Bernstein Litowitz Berger and Grossmann LLP Announces Settlement of Class Action Lawsuit Against Conseco.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--Feb. 21, 2002 Anchorage Police & Fire and Louisiana Firefighters' Pension Funds Announce $120 Million Settlement of Conseco Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. The Anchorage Police & Fire Retirement System and the State of Louisiana Firefighters' Retirement System, who are the Lead Plaintiffs in In re Conseco Securities Litigation, today announced that Conseco, Inc. ("Conseco") (NYSE NYSE See: New York Stock Exchange : CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) has agreed to pay $120 million in cash to settle a securities class action on behalf of persons who purchased publicly traded securities of Conseco during the period from April 28, 1999 through and including April 14, 2000. The action is pending before the Honorable Richard L. Young of the United States District Court for the Southern District of Indiana The U.S. District Court for the Southern District of Indiana was created in 1928 by an act of Congress that split Indiana into two separate districts, northern and southern. , Indianapolis Division. The Anchorage and Louisiana Pension Funds have served as the Lead Plaintiffs in this action and were appointed to that role on September 28, 2000 by the Court pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . They are represented by the law firm of Bernstein Litowitz Berger & Grossmann LLP LLP - Lower Layer Protocol , which was appointed as lead counsel for the class by the Court on September 28, 2000. In the action, Lead Plaintiffs allege that, during the Class Period, Conseco publicly reported financial results which were materially false and misleading. On April 14, 2000, Conseco disclosed that it would restate its previously published financial statements for the first, second and third quarters of 1999, and that it would revise its previously reported results for the 1999 fourth quarter and fiscal year. In the settlement, defendants have admitted no wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do and at all times have denied, and continue to deny, that they have violated any law or statute or acted improperly in any way. Lead Plaintiff Anchorage Police and Fire Retirement System is a public pension fund which is organized for the benefit of retired police officers and firefighters in Anchorage, Alaska. Lead Plaintiff Louisiana Firefighters' Retirement System is a public pension fund organized for the benefit of active and retired firefighters in the State of Louisiana. All inquiries regarding this press release should be directed to outside counsel for the Anchorage and Louisiana Pension Funds, Daniel L. Berger, partner at Bernstein Litowitz Berger & Grossmann LLP, (212) 554-1400, email address dan@blbglaw.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion