first_imgSource: BusinessWire – April, 21, 2009 Coughlin Stoia Geller Rudman & Robbins LLP, a leading plaintiffs’ firm based in San Diego, has announced the firm has secured a settlement of $50 million in cash for a class of TD Banknorth, Inc shareholders. Plaintiffs in a related action previously attempted to settle the case for under $3 million, or $.03 per TD Banknorth share. This victory for shareholders provides members of the class with an exponentially greater recovery than the related action was poised to provide before plaintiffs City of Dearborn Heights (MI) Act 345 Police & Fire Retirement System and H. Louis Farmer, Jr. successfully objected to that settlement and took over the case.The $50 million settlement, before fees and expenses, is more than 16 times the amount shareholders would have received under the previously proposed settlement. The Settlement Agreement was filed with the Court late yesterday and the settlement is subject to approval by the Court.”We always believed that TD Banknorth’s shareholders deserved more than mere pennies, and we’re pleased that we were able to obtain substantially more than the originally proposed settlement,” said John J. Riley II, the Treasurer of the City of Dearborn Heights.This class action was filed on behalf of former stockholders of TD Banknorth, arising out of the April 20, 2007 going-private merger in which Toronto-Dominion Bank, TD Banknorth’s majority stockholder, cashed out TD Banknorth’s public stockholders for $32.33 per share. The plaintiffs alleged that defendants breached their fiduciary duties to TD Banknorth’s shareholders because the terms of the going-private merger were unfair and the result of an unfair process.A number of plaintiffs filed complaints in Delaware and attempted to settle the case quickly. At the same time, Farmer filed an action in Maine state court and aggressively litigated the case. After obtaining strong evidence in support of his claims, Farmer, along with Dearborn Heights, took his case to Delaware and successfully objected to the settlement reached by the original Delaware plaintiffs. As the Court later summarized:While Farmer took extensive discovery in the Maine litigation, including nine depositions, the Original Plaintiffs did little to advance the litigation in Delaware, seemingly satisfied with negotiating a very modest settlement. Aware of these negotiations and concerned by what he saw as the Original Plaintiffs’ lack of diligence, Farmer stipulated to stay the Maine litigation and, with the other plaintiff currently seeking certification, the City of Dearborn Heights Act 345 Police & Fire Retirement System (“Retirement System”), filed a motion to intervene in the Delaware litigation. On March 23, 2007, two days after the filing of the motion to intervene, the Original Plaintiffs filed a stipulation of settlement, agreeing to the certification of the class and the appointment of the Original Plaintiffs as class representatives. The terms of the settlement also included certain corrective disclosures, and an increase of $.03 per share in the merger price…. Farmer and Retirement System filed their objection, amply supported by the extensive discovery taken in the Maine action, and, on July 19, this court rejected the settlement….”We firmly believed in the strength of our claims and were forging ahead towards trial prior to reaching a settlement with defendants. We consider this an exceptional result for our clients and the class,” said Coughlin Stoia partner Samuel H. Rudman.For more information, you can review the Settlement Agreement and exhibits thereto on the Coughlin Stoia web site (www.csgrr.com(link is external)) and at www.TDBanknorthShareholdersLitigation.com(link is external).last_img read more

first_imgSunderland head coach Gus Poyet saluted striker Steven Fletcher after seeing him emerge from the shadows to fire the club to a first Barclays Premier League victory of the season. “Now we can say we have lost one in seven, which honestly if you talk about the last few years here at Sunderland, you need to think that something is going quite well. “It hasn’t happened too many times. We have started, now we need to confirm that, but I can see the team is stronger, the group is stronger.” Mark Hughes, whose Stoke side had won 2-1 at Sunderland in the Capital One Cup 11 days earlier, admitted the visitors had got what they deserved. He said: “It was not great from us today, to be perfectly honest. We didn’t really defend correctly or with any kind of purpose in that opening period and as a consequence, we gave up two goals, two really easy goals. “Sunderland, to their credit, were able to win the game quite comfortably. We didn’t ask enough questions of them. They probably had three strikes on goal and scored three goals.” Hughes revealed after the game that Victor