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Case Status:    SETTLED
On or around 04/14/2003 (Date of order of final judgment)

Filing Date: May 16, 1997

On April 10, 2003, the Court approved the settlement in the derivative class action and dismissed the derivative class action with prejudice. Previously, on March 28, 2002, the case was reopened according to a mandate from the USCA, remanding the District Court’s earlier judgment terminating the derivative class action.

On September 15, 1997, the defendants filed a motion to dismiss the complaint in its entirety. The District Court granted the motion to dismiss with respect to all class action claims and the section 36(b) claim, but denied it with respect to all remaining derivative claims.

The action arose out of Brazilian Equity Fund Inc.’s 1996 rights offering of its common stock. Both a derivative and class action law suit was filed against Brazilian Equity Fund (the “Fund”), Credit Suisse Asset Management, LLC (the “Adviser”), and certain officers and directors (the “Director Defendants”). In his derivative capacity, the plaintiff alleged that, in approving the Rights Offering, the Director Defendants put the interests of the Adviser ahead of the interests of the Fund's shareholders, thereby breaching their duties of loyalty and due care to the shareholders of the Fund. The class action claim included similar assertions but alleged that the Fund's shareholders were injured directly by the Director Defendants' breach of their fiduciary duties. Specifically, the complaint alleged violations of section 36(b) of the Act (derivatively against the Adviser), section 36(a) of the Act (against all defendants except the Fund), section 48 of the Act (against the Director Defendants and the Fund), section 36(a) of the Act (derivatively against all defendants except the Fund), and for breach of fiduciary duty at common law.105169


Sector: Financial
Industry: Investment Services
Headquarters: United States


Ticker Symbol: BZL
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 #: 97-CV-03579
JUDGE: Hon. Robert W. Sweet
DATE FILED: 05/16/1997
CLASS PERIOD END: 07/17/1996
  1. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 ·
  2. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
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