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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Point Valid, But Raised Too Late; Court Oks Pact
By: Patricia Manson
Chicago Daily Law Bulletin. December 27, 2001
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Excerpt: Saying a group of disgruntled investors waited too long to act, a federal appeals court has rejected a bid to scuttle a multimillion-dollar settlement reached in a class-action lawsuit accusing a publicly held corporation of securities fraud. The 7th U.S. Circuit Court of Appeals said Wednesday that investors who opposed the settlement should have acted sooner -- by either seeking to intervene as parties in the class-action suit or opting out of the settlement and pursuing their own litigation. Once they learned that some of their losses would not be covered, the investors should have made their move. The objectors lost their chance to block the settlement by waiting at least eight months before asking the judge presiding over the class action to let them intervene, the court held.
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