Moses, who lasted just 18 minutes, had limped off with a recurrence of the thigh problem he felt after Monday night’s win over Newcastle, while Poyet admitted he had several concerns with Ricky Alvarez, Sebastian Coates and Emanuele Giaccherini all missing. He said: “We have got two or three players who are going to be out for a while, which doesn’t look good. We need a squad.” Scotland international Fletcher, who did not even make the matchday 18 for the clash with Tottenham last month, marked his return to the starting line-up with a decisive double as the Black Cats saw off Stoke 3-1 at the Stadium of Light. Poyet said: “I am very pleased for Fletch because I know how hard it was for him to be in the situation where a few weeks ago, I left him out of the squad. Decisions, like I always say. “He was not happy, but he took it professionally and kept working. The previous week before we played Swansea, we were able to see something special in Fletch, he was coming back in training to his best. “He had a chance to score the other day against Swansea, and this really was outstanding. “I always say, the first way for you to be picked is Saturday, 3pm – if you play well, then you have got a better chance of playing next week; the second part is training every day. “If you are good in training every day, I don’ think there’s a manager who is not going to play you. Fletch deserved to play today.” Fletcher needed just five minutes to start paying off Poyet’s faith in him when he provided the cross from which Connor Wickham headed the Black Cats in front with his first league goal of the season. He got his own name on the score sheet with his first Premier League strike since December 28 with 23 minutes gone to cancel out Charlie Adam’s equaliser, and was then in the right place at the right time 11 minutes from time when Wickham returned the favour to hand him his second of the day. Poyet was delighted to have ended his wait for a league victory this season at the seventh attempt. He said: “It’s better – now you’re not going to ask me about us not winning. You’ve been asking for the last five weeks. Press Associationlast_img read more

first_imgJohn Mikel Obi, Although Britt Assombalonga’s 19th minute header made the difference for Boro to earn all three points, Mikel, no doubt has stamped his authority in the middle of the team to earn the respect of Manager Tony Pulis.Mikel was key in the 3-4-2-1 formation adopted by Pulis. The former Chelsea star played a deep-lying role.The 31-year-old who racked up two dribbles, made one tackle, struck one shot and had a pass success rate of ninety percent, as per whoscored earned the plaudits of his club fans in magnificent style.Below are some of what Boro fans had to say about his performance on Twitter :@jamestate09 : ”John Obi Mikel is better than Messi”.@Crookston3 : ”mikel_john_obi is different class #UTB”.@IwanEvans19 : ”Made hard work of it, but nice to know we’ve got the best goalkeeper and midfielder in the league! @RandzOfficial @mikel_john_obi”.@sammfcthompson : ”John Obi Mikel – would get in any prem team outside the top 6. Levels.”@GraingerNeil : ”In a season of terrible transfer windows, John Obi Mikel looks like an insanely good bit of business. What a player #utb”.@Cooky34 :”We’ve got Mikel, Jon Obi Mikel, I just don’t think you understand….. ”@SirBenGlass : ”John Obi Mikel is head and shoulders above any other player in the Championship #boro .”Speaking at the post-match, Pulis however was worried that his wards could only put away just one out of the 27 shots on target.“I’m pleased. I don’t want to take the gloss off it because I thought we were very good today, but to get 27 shots on goal and just score one goal is something I’ve kept harping on about since I joined the football club.“We’ve got to be more clinical in front of goal. We had really good opportunities to get the second one, and if you get the second one it’s game over and you can relax a little bit.“What we’ve got to do is replicate the intensity we showed against Leeds for home games for the rest of the season and that gives us a chance,” he concluded.While the win moved Boro to fifth spot in the Championship standing on 54 points from 32 games, it was bad news for Blackburn who are stuck in the 14th position. It also means fourth consecutive defeat for the home team.Boro’s next game is at home to 18th placed QPR on SaturdayShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Fans heap plaudits on the Super Eagles captainBy Duro Ikhazuagbe with agency reportJohn Mikel Obi was part of Middlesbrough squad that grabbed a valuable away win at Blackburn Rovers yesterday.The former Tianjin Teda midfielder who made his fourth start out of the five he has clocked for the English Championship side played all 90 minutes in the encounter at Ewood Park.last_img read more