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Case Status:    SETTLED
On or around 10/02/2006 (Date of order of final judgment)

Filing Date: October 15, 2002

On October 2, 2006, the Court entered the Judgment settling the case. The settlement was in the amount of $12.5 million. On November 9, 2006, the Court entered the Order awarding the attorneys’ fees and reimbursement of expenses. According to the Order, the Court grants an award of attorneys' fees to be paid from the Settlement Fund, equal to twenty percent (20%) of the Settlement Fund. The Court hereby grants Lead Counsel's application for reimbursement of expenses totaling $131,211.08 to be paid from the Settlement Fund.

On January 31, 2003, the Court entered the Order signed by U.S. District Judge Barbara S. Jones consolidating several actions into In re Salomon Analyst Williams Litigation, 02-CV-8156 (BSJ). On October 15, 2003, a Consolidated Class Action Complaint was filed. On December 23, 2003, the defendants filed motions to dismiss the Consolidated Class Action Complaint with prejudice. On January 25, 2005, the defendants filed a renewed motion to dismiss the Consolidated Class Action Complaint.

The complaint charges Jack Grubman and Salomon Smith Barney, Inc. with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants issued and maintained "Buy" recommendations on WCG securities without any rational economic basis; failed to disclose that they were issuing and maintaining "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: WCG
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-8156
JUDGE: Hon. Barbara S. Jones
DATE FILED: 10/15/2002
CLASS PERIOD START: 10/27/1997
CLASS PERIOD END: 11/02/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lovell Stewart Halebian LLP (former New York)
    500 Fifth Avenue, Lovell Stewart Halebian LLP (former New York), NY 10110
    212.608.1900 212.719.4677 · info@lshllp.com
  2. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-8156
JUDGE: Hon. Barbara S. Jones
DATE FILED: 10/15/2003
CLASS PERIOD START: 10/27/1997
CLASS PERIOD END: 11/02/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
No Document Title Filing Date