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C L A S S A C T I O N R E P O R T E R
Wednesday, February 4, 2004, Vol. 6, No. 24
Headlines
APARTHEID LITIGATION: State Not Backing Tutu Support For Suits
BANCOLOMBIA: Arbitration Court Dismisses Claims in Stock Lawsuit
CANADA: Premier To Apologize For Past Catholic School Abuse
CANADA: Ontario Toxic Leak Taints Water In St. Clair County, MI
CATHOLIC CHURCH: Hundreds Join KY Diocese Clergy Sex Abuse Suit
CELEBRITY RESORTS: SEC Files, Settles Cease-And-Desist Complaint
CIGNA CORPORATION: Court Grants Final Approval Of HMO Settlement
CREDIT UNIONS: B.C. SC Limits Lawsuit Against Overdraft Fees
CYTYC CORPORATION: Asks MA Court To Dismiss Securities Lawsuit
FIRST ACCESS: SEC Files Securities Lawsuit Over Stock Offering
FTD INC.: Distributes $3.4M in Stock As Part of Suit Settlement
GRAHAM DEVELOPMENT: Recalls "Vantin" 200mg TABS Lot# K08210301
HEALTH CANADA: Suit Seeks Certification Over '714X' Drug Access
HMO LITIGATION: Portland Chiropractors Sue For RICO Violations
HOLLINGER INTERNATIONAL: LA Pension Fund Launches Fraud Lawsuit
MAINE: Pearl City District Seeks Dismissal of ME Tort Funds Suit
MITSUI & CO.: Unit To Settle Vitamin Antitrust Case For $73.5M
MARTHA STEWART: Former ImClone Employee Testifies In Stock Trial
OBESITY LITIGATION: Congress Gives Approval To Anti-Suit Bill
OHIO: Cincinnati Mayor Calls To Repeal 1993 City Gay Rights Ban
OMNOVA SOLUTIONS: Court Asked To Reconsider Certification Denial
TITAN PHARMACEUTICALS: CA Court Dismisses Securities Fraud Suits
TYCO INTERNATIONAL: Kozlowski Lawyers Target Firm Fund Manager
WAL-MART STORES: New Claim Added to Suit For Illegal Immigrants
WELLSPRING CAPITAL: SEC Asks CT Court To Issue Contempt Order
Meetings, Conferences & Seminars
* Scheduled Events for Class Action Professionals
* Online Teleconferences
New Securities Fraud Cases
DEUTSCHE BANK: Reinhardt Wendorf Launches Securities Suit in NY
DEUTSCHE BANK: Emerson Poynter Files Securities Suit in S.D. NY
GOALs(+) EQUITY: Wolf Haldenstein Launches Securities Suit in NY
PARMALAT FINANZIARIA: Charles Piven Files Securities Suit in NY
ROYAL DUTCH: Wechsler Harwood Commences Securities Lawsuit in NJ
VANS INC.: Schiffrin & Barroway Commences Securities Suit in CA
*********
APARTHEID LITIGATION: State Not Backing Tutu Support For Suits
--------------------------------------------------------------
The South African government is indifferent to Anglican
Archbishop Emeritus Desmond Tutu's support for reparations cases
brought before United States courts by apartheid victims, The
Cape Times reports. Bishop Tutu is the former chairperson of
the Truth and Reconciliation Commission.
Several lawsuits are pending before Judge John Sprizzo of the
New York District Court. He is set to rule whether the cases
against international companies, which claimants say flouted
United Nations sanctions by doing business in apartheid South
Africa, may proceed as class action.
In an eight-page affidavit filed on behalf of the Dumisa
Ntsebeza class action, Bishop Tutu urged the U.S. Court to hear
the lawsuits, the Sunday Independent reports. Contrary to the
government's position that the cases would undermine investment
and possibly reconciliation, Bishop Tutu said, "the obtaining of
compensation . supplementing the very modest amount to be
awarded . under the TRC process could promote reconciliation" in
South Africa.
The government chief spokesperson Joel Netshitenzhe told the
Cape Times that if Tutu had discussed his concerns with the
minister of justice, who asked the court in July to dismiss the
suits, he would have had a clearer understanding of the position
of the government. "This is that not settling the matter in
South Africa has profound implications for the country . for
instance, for the assessment of (its) risk profile, investment
and job creation," he said.
"(Tutu) has touched on all the right things," said an "extremely
pleased" Dumisa Ntsebeza, counsel in the case told the Cape
Times.
Jubilee SA was elated, chair M P Giyose said, speaking for the
Jubilee and Khulumani group claimants. "We would hope Nelson
Mandela would take his customary stand next to (Tutu) and show
there are still honourable men who stand with the masses," he
told the Cape Times.
BANCOLOMBIA: Arbitration Court Dismisses Claims in Stock Lawsuit
----------------------------------------------------------------
The Arbitration Court convened by Luis Alberto Duran Valencia
and others to resolve the class action against BANCOLOMBIA
(NYSE: CIB) and some of its principal shareholders, issued on
Friday, January 30, its arbitral decision, rejecting the
majority of the claims of the plaintiffs and exonerating the
Bank shareholders.
Nevertheless, the Arbitration Court considered that the fact of
not having obtained the total amount offered by the BIC in the
stock issuance of 1998 (of the US$150 million offered, US$91
million were purchased by investors) resulted in damages to the
minority shareholders of the former Banco de Colombia
(approximately 7,000 shareholders), and awarded them
compensation in the amount of COP $19,213,670,222 (legal
currency of Colombia).
It is important to clarify that, despite the considerable amount
of the award, the Bank's financial strength allows it to pay the
award without disrupting, in any way, the normal course of the
Bank's activities, or materially impacting its financial
statements, the Bank said in the statement.
In connection with the stock exchange ratio used in the merger
process to compensate shareholders of the former Banco de
Colombia, the Arbitration Court declared, "Based on the
foregoing, the Arbitration Court must find itself as lacking the
proper elements to judge the fairness of the exchange ratio.
The Arbitration Court limits itself to an acknowledgement of the
exchange ratio, and to take it as an essential basis in the
analysis of the plaintiffs' demands."
The Bank is aware and respects, as is customary, the Arbitration
Court's decision. The bank's lawyers are currently studying
this ruling, as its complexity demands rigorous legal and
financial analysis to determine its implications for the
different parties involved in this process, the bank said in a
statement. "Certain as we are of the fairness and legality of
the process of acquisition and merger between BIC and the former
Banco de Colombia, if deemed appropriate, BANCOLOMBIA will use
the legal means available to it," the bank stated.
CANADA: Premier To Apologize For Past Catholic School Abuse
-----------------------------------------------------------
Ontario Premier Dalton McGuinty is set to deliver a formal
apology to victims of physical and sexual abuse that spanned
four decades at long-defunct Catholic training schools for boys,
St. Joseph's and St. Johns, the Associated Press reports.
In 1992, a settlement was forged, requiring the premier of
Ontario to apologize. At the time, Mike Harris was the premier,
but the one who apologized was Charles Harnick, attorney general
at the time. Mr. Harnick stood up in the legislature and
apologized in 1996.
As such, a lawsuit was filed against former premier Harris on
behalf of the victims who attended St. Joseph's in the 1950s.
David McCann, an unofficial spokesman for the victims, filed the
suit, which later replaced Mr. Harris' name with Mr. McGuinty's.
The suit was scheduled to go to trial this week, I.H. Fraser,
Mr. McCann's lawyer, told AP.
"It's important to the victims that they hear an apology
directly from the premier in the legislature - and that's what
they will get," Mr. McGuinty said in a statement. "Victims will
finally get the apology they've been seeking for so many years."
"It's been a long time coming," Mr. McCann told AP in an
interview Monday from Vancouver. "I'm delighted, but not
surprised that he's done it. He was open to the idea and it's
much appreciated."
No specific date has yet been set for McGuinty's apology, but it
will take place after the legislature resumes sitting March 22,
the premier's office said.
Mr. McCann said it was former Ontario premier Bob Rae, who held
power in 1992 when the settlement was reached, who insisted
during negotiations that it be the premier who delivered the
apology. "Bob Rae personally intervened and said, 'No, the
premier of the province will - not may, will - (apologize), and
he understood," Mr. McCann told AP, fighting back tears. "He
understood the importance of it, and I think Dalton McGuinty
does as well."
A $1.1-million settlement was approved Friday, Mr. Fraser told
AP, and $780,000 of that is currently being distributed among
the known victims. Roughly 30 others who are eligible for
compensation are still being tracked down, he added.
CANADA: Ontario Toxic Leak Taints Water In St. Clair County, MI
---------------------------------------------------------------
St. Clair County officers gave the go-ahead for residents to
resume drinking tap water after tests determined a leak of up to
39,000 gallons of toxic chemicals into the St. Clair River had
not contaminated the water supply, the Associated Press reports.
Last Sunday morning, the chemicals leaked across the border near
Sarnia, Ontario, forcing the closure of water plants serving
tens of thousands of people. St. Clair authorities released an
advisory, warning residents of six communities not to drink,
cook with or bathe in tap water until tests showed the water was
safe. The advisory was later lifted early Monday.
The leak was reported at an Imperial Oil plant south of Sarnia
in an area known as Chemical Valley, but was later contained.
Intakes were closed for water plants that serve about 36,000
customers in several St. Clair County communities, Jeffrey A.
Friedland, the county's emergency management director, told AP.
The Ontario Ministry of Environment and the Michigan Department
of Environmental Quality warned communities near the spill to
close off water intakes while the water is tested. Water from
the St. Clair River flows into Lake St. Clair and then into the
Detroit River and on into Lake Erie.
Patricia Spitzley, a spokeswoman for the Michigan Department of
Environmental Quality, told AP more testing may be performed in
downriver communities Monday, but "we don't anticipate more
water advisories for Michigan."
Low water levels later forced five water systems serving six
communities in the county to resume drawing from the river
before the completion of safety tests, prompting the warnings
not the drink or bathe in the water, Mr. Friedland told AP.
Imperial Oil said in a statement that the spill of methyl-ethyl
ketone and methyl-isobutyl ketone took place between 3 a.m. and
4:20 a.m. The company described the chemicals as low-toxicity
solvents used to make lubrication oils. They also can be found
in nail polish and paint. "We certainly regret that this
incident has occurred, and we are working very closely with the
communities downstream to monitor the situation," Imperial's
plant manager, Warren Burton, told AP.
CATHOLIC CHURCH: Hundreds Join KY Diocese Clergy Sex Abuse Suit
---------------------------------------------------------------
Very few plaintiffs dropped out of a class action filed against
the Diocese of Covington, charging it with mishandling charges
of sexual abuse by Roman Catholic priests, the Cincinnati
Enquirer reports.
The suit is the United States' first class action over alleged
clergy sexual abuses and was filed on behalf of alleged victims
in Covington since 1956. It claims the diocese mishandled
claims against its clergymen, an earlier Class Action Reporter
story states.
Saturday was the deadline for alleged victims to drop out of the
class action in order to pursue individual claims. Those who
remain in the class cannot bring an individual suit. Stan
Chesley, who brought the suit on behalf of the victims, wouldn't
say Saturday exactly how many people are in the class, The
Enquirer states.
Lawyers for Mr. Chesley's firm have said they expect as many as
500 people represented in the action. "Very few have opted
out," Mr. Chesley said. "And the beauty of a class-action is
that it is an open-ended proposition. We don't preclude anyone,
so long as they've suffered abuse from a priest since 1956."
Church leaders are fighting the litigation, working instead to
settle individual cases out of court. The diocese said it has
received 158 reports of abuse and, since September, has settled
with 39 people for a total of $8.3 million, according to Carrie
Huff, a Chicago attorney representing the diocese. A hearing is
scheduled for Thursday. No trial date has been scheduled.
CELEBRITY RESORTS: SEC Files, Settles Cease-And-Desist Complaint
----------------------------------------------------------------
The Securities and Exchange Commission issued an order
instituting and simultaneously settling cease-and-desist
proceedings against Thomas H. Ludeman and Celebrity Resorts &
Casinos Inc (CR&C).
The order found that Mr. Ludeman and CR&C violated Sections 5(a)
and (c) of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
The Commission's order found that during the course of the past
five years, Thomas H. Ludeman and Celebrity Resorts & Casinos,
Inc. (CR&C) conducted an offering with the stated goal of
raising money to build a celebrity-themed resort hotel and
casino in Las Vegas, Nevada. To date, Mr. Ludeman and CR&C have
raised nearly $350,000 from approximately 28 investors.
Potential investors were solicited through cold calls and at
least one Wall Street Journal advertisement. Those individuals
who indicated a potential willingness to invest were provided
with documents offering "Convertible Note(s) carrying an
interest rate of 5% over the Wall Street Journal first of the
month prime rate, accrued monthly from date until maturity."
No registration statement was filed with the Commission or was
in effect as to the securities described herein, nor were the
securities exempt from registration. Furthermore, the offering
documents claimed:
(1) that a portion of the funds raised would be used for
the acquisition of a gaming license;
(2) that CR&C had a key strategic relationship with
Marriott Vacation Club International, and that Marriott
Vacation Club International was under consideration to
manage the leasing operations of the resort;
(3) that the casino would generate revenues in excess of
$700 million in its first year of operation;
(4) that a national securities law firm was Legal Counsel
for CR&C and
(5) that once built, the casino would provide guests an
opportunity to personally interact with "world-renowned
motion picture, television, modeling, sports
celebrities, and public figures."
In fact:
(i) No significant steps toward the acquisition of a gaming
license had been taken;
(ii) CR&C had no relationship whatsoever with Marriott
Vacation Club International;
(iii) the assumptions used in the calculation of projected
revenues lacked any legitimate basis;
(iv) neither Mr. Ludeman nor CR&C was represented by a
national securities law firm; and
(v) Mr. Ludeman had not discussed his plan with a single
celebrity.
CIGNA CORPORATION: Court Grants Final Approval Of HMO Settlement
----------------------------------------------------------------
CIGNA and representatives of over 700,000 physicians, state and
other medical societies received final judicial approval of the
sweeping settlement agreement in the national class action RICO
lawsuit pending in the Federal Court for the Southern District
of Florida. Miami, Fl., Business Wire reports.
The settlement agreement, entered into in September 2003, was in
response to a lawsuit filed to combat widespread and chronic
abuses by some of the nation's largest for-profit health
maintenance organizations (HMOs). The suit identified CIGNA, as
well as United Healthcare, Aetna, Coventry, Wellpoint, Humana
Health Plan, Inc, Pacificare Health Systems, Inc, & Anthem Blue
Cross Blue Shield as co-conspirators who have violated contracts
and defrauded doctors in violation of the federal Racketeer
Influenced and Corrupt Organization Act (RICO). Judge Federico
Moreno granted preliminary approval of the settlement agreement
in Miami in October.
Cigna is the second major managed care company to offer
comprehensive reforms in the way they manage their dealing's
with America's physicians. Aetna was the first to settle with
physicians in May 2003; Judge Moreno issued final approval of
the settlement on October 24, 2003. The lawsuit against all
other defendants continues before Judge Moreno.
The total settlement includes a guaranteed cash payment of $85
million. Additional business practice changes of $400 million
are also included and will result in hundreds of millions of
dollars in real savings to physician practices throughout the
country. Including the savings in physician's overhead, the
plaintiffs' experts estimate the gross value of the settlement
package in excess of $1 billion dollars.
The settlement also establishes a foundation chartered to foster
a broad range of public health improvement initiatives which
will consider proposals to expand the database of health care
information available to patients and providers and among other
things, enhance the overall quality of patient care.
CIGNA will establish a Physician Advisory committee through
which physicians can offer input on ways to enhance to delivery
of health care.
Tim Norbeck, Executive Director of the Connecticut State Medical
Society, applauded the Court's decision and stated that, "CIGNA
should be commended for standing up and agreeing to a settlement
that sets a new standard for the industry and demonstrates
CIGNA's openness and support of physicians and their patients.
As we have continually made clear, our primary goal from the
beginning has been to change the system and make it better for
physicians and their patients. Our member physicians are pleased
that many of their issues have been addressed by this
settlement, and we believe that patients will benefit as well."
"Like the agreement Judge Moreno approved with Aetna, this
settlement again puts doctors in the position to care for their
patients and know that they're to get properly timely paid for
their care," said Bohn Allen, MD, President-Elect of Texas
Medical Association. "That will improve access for all patients
to the care they deserve."
"This is much more than a simple lawsuit." Said Archie Lamb, co-
lead counsel for the class action suit. "The Aetna and Cigna
settlements set a new standard of cooperation between insurance
companies and doctors for the direct benefit of patients and our
nations healthcare system in general."
The case is being heard in the United States District Court,
Southern District of Florida, Miami Division: MDL No. 1334;
Master File No. 00-1334-MD-Moreno.
CREDIT UNIONS: B.C. SC Limits Lawsuit Against Overdraft Fees
------------------------------------------------------------
Madam Justice Ballance of the Supreme Court of British Columbia
denied a motion to add Coast Capital Savings Credit Union, North
Shore Credit Union, Community Savings Credit Union, Chemainus
Credit Union, Comox Valley Credit Union, Kootenay Savings
Credit Union and Vernon & District Credit Union to a proposed
class action against VanCity Credit Union for unlawful overdraft
fees, Canada Newswire reports.
The action against VanCity, commenced by Kurt MacKinnon on
February 5, 2003, alleges that VanCity charged overdraft fees
that are illegal under the Criminal Code. The Criminal Code, in
s. 347(1) prohibits the charging of interest at a rate greater
than 60% but permits Banks and Credit Unions to charge an
overdraft fee up to $5.00. The Statement of Claim alleges that
VanCity rendered overdraft charges of $10.00 to Mr. MacKinnon
and other VanCity members and claims that these overdraft
charges are unlawful because they are in excess of the $5.00
overdraft charge permitted by the Criminal Code and result in
the receipt of interest in excess of 60%.
The Plaintiff is seeking to recover, on behalf of and for the
benefit of all members of VanCity who have been charged
overdraft fees, any unlawful interest collected by VanCity as a
result of those overdraft charges.
After this action was commenced, a motion was brought to add
seven additional credit unions as Defendants to the action, on
the ground that those seven credit unions were allegedly
engaging in the same practice of charging overdraft fees to
their members in excess of the $5.00 overdraft fee permitted
by the Criminal Code. No claim has been advanced against any of
the Chartered banks as their significantly lower overdraft fees
appear to be lawful.
The motion to expand the action against the seven additional
credit unions was heard in the Supreme Court of British Columbia
on August 1, 2003. In Reasons for Judgment released on Friday,
January 30, 2004, Madam Justice Ballance dismissed the
application and held that these other credit unions could not be
joined to the action against VanCity.
"We are disappointed with the Court's decision," said Paul
Bennett of Hordo & Bennett, the law firm representing Mr.
MacKinnon. "We had hoped that Mr. MacKinnon's action would
proceed for the benefit of the members of these other credit
unions who we believe have also been charged overdraft fees in
excess of $5.00. However, this decision does not prevent the
members of those other credit unions from seeking relief against
their credit union in respect of any such overdraft charges. We
would be pleased to provide advice to any such members who wish
to do so."
However, the action will continue against VanCity, Canada's
largest credit union with $8.2 billion in assets and 297,000
members. For more information, contact Paul Bennett at
(604) 682-5250.
CYTYC CORPORATION: Asks MA Court To Dismiss Securities Lawsuit
--------------------------------------------------------------
Cytyc Corporation asked the United States District Court for the
District of Massachusetts to dismiss the securities class action
filed against it and two of its officers, on behalf of a
purported class of all persons who purchased the Company's
common stock between July 25, 2001 and June 25, 2002.
The complaint alleges that the defendants failed to disclose
material facts and made materially misleading misstatements
about the Company's historical and future financial performance.
The Company believes the allegations are without merit. Given
the early stage and current status of the litigation, the
Company is unable to reasonably estimate the ultimate outcome of
this case, and accordingly, minimal expense related to legal
fees has been recorded to date, it stated in a disclosure to the
Securities and Exchange Commission.
FIRST ACCESS: SEC Files Securities Lawsuit Over Stock Offering
--------------------------------------------------------------
The Securities and Exchange Commission filed an action in U.S.
District Court in Dallas, Texas charging Thomas H. Keesee, 45,
and Eduardo Lautieri, 39, both of Fort Lauderdale, Florida, and
their companies, First Access Financial, LLC and First Access,
Inc., with securities fraud in connection with an unregistered
interstate offering and sale of securities in the form of
interests in a pooled foreign currency trading account.
According to the Commission's complaint, defendants used
fraudulent means to raise $243,000 from at least 15 investors in
just five months. The defendants consented to an order freezing
activity in any accounts to which investor funds can be traced,
and to other expedited relief. The Commission also has named
Pennsylvania resident James R. Paisley, Jr., 51, a/k/a James R.
Kellier, 55, a/k/a James R. Keller, and two companies he
controls as relief defendants, seeking asset freezes,
accountings, disgorgement of assets acquired with investor
funds, and document preservation. The District Court has
entered orders freezing the relief defendants' assets, requiring
accountings and preserving documents.
The suit is styled "SEC v. First Access Financial, LLC, et al.,
USDC, NDTX, Dallas Division, Civil Action No. 3-04-CV-166-H."
FTD INC.: Distributes $3.4M in Stock As Part of Suit Settlement
---------------------------------------------------------------
FTD, Inc. distributed US$3.4 million worth of stock as part of
the settlement of a consolidated securities class action filed
against it, its wholly-owned subsidiary Florists Transworld
Delivery, Inc. (FTD), FTD.COM and the directors of the Company
and FTD.COM in the Court of Chancery for New Castle County in
Wilmington, Delaware.
