William T. Hampton, individually and on behalf of all others similarly situated v. Pacific Investment Management Company LLC, Pimco Funds, E. Philip Cannon, J. Michael Hagan, Brent T. Harris, Douglas M. Hodge, Ronald C. Parker, Vern O. Curtis, William J. Popejoy
Published: Jan. 23, 2016 | Result Date: Nov. 2, 2015 | Filing Date: Jan. 1, 1900 |Case number: 8:15-cv-00131-CJC-JCG Bench Decision – Dismissal
Court
USDC Central
Attorneys
Plaintiff
Nicholas I. Porritt
(Levi & Korsinsky LLP)
Daniel A. Osborn
(Office of the Attorney General)
Jeff S. Westerman
(Westerman Law Corp.)
Defendant
John D. Donovan Jr.
(Ropes & Gray LLP)
Robert A. Skinner
(Ropes & Gray LLP)
Amy D. Roy
(Ropes & Gray LLP)
Joshua D.N. Hess
(Dechert LLP)
Matthew L. Larrabee
(Dechert LLP)
Richard L. Gallagher
(Kaufhold Gaskin Gallagher LLP)
Facts
William Hampton brought a class action complaint against investment management company Pacific Investment Management Company LLC, seven of its employees, and PIMCO Funds.
Contentions
PLAINTIFF'S CONTENTIONS:
Hampton contended that defendants' decision to ignore a cap on investing the fund's assets in instruments or securities tied to emerging markets caused the value of their shares in the fund to fall.
Plaintiffs claimed breach of contract, breach of trust, breach of the covenant of good faith and fair dealing, and aiding and abetting relating to their investment in shares of a fund managed and advised by defendants.
DEFENDANTS' CONTENTIONS:
Defendants contended that plaintiffs' claims were precluded by the Securities Litigation Uniform Standards Act of 1998.
Result
The court granted defendants' motion to dismiss, concluding that the Act barred plaintiffs' claims. Because amendment was futile, each cause of action was dismissed with prejudice.
Other Information
FILING DATE: Jan. 28, 2015.
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