Legal News

Lead counsel named in Toyota shareholder suit

By Richard Binder

This past June, U.S. District Judge Dale Fischer in Los Angeles consolidated seven class actions against Toyota.  But she held off on deciding lead counsel pending the U.S. Supreme Court's ruling in Morrison v. National Australia Bank. The high court ruled on June 24 that investors who purchase a foreign company's stock on a foreign exchange lack standing to sue in U.S. courts.

Under that definition, Fischer ruled on Monday that the Maryland State Retirement and Pension System, has asserted the largest loss of the pension funds vying for lead plaintiff status. They are represented by New York's Bernstein Litowitz Berger & Grossman. 

In addition, Fischer appointed Robert Fairbank, a partner at Los Angeles-based Fairbank & Vincent, as liaison counsel to the sudden acceleration claims now pending in multidistrict litigation before U.S. District Judge James V. Selna in Santa Ana, Calif.

Full story at NLJ.com.

Full post as published by Legal Pad | LA on August 03, 2010 (boomark / email).