Bricklayers and Trowel Trades International Pension Fund, Goodman Family Trust, James Uphoff, Malka Birnbaum, Neil McCarty, and Rodney Narbesky v. Credit Suisse First Boston, Jamie Kiggen, Frank Quattrone, Laura Martin, and Elliot Rogers
Published: Feb. 11, 2012 | Result Date: Jan. 13, 2012 | Filing Date: Jan. 1, 1900 |Case number: 1:02-cv-12146-NMG Bench Decision – Dismissal
Court
USDC Massachusetts
Attorneys
Plaintiff
Steven J. Toll
(Cohen, Milstein, Sellers & Toll PLLC)
Joel B. Strauss
(Kaplan, Fox & Kilsheimer LLP)
Donald R. Hall
(Kaplan, Fox & Kilsheimer LLP)
Frederic S. Fox
(Kaplan, Fox & Kilsheimer LLP)
Gregory M. Egleston
(Gainey, McKenna & Egleston)
Daniel S. Sommers
(Cohen, Milstein, Sellers & Toll PLLC)
Defendant
Timothy J. Perla
(Wilmer Cutler Pickering Hale and Dorr LLP)
Kenneth G. Hausman
(Arnold & Porter Kaye Scholer LLP)
Jonathan A. Shapiro
(Baker Botts LLP)
Facts
Plaintiffs filed suit in 2002 against Credit Suisse and research analysts Laura Martin and Jamie Kiggen under Section 10(b) of the Exchange Act for allegedly issuing misleading research reports about AOL Time Warner during 2001-02. Plaintiffs contended those reports inflated the price of AOL Time Warner stock. Plaintiffs also sued Credit Suisse, Elliot Rogers and Frank Quattrone under Section 20(a) of the Exchange Act, contending they were "control persons" of Martin and Kiggen.
Result
The court granted defendants' motion to strike plaintiffs' expert report and event study on loss causation, and then, sua sponte, granted summary judgment to defendants on the basis that plaintiffs could not prove loss causation, a necessary element of their case.
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