Wolverhampton v Dell, case update i
(See previous post) Channel 4 News - Channel 4 is one of the five terrestrial, main television channels in the UK - ran a report (watch it) on the action. One of those interviewed is Patrick W. Daniels of Lerach Coughlin Stoia Geller Rudman & Robbins LLP, which is one of two law firms representing the City Council in the action. (The other firm is Provost & Umphrey LLP.) The programme goes into some detail to explain the case and the allegations.
Separately, the City Council may reportedly have been unsure as to whether it will be appointed lead plaintiff, its lawyers are vigorous in their case on behalf of it and fellow movant Amalgamated Bank, as this court document shows (with thanks to an alert reader who prefers anonimity).
There are apparently three individual entities or groups of movants left for the lead plaintiff role at the date of that document’s filing, 15 February 2007, the other two being Pensionskassernes Administration A/S of Denmark, Stichting Pensioenfonds ABP of the Netherlands, Sjunde AP-Fonden of Sweden and Mississippi PERS of the US,
collectively (represented by Schiffrin Barroway Topaz & Kessler LLP and Grant & Eisenhofer PA) and Union Asset Management Holding AG of Germany (Motley Rice LLC and Sturman LLC) on its own. The collective claims to have lost $87.9 million, Union Investment $20.3 million and Wolverhampton/Amalgamated $5.9 million.
Wolverhampton or not, considering the number of foreigners compared with the number of locals, chances are that, if the case does go ahead, it may well be a foreign (co-)lead plaintiff heading it. (See case update ii.)