The suit was filed by individual stockholders of FTD.COM on
behalf of all former public stockholders of FTD.COM. The suit
alleges that:
(1) the offer by the Company to exchange 0.26 shares of
Class A Common Stock for each share of FTD.COM common
stock is inadequate,
(2) the individual defendants breached the fiduciary
duties they owed in their capacity as directors by,
among other things, failing to conduct an auction or
otherwise check the market value of FTD.COM before
voting to accept the merger proposal;
(3) the Company and its board of directors prevented the
FTD.COM board of directors from conducting a meaningful
review of the transaction; and
(4) the Company, FTD.COM and certain individual defendants
timed the 2002 Merger to deny public stockholders the
full potential increase in FTD.COM's stock price
following the 2002 Merger.
The Company reached an agreement to settle the suit, styled "In
Re FTD.COM, Inc. Shareholders Litigation." A Stipulation and
Agreement of Compromise, Settlement and Release relating to this
matter has been executed.
The terms of the Stipulation and Settlement Agreement include no
finding of wrongdoing on the part of any of the defendants, or
any other finding that the claims alleged had merit. The
Stipulation and Settlement Agreement was approved by the Court
on November 13, 2003. The Company and the other defendants have
denied, and continue to deny, that they have committed any
violation of federal securities or other laws.
Pursuant to the Stipulation and Settlement Agreement, the
Company has agreed to issue shares of FTD, Inc. Class A Common
Stock valued at $10.7 million to the members of the class. In
connection with the settlement, the Company recorded an $11.0
million charge in the fourth quarter of fiscal year 2003 with
respect to the settlement and related administrative costs. In
November 2003, the Company distributed 139,493 shares of Class A
Common Stock valued at $3.4 million as payment for a portion of
the $10.7 million settlement liability.
GRAHAM DEVELOPMENT: Recalls "Vantin" 200mg TABS Lot# K08210301
--------------------------------------------------------------
Graham Development Inc., Oneonta, NY, in cooperation with the
U.S. Consumer Product Safety Commission (CPSC), is initiating a
voluntary recall of one lot of Vantin 200 mg tablets (Lot
#K08210301), a prescription antibiotic since there is a
possibility product dispensed from this lot may contain a
different drug known as Lanoxin (digoxin), a heart medication.
Consumers who inadvertently take Lanoxin assuming it is Vantin
are at risk of serious health consequences such as ventricular
arrhythmia and death. Affected drug distributors and pharmacies
are being notified.
Consumers who have Vantin tablets should check their
prescription bottles. The bottles may identify Graham
Development Inc. or Pharmacia & Upjohn Company as the product's
source. Consumers who have this product with a prescription
dispensed after December 12, 2003, should immediately check with
their pharmacists. Since Vantin tablets and Lanoxin tablets are
different in color, size, shape and markings, pharmacists will
be able to identify the medication. Vantin tablets are football
shaped, orange/red, film coated and embossed with "U" and "3618"
and Lanoxin tablets are round, white tablets, scored and
embossed "LANOXIN" and "X3A."
To date there are no reported injuries, and the company is
actively working with FDA and affected pharmacies in this
voluntary recall.
There are approximately 420 bottles in distribution. These were
shipped to pharmacies and distributors in the northeastern
United States, Kentucky, Minnesota, Missouri and South Dakota,
beginning on December 12, 2003. The product as distributed to
pharmacists is labeled Vantin with NDC #0009-3618-01, Lot
K08210301, Exp. 04/2008. Product dispensed to consumers may not
include the NDC # or lot number.
This voluntary recall is being initiated based on a single
incident in which a pharmacist discovered Lanoxin tablets inside
a bottle labeled as Vantin. Preliminary findings indicate this
problem is limited to only a one bottle from this lot.
For more information, contact Barry Graham at Graham
Development, Inc., by Phone: 607-436-9088.
HEALTH CANADA: Suit Seeks Certification Over '714X' Drug Access
---------------------------------------------------------------
A request for certification of a national class action was filed
in the Federal Court of Canada against Health Canada by L‚opold
Delisle, on behalf of persons who were not able to have access,
or who will not be able to have access, to the product 714 X or
who suffered or will suffer from undue delay, pursuant to a
request formulated by their treating physician within the
framework of the Special access program (SAP).
The SAP of Health Canada allows the physicians who treat
patients affected by serious or mortal illnesses to obtain
medicines not available on the market, when the usual
therapeutic methods have showed themselves to be ineffective,
are inappropriate or are not available.
The 714 X is a non-toxic product, available by means of the SAP
since 1989, which supports natural defenses (and the immune
system) when it is introduced into the lymphatic circulation and
has beneficial effects to numerous persons suffering from a
variety of diseases, amongst which cancer and several
degenerative diseases.
Between 1990 and in November 2003, 1,495 doctors through Canada
recommended the 714 X for 4,025 persons, for a total of 436,380
injections, all of these requests were approved by Health
Canada. Now, for more than six months, while no study or no
unfavorable expertise was realized or published on the 714 X, a
large number of persons, including the plaintiff L‚opold Delisle
have received refusals or been submitted to abnormal and
inequitable delays by Health Canada in the treatment of their
requests of authorization of access to the 714 X formulated by
their treating physicians;
L‚opold Delisle explains it as follows: "For more than 6 months,
I am a witness of the moral sufferings of patients and their
families. I have been witness to these patients health declining
because of refusals or unacceptable delays imposed by Health
Canada in spite of urgent demands repeated by their treating
physician".
Class counsel for the proposed class action, Mtre Michel
B‚langer of the law firm Lauzon B‚langer of Montreal (Quebec)
states that "the class action aims not only to obtain from the
Court an order to grant access to the 714 X such as required by
treating physicians, but also to obtain compensation for moral
damages, legal disturbance and inconveniences and for the
worsening of the medical condition of the members of the class,
from which some have even died."
HMO LITIGATION: Portland Chiropractors Sue For RICO Violations
--------------------------------------------------------------
A handful of Portland, Oregon chiropractors have joined two
lawsuits filed against several health management organizations,
charging them with systematically denying, delaying and
diminishing payments for services, the Portland Business Journal
reports.
One of the lawsuits, filed in the United States District Court
of Oregon, names 10 insurers and was filed on behalf of
chiropractors in Oregon and Arizona. The second names more than
50 Blue Cross affiliates, including Regence BlueCross BlueShield
of Oregon, and was filed in fall 2003 on behalf of podiatrists
and chiropractors all over the country.
"What we are seeking is a change in practices. Everyone would
like to be reimbursed for as much as is feasible for past
expenses, but overall it's to get insurers to change their
practices so medical professionals won't have to deal with red
tape" to be properly paid, Jennifer MacPhearson, a spokeswoman
for San Diego-based JoeBeth Halper Litigation Group, which is
spearheading both cases, told the Portland Business Journal.
The lawsuits further allege that insurance carriers have
discriminated against non-medical doctors when paying
reimbursements. The suit is similar to the lawsuits filed
against Aetna U.S. Healthcare, Cigna Healthcare and other
national for-profit insurers several years ago on behalf of
700,000 physicians.
In March 2003, Aetna agreed to pay $170 million and make $300
million in business improvements to settle the class-action suit
by doctors who alleged unfair business practices. Cigna has
agreed to spend $540 million to correct what physicians said was
a pattern of systematically denying and delaying payments.
Cases against a half-dozen other insurers are pending.
Reimbursement abuse hits small businesses hardest because they
often lack the resources to make lengthy follow-up calls, Allen
Knecht, a Portland chiropractor with a practice in Northwest who
is party to both lawsuits, told the Portland Business Journal.
"The reality is if you have the time and staff to follow up, 90
percent of the time you will get reimbursed. But you need to
know the right questions to ask and be well-versed," Mr. Knecht
said.
Before he hired a full-time billing manager, Mr. Knecht had to
write off $230,000 in services over three years, much of which
he attributed to bad billing practices of insurers. Mr. Knecht
noted that he has seen payment problems worsen during his seven
years of practice. Mr. "The insurance companies are arbitrarily
taking [current procedural terminology] codes and bundling them
under one, or making up their own codes and recoding services.
If I did that it would be illegal," Knecht said.
He also believes there has been a bias against chiropractors
when it comes time to review bills, an allegation echoed in the
complaint filed in Oregon in May 2003, filed by four Oregon
chiropractors in addition to Arizona-based chiropractors. The
case has been transferred to Judge Federico Moreno in Miami, who
has been designated to handle similar class actions.
"The allegations of the nonmedical doctors are very similar to
the medical doctors' complaint. Therefore we believe
certification of a class-action suit will be achieved as it was
for the doctors," JoeBeth Halper, owner of the JoeBeth Halper
Litigation Group, told the Business Journal.
The lawsuit charges insurance companies with claims such as
coercive use of economic power, conspiracy and various
racketeering charges under RICO, (Racketeer Influenced and
Corrupt Organizations Act).
The allegations in both cases are similar, charging the carriers
with:
(1) refusal to compensate providers for covered services,
(2) using automated programs to manipulate standard coding
to artificially reduce payments,
(3) using personnel unqualified to determine whether the
service provided was necessary and covered,
(4) "downcoding" services to pay less,
(5) delaying payments by requesting additional
documentation,
(6) improperly bundling treatments to deny providers fair
payment, and
(7) subjecting nonmedical doctor claims to greater scrutiny
than those submitted by medical doctors or osteopathic
physicians.
HOLLINGER INTERNATIONAL: LA Pension Fund Launches Fraud Lawsuit
---------------------------------------------------------------
Newspaper holding company Hollinger International and press
baron Conrad Black faces a class action, charging them with
failing to disclose the transfer of millions of dollars of
Company funds into Mr. Black's and other executives' own
pockets, the Associated Press reports.
The Louisiana Teachers Retirement System filed the suit, which
also names as defendants a number of individuals who have served
as members of the Hollinger International board, former
executive vice president F. David Radler and Toronto-based
Hollinger Inc., the parent of Hollinger International.
Chicago-based Hollinger International owns The Daily Telegraph
of London, the Chicago Sun-Times, the Gary Post-Tribune and the
Jerusalem Post. The suit alleges that improper deals were
called to the attention of the board of directors but "the
directors simply rubber stamped the transactions."
A spokesman for Black, Jim Badenhausen, and a spokeswoman for
Hollinger International, Molly Morse, both said they had not yet
seen the complaint, AP reports. One of the attorneys who filed
the lawsuit, John C. Kairis of Wilmington, Delaware, declined to
comment.
