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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Another Twist In Securities Case
By: Jason Hoppin
The Recorder. December 12, 2001
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Excerpt: The Ninth Circuit U.S. Court of Appeals has scheduled oral arguments in a case that could define the limits of a judge's discretion in determining which lawyers will run lucrative securities fraud class actions. Last week, the court ordered that In re Copper Mountain Networks Securities Litigation, 01-70772, be heard the week of Feb. 11. The appeal challenges whether the presumption that the plaintiffs with the largest losses in a case should run the litigation can be rejected by a judge who does not like their fee agreement with their lawyer. In deciding the case, the Ninth Circuit could dictate the standards for the "rebuttable presumption" outlined in 1995's Private Securities Litigation Reform Act. Under the legislation, intended to curb "lawyer-driven" litigation, plaintiffs who suffered the largest losses as a result of stock-market shenanigans are presumed to be the party that should run the case for the rest of the class.
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