| PREVIOUS | Hypothetical 2 (con't) Selection of Lead Counsel | |
|
HOME OnLine Background Factual Basis
TOC_CH1 Regulations:
|
1. What does the PSLRA provide with respect
to the selection of lead counsel?
See Section 21D(a)(3)(B)(v) See § 2.09 2. How did Judge Wall justify using an auction to select lead counsel in Cendant? What preference, if any, did the counsel selected by lead plaintiff have under his procedure? See § 2.10[1]. 3. Does the decision of the Third Circuit rule out the use of an auction to select lead counsel? Compare Judge Walker's opinions in Copper Mountain and Quintas with Cendant. Click HERE. 4. Is Judge Walker's decision in Copper Mountain (See § 2.11) consistent with the opinion of the Third Circuit in Cendant? See § 2.10[3]. 5. Why did the SEC appear as amicus in support of Judge Walker in the 9th Circuit proceeding in Copper Mountain (Cavanaugh)? See § 2.12. 6. How did the Ninth Circuit hold in Cavanaugh? Does it rule out the use of an auction in all situations? See § 2.12. 7. As discussed at the Factual Basis, Milberg Weiss has refined the giving of Notice and developed its procedures so that any member of the class can retain them on line, furnishing the certification needed to include them as a plaintiff, giving them access to a copy of the complaint, and providing for the "excecution" of an agreement setting forth the basis on which the prospective plaintiff retains Milberg Weiss. What does the Retention Agreement (use bookmark in navigation pane to find) provide re the expenses of the litigation, the attorney fees, direction of the litigation? If the plaintiff seeking to be named lead plaintiff was obtained in this manner by Milberg Weiss and executed the Retention Agreement on line, would this impact his/her chances to be named lead plaintiff after Cavanaugh? See § 2.12. 8. To what extent did Judge Harmon take into account the possibility of holding an auction to select lead counsel in the Enron private action? Click HERE. On what basis did she approve Milberg Weiss as lead counsel. Click HERE and Selection of Lead Counsel. See also § 1:4. 8. Consider the facts in Berger v. Compaq Computer discussed at § 2.05[3]. Would this have been an appropriate situation under the Cendant criteria discussed at § 2.10[3] to require an auction for selection of lead counsel? What is incongruous in this respect about the two cases? See also Comment. 9. Assume that you represent a Colorado pension fund that purchased Compaq stock during the class period and incurred a substantial loss in the stock. Your client did not file a complaint and/or a motion to be named lead plaintiff, but seeks your advice about attempting to intervene in the case on remand and be named as class representative. Ignoring any issue as to the right to intervene at this point, what advice do you give the client? See § 2.05[3]. See also 2.07.
|