Judge Rejects Interest For Lowey In Bayer Settlement

Judge Rejects Interest For Lowey In Bayer Settlement - 2/25/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Judge Rejects Interest For Lowey In Bayer Settlement
Christine Caulfield

Securities Law 360. February 25, 2009
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EXCERPT: A federal judge has scoffed at a bid by plaintiffs firm Lowey Dannenberg Cohen & Hart PC for interest on its $2.2 million cut of a recent securities class action settlement with drugmaker Bayer AG, saying the request was “inappropriate and unbecoming.” Refusing the request in an order Tuesday, Judge William Pauley III of the U.S. District Court for the Southern District of New York said Lowey Dannenberg had provided no support for its claim to an award of interest accumulated on the $18.5 million settlement fund. … The settlement resolved a lawsuit filed in 2003 by a class of shareholders who bought stock in Bayer or American Depository Receipts for the pharmaceutical company between August 2000 and February 2003. The class action alleged that Bayer misrepresented the prospects for its cholesterol-lowering drug Baycol and failed to disclose the medication's serious health risks before it was withdrawn in August 2001. … The case is In re: Bayer AG Securities Litigation, case number 1:03-cv-01546, in the U.S. District Court for the Southern District of New York.

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