MAINE: Pearl City District Seeks Dismissal of ME Tort Funds Suit
----------------------------------------------------------------
The Pearl City School District in Maine asked the state court to
dismiss a tort fund lawsuit charging it and several other
defendants of using tort tax money illegally, the Journal-
Standard reports. The suit also names as defendants:
(1) Freeport public schools,
(2) Highland Community College and
(3) the Freeport Park District
Attorney Robert Slattery filed the suit in Stephenson County
State Court on behalf of 2,000 Stephenson County residents.
Following the case closely are two Pearl City residents - Andy
Kuhlemeier and Richard Woessner - who filed a similar suit
against the Pearl City school district in 1997. That case was
eventually dismissed on technicalities.
Lawyer for the school district Kenneth M. Florey told the
Journal-Standard that he's confident the judge will decide to
dismiss the suit because the school district is not doing
anything different from other taxing bodies, a position which
implies the legal interpretation is correct. Pearl City uses
tort tax money to fund a variety of elements of its risk
management plan. The Freeport school board passed its own risk
management plan last fall and the Highland board updates its
plan annually.
Mr. Slattery believes the judge will rule in his favor, because
the four school boards in the suit use the tort money for
salaries, instead for damages for lawsuits against government
bodies and for insurance, what the fund was intended to pay for.
Mr. Slattery says this practice is a violation of the law,
according to his legal arguments.
The motion to dismiss was filed in time for a hearing Monday
morning in Judge Barry Anderson's courtroom. At the hearing
Monday, Mr. Slattery asked for an extension until March 1 for
him and the other attorneys to file their motions for summary
judgment - a request to have the judge decide the case without a
trial.
The lawyers will have a chance to present their arguments on
paper over the next couple of months, with a hearing date for
oral argument set for 1:30 p.m. April 27.
MITSUI & CO.: Unit To Settle Vitamin Antitrust Case For $73.5M
--------------------------------------------------------------
Mitsui & Co.'s wholly owned U.S. subsidiary in Ohio Bioproducts
Inc. agreed to pay a total of $73.5 million in an out-of-court
settlement of a class action over alleged price-fixing of a
vitamin product used as an animal feed supplement, Knight-Ridder
/ Tribune Business News reports.
Mitsui, New York-based Mitsui & Co. and Bioproducts reached the
settlement with most of the plaintiffs who had left the class
action filed with the U.S. District Court for the District of
Columbia, the Tokyo-based company said in a press release. The
three companies had reached settlement terms for the class-
action suit regarding the vitamin product, known as choline
chloride, last October, when they agreed to pay $53 million.
MARTHA STEWART: Former ImClone Employee Testifies In Stock Trial
----------------------------------------------------------------
A former executive assistant to former ImClone Systems, Inc.
chief executive Samuel Waksal testified in Martha Stewart's
securities trial, saying that the domestic maven called the
Company on the day of her suspicious stock trade, Reuters
reports.
Emily Perret told jurors that a "hurried and harsh" Martha
Stewart called the Company on December 27, 2001 and ordered her
to find the top officer. She allegedly demanded to know what
was happening at the biotech company.
With Mr. Waksal unavailable, Ms. Stewart allegedly left a
message that Ms. Perret recorded in her phone log as, "Martha
Stewart. Something is going on with ImClone and she wants to
know what." "She seemed very hurried and harsh and direct," Ms.
Perret told the court, Reuters reports.
However, under cross-examination, Ms. Perret said that most of
the time the "tone of conversations" with Ms. Stewart was "that
way." She also described Ms. Stewart and Mr. Waksal as good
friends who often spoke on the phone. Ms. Perret has a deal
with the government under which she will not be prosecuted in
exchange for her testimony.
Ms. Stewart is on trial for lying to authorities who were
investigating her December 2001 sale of ImClone shares, which
prosecutors believe was based on an inside tip. The lifestyle
trendsetter had placed the trade before there was a public
announcement that caused ImClone shares to tumble.
Government lawyers believe Ms. Stewart sold the shares after
learning that the company's founder and her friend Mr. Waksal
was dumping stock. Ms. Stewart and her former Merrill Lynch
broker Peter Bacanovic are charged with scheming to hide the
reason for her trade.
Set to testify is the government's star witness, Douglas
Faneuil, a former broker's assistant. Mr. Faneuil, who
conducted the trade as Mr. Bacanovic's assistant, has pleaded
guilty in the case and agreed to testify against his former boss
and Stewart in order to win leniency. Another government
witness, Brian Schimpfhauser, who works in Merrill Lynch's
market surveillance department, testified that Mr. Bacanovic
told securities regulators that he had spoken to Stewart on
December 27 and advised her to sell her shares in ImClone stock.
OBESITY LITIGATION: Congress Gives Approval To Anti-Suit Bill
-------------------------------------------------------------
Preliminary approval has been granted to House Bill 1150, which
seeks to curb lawsuits being filed against food providers for
obesity, weight gain or other health problems, the Fort Collins
Coloradoan reports.
The House approved the legislation, also known as the
Commonsense Consumption Act. Bill sponsor Lynn Hefley (R-
Denver, Co.) told the Coloradoan that the proposal is in
response to lawsuits being filed against restaurants in other
parts of the country. She said it was needed to prevent a
similar tide of suits here. "I'm here to tell you there are
lawsuits pending and being thrown out all across the country on
this issue," she said.
No such suits have been filed in Colorado, but last year a
federal judge in New York dismissed two class action lawsuits
blaming McDonald's for making people fat. "You shouldn't be
able to sue McDonald's ``cause you consume too many Big Macs,"
Rep. Angie Paccione, a Fort Collins Democrat, told the
Coloradoan. "C'mon. It's almost sad we have to do this."
Without such legislation, she said, it would likely be just a
matter of time before Colorado saw its own wave of lawsuits.
The measure was approved on a voice vote with minimal
opposition. It must pass one more House vote before being sent
to the Senate.
The measure is similar to Senate Bill 20, which would bar
consumers from suing food manufacturers and restaurants for
health problems. That proposal has already passed the Senate. It
now goes to the House for approval.
OHIO: Cincinnati Mayor Calls To Repeal 1993 City Gay Rights Ban
---------------------------------------------------------------
Cincinnati Mayor Charlie Luken called on voters to repeal a 1993
city charter amendment that made Cincinnati the only U.S. city
to ban enactment or enforcement of gay-rights laws, the
Associated Press reports.
In his annual State of the City speech, Mr. Luken stated that
times and attitudes have changed and that Cincinnati should
rescind the amendment to demonstrate tolerance. "It stands as a
symbol that Cincinnati is willing to tolerate discrimination for
one class of our citizens," Mr. Luken said, according to AP.
It was Mr. Luken's first formal call for repeal of the
amendment, after previously saying in informal remarks that he
supports it, spokesman Brendon Cull told AP. The amendment was
approved by 62 percent of the voters.
An organization lobbying for repeal of the amendment, Citizens
to Restore Fairness, has been collecting signatures to put the
issue on the November ballot.
Amendment supporters said they would fight such efforts. "No
one's entitled to special rights based on private sexual
behavior," Phil Burress, chairman of the Equal Rights, Not
Special Rights coalition that drafted the amendment, told AP. He
said current civil rights laws protect homosexuals against
discrimination.
OMNOVA SOLUTIONS: Court Asked To Reconsider Certification Denial
----------------------------------------------------------------
Plaintiffs asked the United States District Court for the
Northern District of Ohio to reconsider its denial of class
certification for the lawsuit filed against Omnova Solutions,
Inc. and GenCorp, Inc.
The suit, filed by a group of former GenCorp employees who
retired from GenCorp facilities, also names as defendants
certain retiree medical plans of both companies and seeks
certain retiree medical benefits. The retirees seek to certify
a class consisting of all eligible retirees at 12 plants
formerly represented by the United Rubber Workers.
The plaintiffs' claims are based primarily on certain GenCorp
labor agreements, which expired in the mid-1990's or earlier,
and GenCorp's adoption of a replacement retiree health care plan
that capped benefit levels.
The Company cannot estimate the amount of retiree medical
benefits sought by the plaintiffs at this time. The Company
believes it has meritorious defenses to this lawsuit as well as
a right of indemnification from GenCorp, the Company stated in a
disclosure to the SEC.
TITAN PHARMACEUTICALS: CA Court Dismisses Securities Fraud Suits
----------------------------------------------------------------
The United States District Court for the Northern District of
California dismissed the securities class actions and derivative
suits filed against Titan Pharmaceuticals, Inc. without
prejudice.
The suits, filed on behalf of purchasers of Company common stock
during the period between December 1, 1999 and July 22, 2002,
charges Titan Pharmaceuticals and certain of its officers and
directors with violations of the Securities Exchange Act of
1934.
In every case, the plaintiffs agreed to voluntarily dismiss the
lawsuits after discussion of the facts with Titan's counsel,
without any further legal action necessary by Titan. Titan, its
affiliates, and insurers, made no payment in connection with
dismissal of the lawsuits, and have no obligation to make any
payments whatsoever to any plaintiffs or their counsel in
connection with the dismissals, a company press release stated.
Furthermore, Titan has no other obligations in connection with
the dismissals.
TYCO INTERNATIONAL: Kozlowski Lawyers Target Firm Fund Manager
---------------------------------------------------------------
A key government witness in the corruption case against ousted
Tyco chief Dennis Kozlowski may be the target or subject of a
separate federal criminal probe, Mr. Kozlowski's lawyers said in
court papers filed on Monday - an allegation the witness
immediately denied, Reuters news reports.
Mr. Kozlowski's defense team is attempting to discredit last
month's testimony of Leon Cooperman, chairman and founder of
Omega Advisors. Mr. Cooperman said Mr. Kozlowski lied to him
two years ago when Mr. Kozlowski told him Tyco's board had
approved a $20 million investment banking fee to a director.
Mr. Cooperman, who is one of Wall Street's best-known hedge fund
managers, denied the claims that he became a prosecution witness
in exchange for favorable treatment as a victim in an unrelated
fraud case, according to a motion filed by Mr. Kozlowski's
defense team.
"It's an absolute lie," Mr. Cooperman said. "There is no quid
pro quo." He added that he came forward voluntarily to testify
against Mr. Kozlowski, but waited until after Manhattan
prosecutors concluded that his firm had been the victim of fraud
in an unrelated case.
Mr. Cooperman said prosecutors never knew that he had testimony
to offer against Mr. Kozlowski until after he notified them. "I
was very, very careful about this," he said. "Because I did not
want to, in any way, buy influence."
Betty Santangelo, a lawyer for Mr. Cooperman, said Mr. Cooperman
and Omega Advisors are not the target or subject of any federal
criminal investigation. "You can infer from their actions that
(Cooperman's testimony) hurt (Kozlowski's defense team)," Ms.
Santangelo said.
Assistant Manhattan District Attorney John Moscow called the
defense motion "baseless," Reuters reports.
WAL-MART STORES: New Claim Added to Suit For Illegal Immigrants
---------------------------------------------------------------
Lawyers for plaintiffs in a civil rights suit filed against
retail giant Wal-Mart Stores, Inc. expanded the suit to allege
that the Company locked its janitors inside stores during
shifts, the Associated Press reports.
On October 23, 2003, INS agents raided Wal-Mart stores across
the country, resulting in the arrest of hundreds of janitors on
immigration charges. A lawsuit was later filed, which 17 of
those arrested joined as plaintiffs. These include 11 Mexican
immigrants and six Eastern Europeans.
The suit alleged claims under the federal Racketeer Influenced
Corrupt Organizations Act (RICO). The Company allegedly
systematically violated workers' rights and tried to shield
itself from liability by using independent contractors to employ
the immigrants. The suit claims some workers were forced to
work seven-day, 70-hour weeks for $1,500 a month.
The suit was later amended, following a report in The New York
Times about janitors being locked in. The amendment to the
lawsuit comes as a federal grand jury in Pennsylvania weighs
evidence to determine whether Wal-Mart will face criminal
charges in the use of illegal immigrants to clean its stores.
A lawyer for Wal-Mart denied the new allegation, AP reports.
David Murray, a lawyer for Wal-Mart, said the allegations were
"absolutely incorrect." He said concern for workers' rights was
the reason the chain eliminated the use of cleaning contractors
in 80 percent of its stores. Wal-Mart has 3,500 stores
nationwide with 1.2 million employees. Murray acknowledged that
doors were kept locked, but insisted that a manager with a key
was always present.
"This was simply an effort to keep the employees safe and keep
the merchandize secure," Mr. Murray told AP.
WELLSPRING CAPITAL: SEC Asks CT Court To Issue Contempt Order
-------------------------------------------------------------
The Securities and Exchange Commission requested that a
Connecticut federal court issue an order requiring Connecticut
resident Blake A. Prater and his Guilford, Connecticut-based
company, Wellspring Capital Group, Inc., to show cause why they
should not be held in contempt of court in connection with an
SEC case charging them with fraud.
The Commission's application for the order alleges that Mr.
Prater and Wellspring have and violated and continue to violate
a court-ordered asset freeze, preliminary injunction, and
temporary restraining order (TRO).
Specifically, the Commission's application sets forth facts
suggesting that, beginning immediately upon their receipt of the
asset freeze and TRO, Mr. Prater and Wellspring began
systematically to transfer frozen assets through a variety of
schemes including through the Ebay online auction system and
through real estate transactions.
In addition, according to the application, Mr. Prater and
Wellspring also violated the preliminary injunction by creating
a new Internet Ponzi scheme substantially similar to the scheme
that was the subject of the Commission's complaint. The Court
has scheduled a hearing on this matter for February 6, 2004.
Previously, on November 25, 2003, the court upheld the
sufficiency of the Commission's allegations that Mr. Prater and
Wellspring had operated an Internet Ponzi scheme. In upholding
the Commission's complaint, the Honorable Mark Kravitz, U.S.
District Judge for the District of Connecticut, noted that the
defendants had "fail[ed] to speak to the allegation at the heart
of the SEC's fraud charge" and had provided "no alternative to
the SEC's explanation of how Defendants would pay out [the]
enormous returns [promised] - which is that early investors
would be paid from the proceeds obtained from later investors,
the very definition of a `pyramid scheme.'" The Court also
denied the defendants' motion to modify the preliminary
injunction and asset freeze.
The Court's November ruling established that the Commission had
stated a cause of action for securities fraud against Prater and
Wellspring. The complaint alleges that the defendants operated
a sophisticated Internet Ponzi scheme that raised millions of
dollars from thousands of investors. It further alleges that
Prater's scheme used a series of interrelated Internet web sites
and a network of agents operating throughout the United States
to guarantee prospective investors exorbitant returns through a
variety of programs. Under one set of programs, Mr. Prater,
through Wellspring, promised that, in exchange for a small sum
of money, it would pay investors returns as high as 1,000
percent per year in the form of payments for various living
expenses of the investors, such as car loans, rent, or business
expenses.
In a separate ruling on September 25, 2003, the Court had
previously concluded that the Commission had introduced prima
facie evidence showing that the allegations were true and had
imposed a preliminary injunction against the defendants and had
ordered the defendants' assets frozen. In its latest ruling,
the Court noted that the defendants had failed to produce any
documentary evidence to support modifying this preliminary
injunction and asset freeze. The Court also recited facts
suggesting that the defendants had made misrepresentations to
the Court in their motion to dismiss and noted that the
defendants had produced no information refuting or denying that
such misrepresentations had occurred.
The Court established a schedule to bring the action to trial in
late summer of 2004. The suit is styled "SEC v. Blake A. Prater
and Wellspring Capital Group, Inc., USDC for the District of
Connecticut, Civil Action No. 303-CV-01524-MRK."
Meetings, Conferences & Seminars
* Scheduled Events for Class Action Professionals
-------------------------------------------------
February 9-10, 2004
REDUCING LEGAL RISK IN PROMOTING & CONDUCTING CLINICAL TRIALS
American Conference Institute
New York City
Contact: 1-888-224-2480; http://www.americanconference.com
February 18-20, 2004
CIVIL PRACTICE AND LITIGATION TECHNIQUES IN FEDERAL AND STATE
COURTS
ALI-ABA
Scottsdale, Arizona
Contact: 215-243-1614; 800-CLE-NEWS x1614
February 23-24, 2004
ASBESTOS LITIGATION 101
Mealey Publications
The Westin, Philadephia
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
February 23-24, 2004
REINSURANCE 101
Mealey Publications
The Ritz-Carlton Boston Common, Boston
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 8-9, 2004
THE ROLE OF PARALEGALS IN MASS TORT LITIGATION
Mealey Publications
The Westin Chicago River North, Chicago
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 9, 2004
PATENT LITIGATION CONFERENCE
Mealey Publications
The Westin Chicago River North, Chicago
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 9, 2004
INSURANCE CLAIMS CONFERENCE
Mealey Publications
The Westin Chicago River North, Chicago
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 11-12, 2004
CONSUMER FINANCIAL SERVICES LITIGATION 2004
Practicing Law Institute
New York
Contact: 800-260-4pli; info@pli.edu
March 11-12, 2004
WELDING ROD LITIGATION CONFERENCE
Mealey Publications
Caesar's Palace, Las Vegas
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 18-19, 2004
SECURITIES, DRUGS & ENVIRONMENTAL LITIGATION
MassTortsMadePerfect.Com
The Fairmont, San Francisco, California
Contact: 1-800-320-2227; register@masstortsmadeperfect.com
March 22-23, 2004
INSURANCE CLAIMS CONFERENCE
Mealey Publications
The Westin Kierland, Scottsdale, AZ
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 22-23, 2004
EMERGING DRUGS AND DIVICES CONFERENCE FOR PLAINTIFF ATTORNEYS
Mealey Publications
The Westin Kierland, Scottsdale, AZ
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 22-23, 2004
DEFENSE STRATEGIES IN PHARMACEUTICAL LITIGATION CONFERENCE
Mealey Publications
The Westin Kierland, Scottsdale, AZ
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
March 22-23, 2004
INSURANCE 101 CONFERENCE
Mealey Publications
The Westin Hotel, Philadelphia
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
April 7-8, 2004
INSURANCE LAW 2004: UNDERSTANDING THE ABC'S
Practicing Law Institute
New York
Contact: 800-260-4pli; info@pli.edu
April 14-17, 2004
INSURANCE INSOLVENCY AND REINSURANCE ROUNDTABLE
Mealey Publications
The Scottsdale Princess, Scottsdale, AZ
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
April 15-16, 2004
OPINION AND EXPERT TESTIMONY IN FEDERAL AND STATE COURTS
ALI-ABA
New Orleans
Contact: 215-243-1614; 800-CLE-NEWS x1614
April 15-16, 2004
HANDLING CONSTRUCTION RISKS 2004: ALLOCATE NOW OR LITIGATE LATER
Practicing Law Institute
New York
Contact: 800-260-4pli; info@pli.edu
April 22-24, 2004
LITIGATING MEDICAL MALPRACTICE CLAIMS
ALI-ABA
New Orleans
Contact: 215-243-1614; 800-CLE-NEWS x1614
May 6-7, 2004
CONSUMER FINANCIAL SERVICES LITIGATION 2004
Practicing Law Institute
San Francisco
Contact: 800-260-4pli; info@pli.edu
May 6-7, 2004
CONFERENCE ON LIFE AND HEALTH INSURANCE LITIGATION
ALI-ABA
Washington, D.C. Tuition $995
Contact: 215-243-1614; 800-CLE-NEWS x1614
May 20-21, 2004
ACCOUNTANTS' LIABILITY
ALI-ABA
Chicago
Contact: 215-243-1614; 800-CLE-NEWS x1614
June 10 & 11, 2004
SECURITIES, DRUGS & ENVIRONMENTAL LITIGATION
MassTortsMadePerfect.Com
Atlantis, Paradise Island, Bahamas
Contact: 1-800-320-2227; register@masstortsmadeperfect.com
July 15-16, 2004
PRODUCTS LIABILITY
ALI-ABA
Chicago
Contact: 215-243-1614; 800-CLE-NEWS x1614
TBA
FAIR LABOR STANDARDS CONFERENCE
Mealey Publications
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
TBA
AIRLINE BANKRUPTCY LITIGATION CONFERENCE
Mealey Publications
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
TBA
FASTFOOD INDUSTRY LIABILITY CONFERENCE
Mealey Publications
Contact: 1-800-MEALEYS; 610-768-7800;
mealeyseminars@lexisnexis.com
* Online Teleconferences
------------------------
January 06-30, 2004
DAMAGES IN TEXAS INSURANCE LITIGATION:
EVALUATING, PLEADING, AND PROVING
CLEOnline.Com
Contact: 512-778-5665; info@cleonline.com
January 06-30, 2004
NBI PRESENTS "EMERGING ISSUES IN CALIFORNIA
INDOOR AIR QUALITY AND TOXIC MOLD LITIGATION
CLEOnline.Com
Contact: 512-778-5665; info@cleonline.com
January 06-30, 2004
NBI PRESENTS "LITIGATING THE CLASS ACTION LAWSUIT IN FLORIDA
CLEOnline.Com
Contact: 512-778-5665; info@cleonline.com
May 6-7, 2004
CONSUMER FINANCIAL SERVICES LITIGATION 2004
Practicing Law Institute
Contact: 800-260-4pli; info@pli.edu
ADVERSARIAL PROCEEDINGS IN ASBESTOS BANKRUPTCIES
LawCommerce.Com/Mealey's
Online Streaming Video
Contact: customerservice@lawcommerce.com
ASBESTOS BANKRUPTCY - PANEL OF CREDITORS COMMITTEE MEMBERS
LawCommerce.Com/Mealey's
Online Streaming Video
Contact: customerservice@lawcommerce.com
EXPERT WITNESS ADMISSIBILITY IN MOLD CASES
LawCommerce.Com/Mealey's
Online Streaming Video
Contact: customerservice@lawcommerce.com
INTRODUCTION TO CLASS ACTIONS AND LARGE RECOVERIES
Big Class Action
Contact: seminars@bigclassaction.com
NON-TRADITIONAL DEFENDANTS IN ASBESTOS LITIGATION
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
PAXIL LITIGATION
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
RECENT DEVELOPMENTS INVOLVING BAYCOL
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
RECOVERIES
Big Class Action
Contact: seminars@bigclassaction.com
SELECTION OF MOLD LITIGATION EXPERTS: WHO YOU NEED ON YOUR TEAM
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
SHOULD I FILE A CLASS ACTION?
