Supreme Court won't hear Pimco market squeeze case
Legal News Center
The U.S. Supreme Court on Monday denied an appeal by Pacific Investment Management Co challenging class-action certification for a lawsuit alleging the world's largest bond fund manager tried to corner a market for U.S. Treasury note futures.
A U.S. appeals court in Chicago upheld a judge's ruling that certified as a class more than 1,000 investors who seek more than $600 million in damages.
Pimco, a Newport Beach, California-based unit of the German insurer Allianz SE appealed to the Supreme Court, but the justices turned down the appeal in a brief order without any comment.
The lawsuit accused Pimco of boosting its percentage stake in futures contracts on some 10-year Treasury notes to 42 percent from 12 percent over a two-week span in the spring of 2005. The relevant contracts traded on the Chicago Board of Trade.
In its appeal to the Supreme Court, Pimco argued that class-action status should not have been granted because some plaintiffs did not lose money and the class suffered from serious conflicts of interest that precluded certification.
Related listings
-
US govt appeals court ban on cell-phone tracking
Legal News Center 02/16/2010The U.S. government argued on Friday that it should be allowed access to people's cell-phone records to help track suspected criminals.A Justice Department attorney urged a federal appeals court in Philadelphia to overturn lower court rulings denying...
-
New legal issue: Payment for child porn victims
Legal News Center 02/08/2010It's been more than a decade since "Amy," as she's known in court papers, was first sexually abused by her uncle. The abuse ended long ago and he's in prison, but the pictures he made when she was 8 or 9 are among the most widely circulated child por...
-
Court records in teacher killing show a couple at war
Legal News Center 02/01/2010Long before teacher Tetyana Nikitina was shot to death Friday, she said she feared for her life.In fact, according to divorce records filed in 2005, the 34-year-old Ukranian immigrant also said she was terrified her then-husband would kill their two ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.