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Case Status:    SETTLED
On or around 07/19/2006 (Date of order of final judgment)

Filing Date: March 05, 2002

On July 19, 2006, the Court entered the Order and Final Judgment signed by U.S. District Judge Deborah A. Batts. The action is settled and now closed.

According to a press release dated April 26, 2006, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court, Southern District of New York, the action entitled In re Allied Irish Banks, PLC Securities Litigation, Master File No. 02 Civ. 1738 (DAB), has been certified as a class action and that a cash settlement of $2,500,000, plus accrued interest, has been proposed. A hearing will be held before the Honorable Deborah A. Batts in the Daniel Patrick Moynihan United States Court house, 500 Pearl Street, New York, New York 10007-1312, at 4:00 p.m., on July 17, 2006 to determine whether the proposed settlement should be approved by the Court as fair, reasonable and adequate, and to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses.

On April 26, 2002, the plaintiffs filed a First Amended Complaint. On December 8, 2004, the Court issued a Memorandum and Order granting the motion to consolidate two related actions into Master File 02 Civ. 1738, captioned "In Re Allied Irish Banks, PLC, Securities Litigation.” Further Plaintiff Manuel Feder's motion for appointment as lead plaintiff was granted and law firm of Finkelstein, Thompson & Loughran and Stull, Stull & Brody was appointed lead counsel and liaison counsel, respectively. On February 7, 2005, a Consolidated Complaint was filed. The defendants responded by filing motions to dismiss in April 2005. On August 31, 2005, default judgment was entered against defendant John Rusnak. On March 30, 2006, the Court preliminarily approve the stipulation and the settlement and a final settlement hearing was set for July 17, 2006.

The original complaint alleges that AIB's financial reports since 1999 fraudulently failed to reflect at least $691 million of currency trading losses associated with its AllFirst Financial, Inc. subsidiary. On February 6, 2002, AIB shocked the investment markets by disclosing for the first time that its AllFirst subsidiary had concealed massive losses from foreign exchange trading, and that AIB had halted all currency trading at AllFirst. Following this announcement, AIB's ADR price fell to $19.77, down 16% from the previous day's close of $23.55. AIB has since admitted that its 2001 financial reports alone overstated net income by as much as $449 million.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: Ireland

SECURITIES INFORMATION:

Ticker Symbol: AIB
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 #: 02-CV-1738
JUDGE: Hon. Deborah A. Batts
DATE FILED: 03/05/2002
CLASS PERIOD START: 01/01/2001
CLASS PERIOD END: 02/06/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. 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
  3. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-1738
JUDGE: Hon. Deborah A. Batts
DATE FILED: 02/07/2005
CLASS PERIOD START: 02/06/1999
CLASS PERIOD END: 02/06/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
No Document Title Filing Date