LawCommerce.Com / Law Education Institute
Contact: customerservice@lawcommerce.com
THE EFFECTS OF ASBESTOS ON THE PULMONARY SYSTEM
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
THE STATE OF ASBESTOS LITIGATION: JUDICIAL PANEL DISCUSSION
Online Streaming Video
LawCommerce.Com/Mealey's
Contact: customerservice@lawcommerce.com
TRYING AN ASBESTOS CASE
LawCommerce.Com
Contact: customerservice@lawcommerce.com
THE IMPACT OF LORILLAR ON STATE AND LOCAL REGULATION OF TOBACCO
SALES
AND ADVERSTISING
American Bar Association
Contact: 800-285-2221; abacle@abanet.org
________________________________________________________________
The Meetings, Conferences and Seminars column appears in the
Class Action Reporter each Wednesday. Submissions via e-mail to
carconf@beard.com are encouraged.
New Securities Fraud Cases
DEUTSCHE BANK: Reinhardt Wendorf Launches Securities Suit in NY
---------------------------------------------------------------
The law firm of Reinhardt Wendorf & Blanchfield initiated a
class action lawsuit in the Southern District of New York, on
behalf of purchasers of Scudder Family of Funds, which are
operated by Germany-based financial services company, Deutsche
Bank AG, Scudder Investments, and Deutsche Investment Management
Americas Inc. and Deutsche Asset Management, Inc., between
January 22, 1999 and January 12, 2004, inclusive, seeking
remedies under the Securities Exchange Act of 1934, the
Securities Act of 1933 and the Investment Advisers Act of 1940.
The Funds, and the symbols for the respective Funds named below,
are as follows:
(1) Scudder 21st Century Growth Fund (Sym: SCNAX, SCNBX,
SCNCX)
(2) Scudder Aggressive Growth Fund (Sym: KGGAX, KGGBX,
KGGCX)
(3) Scudder Blue Chip Fund (Sym: KBCAX, KBCBX, KBCCX)
(4) Scudder Capital Growth Fund (Sym: SDGAX, SDGBX, SDGCX,
SDGRX, SDGTX)
(5) Scudder Dynamic Growth Fund (Sym: KSCAX, KSCBX,
KSCCX)
(6) Scudder Flag Investors Communications Fund (Sym:
TISHX, FTEBX, FTICX, FLICX)
(7) Scudder Global Biotechnology Fund (Sym: DBBTX, DBBBX,
DBBCX)
(8) Scudder Gold & Precious Metals Fund (Sym: SGDAX,
SGDBX, SGDCX)
(9) Scudder Growth Fund (Sym: KGRAX, KGRBX, KGRCX)
(10) Scudder Health Care Fund Sym: SUHAX, SUHBX, SUHCX)
(11) Scudder Large Company Growth Fund (Sym: SGGAX, SGGBX,
SGGCX, SCQRX)
(12) Scudder Micro Cap Fund (Sym: SMFAX, SMFBX, SMFCX,
MGMCX, MMFSX)
(13) Scudder Mid Cap Fund (Sym: SMCAX, SMCBX, SMCCX,
SMCRX, BTEAX, BTCAX)
(14) Scudder Small Cap Fund (Sym: SSDAX, SSDBX, SSDCX,
SSDRX, BTSCX)
(15) Scudder Strategic Growth Fund (Sym: SCDAX, SCDBX,
SCDCX, SCDIX)
(16) Scudder Technology Fund (Sym: KTCAX, KTCBX, KTCCX,
KTCIX)
(17) Scudder Technology Innovation Fund (Sym: SRIAX,
SRIBX, SRICX)
(18) Scudder Top 50 US Fund (Sym: FAUSX, FBUSX, FCUSX)
(19) Scudder Contrarian Fund (Sym: KDCAX, KDCBX, KDCCX,
KDCRX)
(20) Scudder-Dreman Financial Services Fund (Sym: KDFAX,
KDFBX, KDFCX)
(21) Scudder-Dreman High Return Equity Fund (Sym: KDHAX,
KDHBX, KDHCX, KDHRX, KDHIX)
(22) Scudder-Dreman Small Cap Value Fund (Sym: KDSAX, KDSBX,
KDSCX, KDSRX, KDSIX)
(23) Scudder Flag Investors Equity Partners Fund (Sym:
FLEPX, FEPBX, FEPCX, FLIPX)
(24) Scudder Growth & Income Fund (Sym: SUWAX, SUWBX,
SUWCX, SUWRX, SUWIX)
(25) Scudder Large Company Value Fund (Sym: SDVAX, SDVBX,
SDVCX)
(26) Scudder-RREEF Real Estate Securities Fund (Sym: RRRAX,
RRRBX, RRRCX, RRRSX, RRRRX)
(27) Scudder Small Company Stock Fund (Sym: SZCAX, SZCBX,
SZCCX)
(28) Scudder Small Company Value Fund (Sym: SAAUX, SABUX,
SACUX)
(29) Scudder Tax Advantaged Dividend Fund (Sym: SDDAX,
SDDBX, SDDCX, SDDGX)
(30) Scudder Flag Investors Value Builder Fund (Sym:
FLVBX, FVBBX, FVBCX, FLIVX)
(31) Scudder Focus Value+Growth Fund (Sym: KVGAX, KVGBX,
KVGCX)
(32) Scudder Lifecycle Mid Range Fund (Sym: BTLRX)
(33) Scudder Lifecycle Long Range Fund (Sym: BTILX, BTAMX)
(34) Scudder Lifecycle Short Range Fund (Sym: BTSRX)
(35) Scudder Pathway Conservative Portfolio (Sym: SUCAX,
SUCBX, SUCCX)
(36) Scudder Pathway Growth Portfolio (Sym: SUPAX, SUPBX,
SUPCX)
(37) Scudder Pathway Moderate Portfolio (Sym: SPDAX,
SPDBX, SPDCX)
(38) Scudder Retirement Fund Series V (Sym: KRFEX)
(39) Scudder Retirement Fund Series VI (Sym: KRFGX)
(40) Scudder Retirement Fund Series VII (Sym: KRFGX)
(41) Scudder Target 2010 Fund (Sym: KRFBX)
(42) Scudder Target 2012 Fund (Sym: KRFCX)
(43) Scudder Target 2013 Fund (Sym: KRFDX)
(44) Scudder Total Return Fund (Sym: KTRAX, KTRBX, KTRCX,
KTRGX)
(45) Scudder Emerging Markets Growth Fund (Sym: SEKAX,
SEKBX, SEKCX)
(46) Scudder Emerging Markets Income Fund (Sym: SZEAX,
SZEBX, SZECX)
(47) Scudder European Equity Fund (Sym: DBEAX, DBEBX, DBECX,
MEUEX, MEUVX)
(48) Scudder Global Fund (Sym: SGQAX, SGQBX, SGQCX, SGQRX)
(49) Scudder Global Bond Fund (Sym: SZGAX, SZGBX, SZGCX)
(50) Scudder Global Discovery Fund (Sym: KGDAX, KGDBX,
KGDCX)
(51) Scudder Greater Europe Growth Fund (Sym: SERAX,
SERBX, SERCX)
(52) Scudder International Fund (Sym: SUIAX, SUIBX,
SUICX)
(53) Scudder International Equity Fund (Sym: DBAIX, DBBIX,
DBCIX, BEIIX, BEITX, BTEQX)
(54) Scudder International Select Equity Fund (Sym: DBISX,
DBIBX, DBICX, DBITX, MGINX, MGIVX, MGIPX)
(55) Scudder Japanese Equity Fund (Sym: FJEAX, FJEBX,
FJECX)
(56) Scudder Latin America Fund (Sym: SLANX, SLAOX, SLAPX)
(57) Scudder New Europe Fund (Sym: KNEAX, KNEBX, KNECX,
KNEIX)
(58) Scudder Pacific Opportunities Fund (Sym: SPAOX,
SBPOX, SPCCX)
(59) Scudder Worldwide 2004 Fund (Sym: KWIVX)
(60) Scudder Fixed Income Fund (Sym: SFXAX, SFXBX, SFXCX,
SFXRF, MFINX, MFISX)
(61) Scudder High Income Plus Fund (Sym: MGHYX, MGHVX,
MGHPX)
(62) Scudder High Income Fund (Sym: KHYAX, KHYBX, KHYCX,
KHYIX)
(63) Scudder High Income Opportunity Fund (Sym: SYOAX,
SYOBX, SYOCX)
(64) Scudder Income Fund (Sym: SZIAX, SZIBX, SZICX)
(65) Scudder PreservationPlus Fund (Sym: BTPIX, BTPSX)
(66) Scudder PreservationPlus Income Fund (Sym: PPIAX,
PPLCX, DBPIX)
(67) Scudder Short Term Bond Fund (Sym: SZBAX, SZBBX,
SZBCX
(68) Scudder Short Duration Fund (Sym: SDUAX, SDUBX,
SDUCX, MGSFX)
(69) Scudder Strategic Income Fund (Sym: KSTAX, KSTBX,
KSTCX)
(70) Scudder US Government Securities Fund (Sym: KUSAX,
KUSBX, KUSCX)
(71) Scudder California Tax-Free Income Fund (Sym: KCTAX,
KCTBX, KCTCX)
(72) Scudder Florida Tax-Free Income Fund (Sym: KFLAX,
KFLBX, KFLCX)
(73) Scudder High Yield Tax-Free Fund (Sym: NOTAX,
NOTBX, NOTCX, NOTIX)
(74) Scudder Intermediate Tax/AMT Free Fund (Sym: SZMAX,
SZMBX, SZMCX)
(75) Scudder Managed Municipal Bond Fund (Sym: SMLAX,
SMLBX, SMLCX, SMLIX)
(76) Scudder Massachusetts Tax-Free Fund (Sym: SQMAX,
SQMBX, SQMCX)
(77) Scudder Municipal Bond Fund (Sym: MGMBX, MMBSX)
(78) Scudder New York Tax-Free Income Fund (Sym: KNTAX,
KNTBX, KNTCX)
(79) Scudder Short Term Municipal Bond Fund (Sym: SRMAX,
SRMBX, SRMCX, MGSMX, MSMSX)
(80) Scudder EAFE r Equity Index Fund (Sym: BTAEX, BTIEX)
(81) Scudder Equity 500 Index Fund (Sym: BTIIX)
(82) Scudder S&P 500 Stock Fund (Sym: KSAAX, KSABX, KSACX)
(83) Scudder Select 500 Fund (Sym: OUTDX, OUTBX, OUTBX,
OUTRX
(84) Scudder US Bond Index Fund (Sym: BTUSX )
(85) Scudder Cash Reserves Fund
The Complaint alleges that defendants violated Sections 11 and
15 of the Securities Act of 1933; Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder; and Section 206 of the Investment Advisers Act of
1940. The Complaint charges that, throughout the Class Period,
certain of the defendants failed to disclose that they
improperly allowed certain favored investors "timing" of the
Funds' securities. In return for receiving extra fees from
favored investors, Deutsche Bank AG, Scudder Investments,
Deutsche Asset Management, and Deutsche Investment Management
allowed and facilitated timing activities in the Funds, to the
detriment of class members, who paid, dollar for dollar, for
improper profits made by privileged investors. These practices
were undisclosed in the prospectuses of the Funds, which falsely
represented that the Funds actively police against timing and
that premature redemptions will be assessed a charge.
