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Case Status:    SETTLED
On or around 08/13/2004 (Date of order of final judgment)

Filing Date: October 04, 2002

According to the docket, on August 13, 2004, the Court entered the Order of Final Approval of Settlement, Plan of Allocation, Certification of Class, and Award of Attorneys' Fees and Reimbursement. The case is closed.

Earlier, on October 24, 2003, the Court entered the Order of Dismissal by U.S. District Judge Paul A. Magnuson dismissing the action without prejudice. By the Order, the Court reserved jurisdiction for 60 days to permit any party to move to reopen the action, for good cause shown, or to submit and file a stipulated form of final judgment. The Court further extended the Court’s retention of jurisdictions in several Orders entered in December, February, and April before the Plaintiff filed a Stipulation and Agreement of Settlement on May 10, 2004. According to the Notice Of Pendency, the proposed Settlement created a fund in the amount of $6,325,000 in cash.

The original Complaint alleges that during the Class Period, defendants failed to make adequate disclosures or take adequate reserves concerning litigation filed in 1993 in California state court known as Western MacArthur Co. et al. v. United States Fidelity & Guaranty Co., et al, Case No. 721595-7 (consolidated with Case No. 828101-2, Superior Court of California, Alameda County) (the "Western MacArthur litigation"). Plaintiff claims that although trial of the Western MacArthur litigation commenced in approximately March 2002, the Company first disclosed the existence of the litigation on or about May 15, 2002, but did not disclose or quantify the amount or general magnitude of potential exposure to liability which St. Paul might suffer as a result of the litigation, nor did the Company increase its reserves at that time. On June 3, 2002, the Company announced that a settlement had been reached whereby St. Paul would pay almost $1 billion to satisfy the claims reflected in the litigation, although the Company's SEC filings stated that as of December 31, 2001, the Company's net reserves for asbestos claims was only $367 million. The Complaint charges that the Company tried to disguise the impact of the Western MacArthur litigation settlement by focusing on the alleged after-tax impact of the litigation and falsely claiming that $150 million of the litigation payments could be charged to the Company's reserves, and that a subsequent SEC filing by the Company reflected St. Paul's failure to take adequate reserves for its potential liability in the litigation. News of the Western MacArthur litigation settlement caused the price of the Company's stock to decline during the Class Period from a high of $49.20 on November 5, 2001 to a low of $34.65 on July 9, 2002, the last day of the Class Period.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SPC
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 #: 02-CV-03825
JUDGE: Hon. Paul A. Magnuson
DATE FILED: 10/04/2002
CLASS PERIOD START: 11/05/2001
CLASS PERIOD END: 07/09/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  2. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 02-CV-03825
JUDGE: Hon. Paul A. Magnuson
DATE FILED: 03/24/2003
CLASS PERIOD START: 11/05/2001
CLASS PERIOD END: 07/09/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  4. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
No Document Title Filing Date