NY Court Schedules Bear Shareholder Litigation; Arguments in Delaware
A couple of developments yesterday in the Bear shareholder litigation fiesta:
New York State Court Judge Herman Cahn consolidated a class action filed by the Louisiana Municipal Police Employees’ Retirement System with three other cases — in which the named defendants are Jimmy Cayne and Alan Greenberg. Cahn ordered an expedited discovery and preliminary injunction schedule, and set a May 8 hearing for the PI. Here’s the stipulation order.
Cayne and Greenberg are being represented by a bevy of Wall Street bigs: S&C’s Gandolfo “Vince” DiBlasi, Wachtell’s Marc Wolinsky (who was last spotted in Delaware arguing the IAC-Liberty spat) and Cadwalader’s Greg Markel.
For the plaintiffs, 10 lawyers are listed on the stipulation, from law firms Sarraf Gentile; Vianale & Vianale; Finkelstein Thompson; Levi & Kornsinsky; and Barrack, Rodos & Bacine.
In other news of Bear-JPM restraining orders, arguments for the Delaware TRO, which we blogged on here, were heard yesterday afternoon. According to Law Blog colleague Robin Sidel, JPM argued that it wants to stay the whole Delaware case and leave the litigation in New York. The court set an argument on that issue for Monday at 2 p.m.
Check back in a bit for the oral argument transcript.
This Bear Stearns case is going to pay for a lot of lawyers’ vacations in the Hamptons.
Between the McWane case in Delaware and Cahn’s recent decision in Topps, no way Delaware is going to keep jurisdiction.
Go Cadwalader!
naturally JPM wants NY, the hearing is 5/8, by which time JPM may be the proud owner of 39.5% of BSC and DE might rule next week.
De paperes make good point that infusion of $400 million of illiquid unregistered JPM stock doesn’t seem viatlly necessary to financial viability of a company with an existing $30 billion guaranty. How can NYSE give waiver? More importantly, how can the Board Audit Committee certify that the sale of 39.5% is so vital to BSC viability?
Bush and pals are probably real glad Stoneridge was decided already. They serve wall street, they could not care less about main street.