For more information, contact Garrett D. Blanchfield, by Phone:
800-465-1592 or 651-287-2100, Fax: 651-287-2103, or E-mail:
g.blanchfield@rwblawfirm.com, or visit the firm's Website:
http://www.rwblawfirm.com.
DEUTSCHE BANK: Emerson Poynter Files Securities Suit in S.D. NY
----------------------------------------------------------------
The law firm of Emerson Poynter LLP initiated a class action
lawsuit in the Southern District of New York, on behalf of
purchasers of Scudder New York Tax-Free Income Fund
(Nasdaq:KNTAX), (Nasdaq:KNTBX); Scudder Short Term Municipal
Bond Fund (Nasdaq:SRMAX), (Nasdaq:SRMBX), (Nasdaq:SRMCX),
(Nasdaq:MGSMX), (Nasdaq:MSMSX); Scudder EAFE (r) Equity Index
Fund (Nasdaq:BTAEX), (Nasdaq:BTIEX); Scudder Equity 500 Index
Fund (Nasdaq:BTIIX), which are operated by Germany-based
financial services company, Deutsche Bank AG, Scudder
Investments, and Deutsche Investment Management Americas Inc.
and Deutsche Asset Management, Inc., between January 22, 1999
and January 12, 2004, inclusive, seeking remedies under the
Securities Exchange Act of 1934, the Securities Act of 1933 and
the Investment Advisers Act of 1940.
The Funds, and the symbols for the respective Funds named below,
are as follows:
(1) Scudder 21st Century Growth Fund (Sym: SCNAX, SCNBX,
SCNCX)
(2) Scudder Aggressive Growth Fund (Sym: KGGAX, KGGBX,
KGGCX)
(3) Scudder Blue Chip Fund (Sym: KBCAX, KBCBX, KBCCX)
(4) Scudder Capital Growth Fund (Sym: SDGAX, SDGBX, SDGCX,
SDGRX, SDGTX)
(5) Scudder Dynamic Growth Fund (Sym: KSCAX, KSCBX,
KSCCX)
(6) Scudder Flag Investors Communications Fund (Sym:
TISHX, FTEBX, FTICX, FLICX)
(7) Scudder Global Biotechnology Fund (Sym: DBBTX, DBBBX,
DBBCX)
(8) Scudder Gold & Precious Metals Fund (Sym: SGDAX,
SGDBX, SGDCX)
(9) Scudder Growth Fund (Sym: KGRAX, KGRBX, KGRCX)
(10) Scudder Health Care Fund Sym: SUHAX, SUHBX, SUHCX)
(11) Scudder Large Company Growth Fund (Sym: SGGAX, SGGBX,
SGGCX, SCQRX)
(12) Scudder Micro Cap Fund (Sym: SMFAX, SMFBX, SMFCX,
MGMCX, MMFSX)
(13) Scudder Mid Cap Fund (Sym: SMCAX, SMCBX, SMCCX,
SMCRX, BTEAX, BTCAX)
(14) Scudder Small Cap Fund (Sym: SSDAX, SSDBX, SSDCX,
SSDRX, BTSCX)
(15) Scudder Strategic Growth Fund (Sym: SCDAX, SCDBX,
SCDCX, SCDIX)
(16) Scudder Technology Fund (Sym: KTCAX, KTCBX, KTCCX,
KTCIX)
(17) Scudder Technology Innovation Fund (Sym: SRIAX,
SRIBX, SRICX)
(18) Scudder Top 50 US Fund (Sym: FAUSX, FBUSX, FCUSX)
(19) Scudder Contrarian Fund (Sym: KDCAX, KDCBX, KDCCX,
KDCRX)
(20) Scudder-Dreman Financial Services Fund (Sym: KDFAX,
KDFBX, KDFCX)
(21) Scudder-Dreman High Return Equity Fund (Sym: KDHAX,
KDHBX, KDHCX, KDHRX, KDHIX)
(22) Scudder-Dreman Small Cap Value Fund (Sym: KDSAX, KDSBX,
KDSCX, KDSRX, KDSIX)
(23) Scudder Flag Investors Equity Partners Fund (Sym:
FLEPX, FEPBX, FEPCX, FLIPX)
(24) Scudder Growth & Income Fund (Sym: SUWAX, SUWBX,
SUWCX, SUWRX, SUWIX)
(25) Scudder Large Company Value Fund (Sym: SDVAX, SDVBX,
SDVCX)
(26) Scudder-RREEF Real Estate Securities Fund (Sym: RRRAX,
RRRBX, RRRCX, RRRSX, RRRRX)
(27) Scudder Small Company Stock Fund (Sym: SZCAX, SZCBX,
SZCCX)
(28) Scudder Small Company Value Fund (Sym: SAAUX, SABUX,
SACUX)
(29) Scudder Tax Advantaged Dividend Fund (Sym: SDDAX,
SDDBX, SDDCX, SDDGX)
(30) Scudder Flag Investors Value Builder Fund (Sym:
FLVBX, FVBBX, FVBCX, FLIVX)
(31) Scudder Focus Value+Growth Fund (Sym: KVGAX, KVGBX,
KVGCX)
(32) Scudder Lifecycle Mid Range Fund (Sym: BTLRX)
(33) Scudder Lifecycle Long Range Fund (Sym: BTILX, BTAMX)
(34) Scudder Lifecycle Short Range Fund (Sym: BTSRX)
(35) Scudder Pathway Conservative Portfolio (Sym: SUCAX,
SUCBX, SUCCX)
(36) Scudder Pathway Growth Portfolio (Sym: SUPAX, SUPBX,
SUPCX)
(37) Scudder Pathway Moderate Portfolio (Sym: SPDAX,
SPDBX, SPDCX)
(38) Scudder Retirement Fund Series V (Sym: KRFEX)
(39) Scudder Retirement Fund Series VI (Sym: KRFGX)
(40) Scudder Retirement Fund Series VII (Sym: KRFGX)
(41) Scudder Target 2010 Fund (Sym: KRFBX)
(42) Scudder Target 2012 Fund (Sym: KRFCX)
(43) Scudder Target 2013 Fund (Sym: KRFDX)
(44) Scudder Total Return Fund (Sym: KTRAX, KTRBX, KTRCX,
KTRGX)
(45) Scudder Emerging Markets Growth Fund (Sym: SEKAX,
SEKBX, SEKCX)
(46) Scudder Emerging Markets Income Fund (Sym: SZEAX,
SZEBX, SZECX)
(47) Scudder European Equity Fund (Sym: DBEAX, DBEBX, DBECX,
MEUEX, MEUVX)
(48) Scudder Global Fund (Sym: SGQAX, SGQBX, SGQCX, SGQRX)
(49) Scudder Global Bond Fund (Sym: SZGAX, SZGBX, SZGCX)
(50) Scudder Global Discovery Fund (Sym: KGDAX, KGDBX,
KGDCX)
(51) Scudder Greater Europe Growth Fund (Sym: SERAX,
SERBX, SERCX)
(52) Scudder International Fund (Sym: SUIAX, SUIBX,
SUICX)
(53) Scudder International Equity Fund (Sym: DBAIX, DBBIX,
DBCIX, BEIIX, BEITX, BTEQX)
(54) Scudder International Select Equity Fund (Sym: DBISX,
DBIBX, DBICX, DBITX, MGINX, MGIVX, MGIPX)
(55) Scudder Japanese Equity Fund (Sym: FJEAX, FJEBX,
FJECX)
(56) Scudder Latin America Fund (Sym: SLANX, SLAOX, SLAPX)
(57) Scudder New Europe Fund (Sym: KNEAX, KNEBX, KNECX,
KNEIX)
(58) Scudder Pacific Opportunities Fund (Sym: SPAOX,
SBPOX, SPCCX)
(59) Scudder Worldwide 2004 Fund (Sym: KWIVX)
(60) Scudder Fixed Income Fund (Sym: SFXAX, SFXBX, SFXCX,
SFXRF, MFINX, MFISX)
(61) Scudder High Income Plus Fund (Sym: MGHYX, MGHVX,
MGHPX)
(62) Scudder High Income Fund (Sym: KHYAX, KHYBX, KHYCX,
KHYIX)
(63) Scudder High Income Opportunity Fund (Sym: SYOAX,
SYOBX, SYOCX)
(64) Scudder Income Fund (Sym: SZIAX, SZIBX, SZICX)
(65) Scudder PreservationPlus Fund (Sym: BTPIX, BTPSX)
(66) Scudder PreservationPlus Income Fund (Sym: PPIAX,
PPLCX, DBPIX)
(67) Scudder Short Term Bond Fund (Sym: SZBAX, SZBBX,
SZBCX
(68) Scudder Short Duration Fund (Sym: SDUAX, SDUBX,
SDUCX, MGSFX)
(69) Scudder Strategic Income Fund (Sym: KSTAX, KSTBX,
KSTCX)
(70) Scudder US Government Securities Fund (Sym: KUSAX,
KUSBX, KUSCX)
(71) Scudder California Tax-Free Income Fund (Sym: KCTAX,
KCTBX, KCTCX)
(72) Scudder Florida Tax-Free Income Fund (Sym: KFLAX,
KFLBX, KFLCX)
(73) Scudder High Yield Tax-Free Fund (Sym: NOTAX,
NOTBX, NOTCX, NOTIX)
(74) Scudder Intermediate Tax/AMT Free Fund (Sym: SZMAX,
SZMBX, SZMCX)
(75) Scudder Managed Municipal Bond Fund (Sym: SMLAX,
SMLBX, SMLCX, SMLIX)
(76) Scudder Massachusetts Tax-Free Fund (Sym: SQMAX,
SQMBX, SQMCX)
(77) Scudder Municipal Bond Fund (Sym: MGMBX, MMBSX)
(78) Scudder New York Tax-Free Income Fund (Sym: KNTAX,
KNTBX, KNTCX)
(79) Scudder Short Term Municipal Bond Fund (Sym: SRMAX,
SRMBX, SRMCX, MGSMX, MSMSX)
(80) Scudder EAFE r Equity Index Fund (Sym: BTAEX, BTIEX)
(81) Scudder Equity 500 Index Fund (Sym: BTIIX)
(82) Scudder S&P 500 Stock Fund (Sym: KSAAX, KSABX, KSACX)
(83) Scudder Select 500 Fund (Sym: OUTDX, OUTBX, OUTBX,
OUTRX
(84) Scudder US Bond Index Fund (Sym: BTUSX )
(85) Scudder Cash Reserves Fund
The Complaint alleges that defendants violated Sections 11 and
15 of the Securities Act of 1933; Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder; and Section 206 of the Investment Advisers Act of
1940. The Complaint charges that, throughout the Class Period,
certain of the defendants failed to disclose that they
improperly allowed certain favored investors "timing" of the
Funds' securities.
