IPO Plaintiffs Seek Approval of $586 Million Accord

IPO Plaintiffs Seek Approval of $586 Million Accord - 4/6/2009

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2009 News and Press Releases

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News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

IPO Plaintiffs Seek Approval of $586 Million Accord
David Glovin

Bloomberg. April 6, 2009
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EXCERPT: Investors suing banks including Morgan Stanley and Credit Suisse Group AG reached a $586 million settlement of lawsuits accusing them of rigging initial public offerings during the technology stock boom. Almost a decade after the bust of the technology stock market in 2000, the investors told U.S. District Judge Shira Scheindlin in Manhattan that they have resolved their claims against dozens of underwriters and stock issuers. […] Three hundred Internet startups such as Razorfish Inc. and Red Hat Inc., which also were sued, agreed in 2003 to pay $1 billion to settle. That deal was tossed out as a result of the same ruling. “This is the last chapter of an 8-year, complicated litigation that will finally achieve results for investors who suffered losses in the IPO craze,” said Stanley Bernstein, another lead lawyer in the case. Gandolfo DiBlasi, a lawyer for the banks, declined to comment. Jack Auspitz, an attorney for the technology companies, didn’t immediately return a call seeking comment. Goldman spokesman Lucas van Praag, Credit Suisse spokeswoman Victoria Harmon and Morgan Stanley spokesman Mark Lake didn’t immediately return calls.

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