Case Page

 

Case Status:    DISMISSED    
On or around 11/06/2013 (Other)

Filing Date: November 23, 2011

According to a Complaint filed on November 23, 2011, the Defendants violated federal securities laws in relation to a merger acquisition.

In September, 2008, the Company announced the purchase of a target company. Soon after the acquisition, the target company entered near insolvency and received emergency aid totaling 28.4 billion pounds from the government of Great Britain and further assistance of 11.5 billion dollars from the United States Government. The plaintiffs claim that the Company knew of the target company’s financial condition and the need to attain large government aid to keep the target company solvent prior to the merger and did not disclose these facts to shareholders when the Company’s shareholders voted in favor of the merger.

On March 13, 2012, plaintiffs filed an amended complaint.

On October 16, 2012, the Court issued an Order granting the defendants' motion to dismiss. The Clerk was directed to terminate the motion and enter judgment for the defendants.

On November 16, 2012, a Notice of Appeal was entered into the Court's docket.

On February 13, 2013, the Court issued an Order denying the plaintiff's motion for reconsideration of the October 16, 2012 Order. On February 28, plaintiff filed another Notice of Appeal, this time appealing the Court's Order of February 13.

On November 6, 2013, the United States Court of Appeals for the Second Circuit issued a Mandate affirming the judgment of the District Court.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: LYG
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 #: 11-CV-08530
JUDGE: Hon.P. Kevin Castel
DATE FILED: 11/23/2011
CLASS PERIOD START: 10/01/2008
CLASS PERIOD END: 02/27/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chaffe McCall, L.L.P.
    2300 Energy Centrer, Chaffe McCall, L.L.P., LA 70163
    504-585-7000 504-585-7075 ·
  2. Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P.
    201 St. Charles Ave., 46th Floor, Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P., LA 70170
    ·
  3. The Pearl Law Firm
    1159 Pittsford-Victor Rd., The Pearl Law Firm, NY 14534
    585-381-3886 ·
No Document Title Filing Date