In return for receiving extra fees from favored investors,
Deutsche Bank AG, Scudder Investments, Deutsche Asset
Management, and Deutsche Investment Management allowed and
facilitated timing activities in the Funds, to the detriment of
class members, who paid, dollar for dollar, for improper profits
made by privileged investors. These practices were undisclosed
in the prospectuses of the Funds, which falsely represented that
the Funds actively police against timing and that premature
redemptions will be assessed a charge.
For more information, contact Tanya R. Autry, Shareholder
Relations Dept., by Phone: (800) 663-9817 or (501) 907-2555,
Fax: (501) 907-2556, or E-mail: shareholder@emersonfirm.com.
GOALs(+) EQUITY: Wolf Haldenstein Launches Securities Suit in NY
----------------------------------------------------------------
Wolf Haldenstein Adler Freeman & Herz LLP initiated a class
action lawsuit in the United States District Court for the
Eastern District of New York, on behalf of all persons who
purchased GOALs(+) Equity Linked Notes, including WorldCom,
Inc., Nokia Corporation, The Home Depot, Inc., Cisco Systems,
Inc. and other GOALs(+) linked to other companies, and issued by
UBS AG and offered for sale and sold by Defendants, under SEC
File Number 333-46930 by means of Prospectuses filed by UBS with
the SEC on or about:
(1) November 21, 2000;
(2) December 8, 2000;
(3) December 20, 2000;
(4) February 26, 2001;
(5) March 29, 2001; and
(6) May 17, 2001, supplemented in various GOALs(+)
Prospectus Supplements, against defendants UBS
PaineWebber, Inc. and UBS Warburg LLC.
The Complaint alleges that the GOALs(+) Prospectus Supplements
misstated material facts and omitted material facts necessary to
make the statements therein not misleading, for which
Defendants, the sellers of these GOALs(+), are responsible.
Investors in GOALs(+) ultimately were repaid for their
investments pursuant to false and misleading GOALs(+) Prospectus
Supplements with worthless or severely devalued stock, causing
Plaintiffs and the class to sustain substantial damages.
Although disguised as debt instruments, in fact GOALs(+) were
extremely risky and esoteric derivative securities, in essence
naked puts; a means by which UBS could foist devalued shares of
companies (such as WorldCom) on investors at a profit.
For more information, contact Mark C. Rifkin, Scott J. Farrell,
George Peters, or Derek Behnke, by Mail: 270 Madison Avenue, New
York, New York 10016, by Phone:(800) 575-0735, by E-mail:
classmember@whafh.com, or visit the firm's Website:
http://www.whafh.com.
PARMALAT FINANZIARIA: Charles Piven Files Securities Suit in NY
---------------------------------------------------------------
The Law Offices Of Charles J. Piven, P.A. initiated a securities
class action in the United States District Court for the
Southern District of New York, on behalf of those who purchased
securities (including stock, bonds and notes (debt)) of Parmalat
Finanziaria, SpA between January 5, 1999 and December 29, 2003,
inclusive.
The action charges that defendants violated federal securities
laws by issuing a series of materially false and misleading
statements to the market throughout the Class Period which
statements had the effect of artificially inflating the market
price of the Company's securities.
For more information, contact Charles J. Piven, P.A., by Mail:
The World Trade Center-Baltimore, 401 East Pratt Street, Suite
2525, Baltimore, Maryland 21202, by Phone: 410/986-0036, or by
E-mail: hoffman@pivenlaw.com.
ROYAL DUTCH: Wechsler Harwood Commences Securities Lawsuit in NJ
----------------------------------------------------------------
Wechsler Harwood LLP initiated a Federal Securities fraud class
action in the United States District Court for the District of
New Jersey, on behalf of persons or entities who purchased or
otherwise acquired the securities, including the common stock
traded in overseas markets and the American Depository Receipts
trading on the NYSE, of Royal Dutch Petroleum Company and/or The
Shell Transport and Trading Company, PLC between December 3,
1999 and January 9, 2004, inclusive, against defendants Royal
Dutch, Shell Transport, and:
(1) Shell Petroleum N.V.,
(2) the Shell Petroleum Limited,
(3) Maarten van der Bergh,
(4) Judy Boynton,
(5) Malcolm Brinded,
(6) S.L. Miller,
(7) Harry J.M. Roels,
(8) Paul D. Skinner,
(9) M. Moody-Stuart,
(10) Jeroen van der Veer, and
(11) Philip R. Watts
The allegations are that defendants violated sections 10(b) and
20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder by the Securities and Exchange
Commission, and all amendments thereto, by issuing a series of
material misrepresentations to the market during the Class
Period. In particular, defendants deliberately violated
accounting rules and guidelines relating to oil and gas reserves
which resulted in a shocking and unprecedented overstatement of
oil and gas reserves, the eventual disclosure of which damaged
purchasers of Royal Dutch and Shell Transport securities and
rocked the investment community.
Royal Dutch and Shell Transport had classified and reported, in
SEC filings and other public documents, certain reserves as
"proved reserves" from a project off the western coast of
Australia called the Gorgon Joint Venture, and various projects
in Nigeria. In fact, unbeknownst to investors, the reserves did
not meet SEC and industry requirements necessary to be
classified as "proved," and were improperly reported as proved
reserves in Royal Dutch's and Shell Transport's financial
reports, thereby materially artificially inflating a key measure
of the companies' financial position and competitive standing.
As a result of these material misrepresentations, Royal Dutch
and Shell Transport's true value in the marketplace was severely
overstated and misunderstood.
On January 9, 2004, Royal Dutch announced that it was going to
write-down its proved oil and gas reserves by 20%, or 3.9
billion barrels, from 19.5 billion barrels to 15.6 billion
barrels. The write-down:
(i) cut Shell's reserve life from 13.4 years to 10.6 years;
(ii) increased its worldwide 5-year average reserve
replacement cost per barrel from $5.49 to $12.57 --
$7.06, or 128% greater than the industry average of
$5.51;
(iii) increased Shell's finding and development costs to
$7.90 per barrel -- well above the costs of its
competitors; and
(iv) reduced Shell's Appraised Net Worth downward by up to
7.1%, or $9.6 billion.
Following the announcement, Royal Dutch ADRs fell 7.87% from
$52.76 to $48.61 on the NYSE and Royal Dutch ordinary shares
fell by 7.10% from the U.S. equivalent of $52.91 to $49.15 on
the Amsterdam exchange. Shell Transport ADRs were down 6.96%
from $44.81 to $41.69 on the NYSE and Shell Transport ordinary
shares were down 6.84% on the London exchange from the U.S.
equivalent of $7.36 to $6.86. In addition, Moody's placed the
Aaa rating of Royal Dutch and Shell Transport under review for
possible downgrade because the write-down materially and
adversely affected the companies' reserves-to-debt ratio.
Following the belated disclosure, most analysts and commentators
concluded that, because of the magnitude of the write-down and
the clear SEC and industry guidelines relating to reserve
classification, the reserve overstatements could not have been a
result of error or accident, but rather, that the reserves were
knowingly overstated to preserve the companies' credit rating
and to shore up their competitive position.
For more information, contact David Leifer, Shareholder
Relations, by Mail: 488 Madison Avenue, 8th Floor, New York, by
Phone: (877) 935-7400 (toll free), or by E-mail:
dleifer@whesq.com.
VANS INC.: Schiffrin & Barroway Commences Securities Suit in CA
---------------------------------------------------------------
Schiffrin & Barroway, LLP initiated a class action lawsuit in
the United States District Court for the Central District of
California, on behalf of all purchasers of the common stock of
Vans, Inc. from March 24, 1999 through May 23, 2002, inclusive,
against defendants Vans, Inc., and:
(1) Andrew J. Greenebaum, and
(2) Gary Schoenfeld,
The lawsuit alleges violations of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder. More specifically, the Complaint alleges that
defendants failed to disclose and indicate:
(i) that the Company improperly recognized revenue in
violation of Generally Accepted Accounting Principals;
(ii) that Company accomplished its illegal revenue
recognition scheme by sending products to third-party
distributors and holding the products there until a
buyer could be found;
(iii) that the defendants entered into this scheme because
defendants knew that its skate parks were losing cash
and its sales were falling flat; and
(iv) as a result of the defendants' illegal scheme, the
Company's financial results and net income were
materially overstated at all relevant times.
On May 23, 2002, Vans announced preliminary results for the
fourth quarter and fiscal year ending May 31, 2002, revisions to
its guidance for fiscal 2003, plans to close its Bakersfield,
California skate park and take an impairment charge with respect
to its Denver, Colorado skate park, and a write-down of certain
slow-moving inventory. The market reacted swiftly to the news
with shares of Vans falling 19.87% or $2.53 per share to close
at $10.20 per share on May 24, 2002.
For more information, contact Marc A. Topaz, or Stuart L.
Berman, by Mail: Three Bala Plaza East, Suite 400, Bala Cynwyd,
PA 19004, by Phone: 1-888-299-7706 (toll-free) or
1-610-667-7706, or by E-mail: info@sbclasslaw.com.
*********
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the Class Action Reporter. Submissions
via e-mail to carconf@beard.com are encouraged.
Each Friday's edition of the CAR includes a section featuring
news on asbestos-related litigation and profiles of target
asbestos defendants that, according to independent researches,
collectively face billions of dollars in asbestos-related
liabilities. The Asbestos Defendant Profiles is backed by an
online database created to respond to custom searches. Go to
http://litigationdatasource.com/asbestos_defendant_profiles.html
*********
S U B S C R I P T I O N I N F O R M A T I O N
Class Action Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Roberto Amor, Aurora Fatima Antonio and Lyndsey Resnick,
Editors.
Copyright 2004. All rights reserved. ISSN 1525-2272.
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