April 2, 2004

Mutual Fund Cases Get Started

In February, the Judicial Panel on Multidistrict Litigation transfered the mutual fund trading practices cases to the D. of Md. (See this post in The 10b-5 Daily on the JPML's decision.) The Associated Press has an article on today's opening hearing before the court, where the assigned judges dealt with scheduling issues.

Quote of note I: "[District Judge] Motz began by underscoring the importance of the case to investors nationwide. He warned the lawyers, which made up most of the 200 people inside the courtroom here, that the bulk of any money recovered would go to investors who lost money -- not them. 'No one should expect to get rich off of this case,' Motz warned the lawyers."

Quote of note II: "[District Judge] Blake set what she hoped would be a 'reasonably fast schedule' for the case. She gave attorneys two weeks to negotiate who will be the lead attorneys in the huge multidistrict case. If the attorneys can't agree, the court will decide after a May 3 hearing."

Posted by Lyle Roberts at April 2, 2004 9:07 PM | TrackBack
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