In re: AXA Rosenberg Investor Litigation
Published: Jun. 2, 2012 | Result Date: Nov. 2, 2011 | Filing Date: Jan. 1, 1900 |Case number: 3:2011-cv-00536 Settlement – $65,000,000
Court
USDC Northern
Attorneys
Plaintiff
Benjamin Galdston
(Bernstein Litowitz Berger & Grossmann LLP)
Kelly M. Dermody
(Lieff, Cabraser, Heimann & Bernstein LLP)
Rachel Geman
(Lieff, Cabraser, Heiman & Bernstein LLP)
Steven E. Fineman
(Lieff, Cabraser, Heimann & Bernstein LLP)
Paul M. Jonna
(LiMandri & Jonna LLP)
David R. Kaplan
(Saxena White PA)
Defendant
Lee H. Rubin
(Mayer Brown LLP)
Steven M. Schatz
(Wilson, Sonsini, Goodrich & Rosati)
Jonathan R. Bass
(Coblentz, Patch, Duffy & Bass LLP)
Bryan Ketroser
(Alto Litigation)
Facts
AXA Rosenberg, founded by Barr Rosenberg, is a quantitative investment advisory firm.
Contentions
PLAINTIFF'S CONTENTIONS:
This class action asserts claims for breach of fiduciary duty, negligence, violations of the ERISA Act, and other claims against AXA Rosenberg Group LLC and other defendants arising out of a "coding error" in AXA Rosenberg's computerized quantitative investment model between 2007 and 2009, and the Defendants' response to the error upon its discovery. Plaintiffs alleged that the "coding error" effectively impaired AXA Rosenberg's computerized investment model and exposed client portfolios to excessive risk.
DEFENDANT'S CONTENTIONS:
AXA and Rosenberg denied any wrongdoing.
Result
The parties reached a settlement for $65 million.
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