Case Page

 

Case Status:    DISMISSED    
On or around 08/04/2009 (Court's order of dismissal)

Filing Date: March 22, 2007

This case was originally filed in Indiana state court on February 16, 2007, and then removed to the U.S. District Court for the Northern District of Indiana by a Notice of Removal filed March 22, 2007.

According to the Amended Complaint filed on April 12, 2007, the Plaintiffs generally allege that the defendant, particularly MetLife, used the endorsement of the Indiana State Teachers Association and its subsidiary, ISTA Financial Services Corporation to sell securities and other investment options to public educators throughout Indiana. The process and procedure in which ISTA Financial Services and MetLife sold such securities and other investment options to the public educators was in violation of both Federal and State Law, including the Exchange Act and the Indiana Consumer Deception Practices Act. The sale of such securities was caused through the misrepresentation and concealment of pertinent facts by the defendants. The plaintiffs further allege that the defendants have conducted a pattern of racketeering activity and that the plaintiffs have suffered from the corrupt business influence of the defendants. The plaintiffs seek relief, not on behalf of themselves, but on behalf of all Indiana public school educators who were duped into purchasing securities and other investment options by the defendants.

The defendants responded by filing motions to dismiss the First Amended Complaint on June 1, 2007. On June 27, 2008, the Court entered the Order signed by U.S. District Judge Joseph S. Van Bokkelen reinstating defendants MetLife and ISTA Financial's Motions to Dismiss 26 and 29 and being duly advised denies the motions without prejudice with leave to refile the motions at the conclusion of discovery. Further, according to the Order, Plaintiffs are ordered to refile their Motion for Class Certification. On July 30, 2008, the plaintiffs filed a motion to certify the class.

On March 26, 2009, the Court entered the Order denying as moot several pending motions including the motion to certify the class. According to the Order, it is the Court’s intention that a written Order and Opinion be issued on or about May 15,
2009, to grant MetLife and ISTA Financial’s Motions to Dismiss. On August 4, 2009, Judge Joseph S. Van Bokkelen signed the Opinion and Order granting Metlife and ISTA Financial’s Motions to Dismiss and denies the Plaintiffs Motion to Take Judicial Notice. Accordingly, the Plaintiffs Amended Complaint is dismissed. Judgment was entered that same day and the case closed.

On September 1, 2009, the plaintiff filed a Notice of Appeal as to Opinion and Order granting the defendants' motions to dismiss. On December 11, 2009, the Court entered the Mandate from the U.S. Court of Appeals for the Seventh Circuit Court of Appeals. According to the Mandate, the appeal was withdrawn so the case was dismissed.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Life)
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: N.D. Indiana
DOCKET #: 07-CV-00088
JUDGE: Hon. Rudy Lozano
DATE FILED: 03/22/2007
CLASS PERIOD START: 01/01/2003
CLASS PERIOD END: 03/22/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bowman Heintz Boscia & Vician PC
    8605 Broadway, Bowman Heintz Boscia & Vician PC, IN 46410
    219.769.6671 219.738.3044 · bhbv2@netnitco.net
No Document Title Filing Date
COURT: N.D. Indiana
DOCKET #: 07-CV-00088
JUDGE: Hon. Rudy Lozano
DATE FILED: 04/12/2007
CLASS PERIOD START: 01/01/2003
CLASS PERIOD END: 03/22/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bowman Heintz Boscia & Vician PC
    8605 Broadway, Bowman Heintz Boscia & Vician PC, IN 46410
    219.769.6671 219.738.3044 · bhbv2@netnitco.net
No Document Title Filing Date