The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Posner Lets a Class Action Against Pimco Stand Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 08, 2009

Posner Lets a Class Action Against Pimco Stand

Reported by Neil Anderson, Managing Editor

A four-year-old class action lawsuit surrounding futures will continue to haunt Pimco. On Tuesday a panel of the U.S. Court of Appeals for the Seventh Circuit refused to toss out the class action certification of Kohen v. Pimco, in which Josef Kohen and others claim that Pimco cornered the 10-year U.S. Treasury note futures market four years ago.

In a 15-page opinion, renowned jurist Richard Posner (writing for himself and two of his colleagues) writes that "to deny class certification now ... would be premature."

"Pimco argues that before certifying a class the district judge was required to determine which class members had suffered damages. But putting the cart before the horse in that way would vitiate the economies of class action procedure: in effect the trial would precede the certification," Posner ruled. "Pimco's attempt to derail this suit at the outset is ill timed, ill conceived, and must fail." 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use