-00258
JUDGE: Hon. Michael J. Davis
DATE FILED: 07/26/2001
CLASS PERIOD START: 04/20/1999
CLASS PERIOD END: 03/20/2000
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. Chestnut & Cambronne, P.A.
    222 South Ninth Street, 3700 Piper Jaffray Tower, Chestnut & Cambronne, P.A., MN 55402
    612.339.7300 612.336.2940 · info@chestnutcambronne.com
  3. 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