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Case Status:    SETTLED
On or around 05/19/2006 (Date of order of final judgment)

Filing Date: January 02, 2003

According to the docket, on May 19, 2006, the Court entered the Order signed by U.S. District Judge Gerard E. Lynch approving the Plan of Allocation. That same day, the Court further entered the Judgment approving the settlement and dismissing the action.

In a press release dated April 18, 2006, the Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"), representing numerous high net-worth investors throughout the nation, advises all Salomon Smith Barney ("Smith Barney") n/k/a Citigroup Global Markets, Inc. customers who are eligible to participate in the Settlement of the Smith Barney Guided Portfolio Management Account Class Action ("Class Action") (W. Caffey Norman, III, et al. v. Salomon Smith Barney, No. 03 Civ. 4391 (GEL)), that they have until April 21, 2006 to opt-out of the Class Action. K&T strongly encourages all customers who maintained a GPM account to consider securities arbitration as an alternative means to recovering their financial losses.

By the Notice of Certification and Proposed Settlement of Class Action, dated March 13, 2006, the Settlement provides for a Settlement Fund consisting of fifty million dollars ($50,000,000.00) in cash, plus interest, less fees and costs. On May 12, 2006, a hearing will be held to determine whether the Settlement of the Action, as set forth in the Stipulation of Settlement dated January 20, 2006, is fair, reasonable and adequate, and to consider the proposed Plan of Allocation for the Settlement proceeds and the application of Plaintiff’s Counsel for an award of attorneys’ fees and reimbursement of expenses.

As summarized by the same notice, on June 18, 2003, this action was transferred to the United States District Court for the Southern District of New York. On June 27, 2003, this action was reassigned to Judge Gerard E. Lynch, United States District Judge. On August 7, 2003, Defendant moved for an order dismissing the Complaint, which the Court denied on June 8, 2004. On January 28, 2005, Plaintiff moved for class certification. Briefing on this motion was completed on June 16, 2005. On October 19, 2005, the Court deemed the motion to have been withdrawn pending this Settlement, subject to reinstatement.On April 25, 2005, Defendant moved for judgment on the pleadings dismissing Plaintiff’s state-law claims as preempted by the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), Pub. L. No. 105-353, 112 Stat. 3227. Briefing on this motion was completed on June 16, 2005. On October 19, 2005, the Court deemed the motion to have been withdrawn pending this Settlement, subject to reinstatement.

The Plaintiff filed this action in the United States District Court for the District of Columbia, on behalf of himself and all other persons and entities who maintained Guided Portfolio Management (“GPM”) accounts with SSB during the class period. GPM accounts are discretionary accounts managed by SSB. Specifically, the Plaintiff alleges in essence that SSB’s equity ratings for stocks were improperly influenced by SSB’s desire to obtain or retain investment banking business from those companies whose stock was being rated by SSB. During the class period, SSB’s financial consultants could generally purchase for GPM accounts only equity securities that were favorably rated by SSB’s Research Department. Plaintiff alleges that as a result of SSB’s inappropriate and unwarranted ratings, SSB failed to deliver account management services based on objective research in accordance with SSB’s contractual and fiduciary duties. Plaintiff asserts causes of action for alleged violations of Section 206 of the Investment Advisers Act of 1940, 15 U.S.C. § 80b-6, breaches of fiduciary duty, and breaches of contract, on behalf of all persons and entities who maintained GPM accounts during the class period.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

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 #: 03-CV-00002
JUDGE: Hon. Thomas Penfield Jackson
DATE FILED: 01/02/2003
CLASS PERIOD START: 01/03/1998
CLASS PERIOD END: 08/15/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Saunders & Doyle
    33 North Dearborn Street, Suite 1302, Saunders & Doyle, IL 60602
    312.551.0051 312.551-4467 ·
  3. Tighe Patton Armstrong Teasdale, PLLC
    1747 Pennsylvania Ave., N.W., Suite 300, Tighe Patton Armstrong Teasdale, PLLC, DC 20006
    202.454.2800 202.454-2805 · info@tighepatton.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 03-CV-04391
JUDGE: Hon. Thomas Penfield Jackson
DATE FILED: 06/17/2003
CLASS PERIOD START: 01/03/1998
CLASS PERIOD END: 08/15/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Saunders & Doyle
    33 North Dearborn Street, Suite 1302, Saunders & Doyle, IL 60602
    312.551.0051 312.551-4467 ·
  3. Tighe Patton Armstrong Teasdale, PLLC
    1747 Pennsylvania Ave., N.W., Suite 300, Tighe Patton Armstrong Teasdale, PLLC, DC 20006
    202.454.2800 202.454-2805 · info@tighepatton.com
No Document Title Filing Date