Spitzer Probe Class Actions Blossom
By Michael Ha
NU Online News Service, Nov. 12, 4:27 p.m. EST?The industrywide scandal involving bid-rigging and broker contingency fee abuse is getting scrutinized not just by state regulators and attorneys general, but also by lawyers specializing in securities class action lawsuits.[@@]
Since New York Attorney General Eliot Spitzer first filed his civil suit against Marsh & McLennan Companies Inc. less than a month ago, there have been dozens of class action lawsuits filed against major brokerage firms and insurance companies, as well as their senior officers and directors, on behalf of stockholders.
The lawsuits argue that these businesses were involved in paying "illegal and concealed contingent commissions" and "violated federal securities laws" by making materially false or misleading public statements, which could result in fines and penalties totaling potentially hundreds of millions of dollars. The following is a summary of recent class action suits filed so far this month:
? The Rosen Law Firm in New York yesterday filed a class action lawsuit in the United States District Court for the District of Minnesota on behalf of all persons who purchased the securities of The St. Paul Travelers Companies Inc. between Jan. 27, 2000 and Oct. 22, 2004, against defendants St. Paul and certain officers and directors of the company.
? Wolf Popper has filed suit today in Northern District of Illinois U.S. District Court on behalf of participants in the Aon Corporation 401(K) Savings Plan for violations of the federal pension law (ERISA) in connection with the loss of value in Aon stock acquired and held by present and former employees of Aon through the plan.
? Brodsky & Smith law firm said on Nov. 9 that a securities class action lawsuit had been filed on behalf of shareholders who purchased the common stock and other securities of Marsh & McLennan Companies Inc. between Oct. 15, 1999 and Oct. 14, 2004. The class action lawsuit was filed in U.S. District Court for New York Southern District
? Charles Piven law firm said Nov. 7 it had begun a securities class action on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of AXIS Capital Holdings Limited between Aug. 6, 2003 and Oct. 1, 2004. The firm also said a securities class action was filed on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of American International Group Inc. between Oct. 28, 1999 and Oct. 13, 2004.
? Glancy Binkow & Goldberg LLP said yesterday that a class action lawsuit was filed in the U.S. District Court for the Northern District of Illinois on behalf of all persons who purchased securities of Aon Corporation between Oct. 31, 2002 and Oct. 22, 2004.
? Scott + Scott law firm said Wednesday it has filed a class action lawsuit on behalf of participants and beneficiaries of the Marsh & McLennan Companies Stock Investment Plan. The lawsuit has been filed in the United States District Court for the Southern District of New York.
? Cohen, Milstein, Hausfeld & Toll filed a lawsuit Tuesday in U.S. District Court for the Northern District of Illinois on behalf of participants in the Aon Savings Plan for violations of the federal pension law in connection with the "recent stunning loss" of value in Aon Corp.'s stock acquired and held by present and former employees of Aon through the Savings Plan.
? Murray, Frank & Sailer filed a class action Nov. 5 on behalf of all purchasers of AXIS Capital Holdings Limited during the period between Aug. 6, 2003 and Oct. 14, 2004.
? Schiffrin & Barroway law firm said Nov. 5 that a class action lawsuit was filed in the U.S. District Court for the Southern District of New York on behalf of all securities purchasers of AXIS Capital Holdings Limited from Aug. 6, 2003 through Oct.14, 2004.
? Wolf Haldenstein Adler Freeman & Herz filed a class action lawsuit Nov. 4 in the U.S. District Court for the Southern District of New York, on behalf of all participants and beneficiaries of the Marsh & McLennan Putnam Investments Profit Sharing Retirement Plan and the Marsh & McLennan Companies Stock Investment Plan of Marsh & McLennan Companies Inc., between Nov. 1, 1998 and the present, against defendant Marsh & McLennan Companies Inc. and certain officers and directors of the company.
? Wolf Haldenstein Adler Freeman & Herz filed a class action lawsuit Nov. 3 in U.S. District Court for the District of Minnesota, on behalf of all persons who purchased the securities of The St. Paul Travelers Companies Inc. between Jan. 27, 2000 and Oct. 22, 2004, against defendants St. Paul and certain officers and directors of the company.
? Brian M. Felgoise law firm announced Nov. 3 that a securities class action has been filed on behalf of shareholders who acquired Marsh & McLennan Companies Inc. securities between Oct. 15, 1999 and Oct. 14, 2004.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.