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Case Status:    SETTLED
On or around 02/08/2010 (Date of order of final judgment)

Filing Date: October 07, 2002

The original Complaint alleges that Defendants violated the federal securities laws by issuing analyst reports regarding Metromedia that recommended the purchase of Metromedia common stock and which set price targets for Metromedia common stock, without any reasonable factual basis. The complaint further alleges that, when issuing its Metromedia analyst reports, Defendants failed to disclose significant, material conflicts of interest which it had, in light of Defendants' Metromedia reports, to obtain investment banking business for Defendant Salomon Smith Barney ("Salomon"). Furthermore, in issuing Metromedia reports, in which it recommended the purchase of Metromedia common stock, Defendants failed to disclose material, non-public, adverse information which they possessed about Metromedia. Throughout the Class Period, Defendants maintained a "BUY" recommendation on Metromedia in order to obtain and support lucrative financial deals for Salomon. The Class Period begins on November 25, 1997 the date when Salomon "initiated coverage" of and issued their first report on Metromedia. The Class Period ends on July 25, 2001, the date Defendants belatedly downgraded Metromedia from a "Buy" to a "Neutral."

By the Order dated January 28, 2003, the Court: (i) appointed plaintiffs Techgains Corporation and the Metromedia Plaintiffs Group as Lead Plaintiffs; and (ii) appointed Kaplan Fox & Kilsheimer LLP, Nix, Patterson & Roach, LLP and Patton, Haltom, Roberts, McWilliams & Greer, LLP, as Co-Lead Counsel.

On October 15, 2003, Lead Plaintiffs filed an Amended Class Action Complaint (the "Complaint") on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of MFN during the Class Period alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. On December 30, 2003, Defendants moved to dismiss the Complaint.

On January 5, 2005, this Court issued an order granting in part and denying in part Defendants' motion to dismiss. On June 20, 2006, this Court certified the class of plaintiffs. Thereafter, Defendants filed a Rule 23(f) appeal of the class certification decision. On September 30, 2008, the United States Court of Appeals for the Second Circuit issued an opinion, in In re Salomon Analyst Metromedia Litigation, Docket No. 06-cv-3225, 2008 U.S. App. LEXIS 20570 (2nd Cir. Sept. 30, 2008) vacating this Court's order granting class certification and remanding the case for further proceedings. Following arms-length negotiations between Co-Lead Counsel and Defendants, the parties have agreed to a settlement of the Action.

On November 19, 2008, Judge Gerard E. Lynch preliminarily approved the proposed $35,000,000 settlement. The settlement hearing was set for February 27, 2009. At the hearing, Judge Lynch approved the final settlement and dismissed the action with prejudice. Lead Counsel was awarded attorneys' fees of 27% of the settlement fund and awarded $989,296.11 as reimbursement of their out-of-pocket expenses.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: MFNX
Company Market: NASDAQ
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-07966
JUDGE: Hon. Barbara S. Jones
DATE FILED: 10/07/2002
CLASS PERIOD START: 11/25/1997
CLASS PERIOD END: 07/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
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COURT: S.D. New York
DOCKET #: 02-CV-07966
JUDGE: Hon. Barbara S. Jones
DATE FILED: 10/15/2003
CLASS PERIOD START: 11/25/1997
CLASS PERIOD END: 07/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  2. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  3. Nix Patterson & Roach, LLP
    205 Linda Drive, Nix Patterson & Roach, LLP, TX 75638
    903.645.7333 ·
  4. Patton, Haltom, Roberts, McWilliams & Greer LLP
    2900 St. Michael Drive, Century Bank Plaza Suite 400, Box 6128, Patton, Haltom, Roberts, McWilliams & Greer LLP, TX 75505-6128
    903.334.7000 903.334.7000 · thefirm@pattonhaltom.com
  5. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  6. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  7. 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
  8. 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
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