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_imgTHE Guyana Cycling Federation (GCF) has released the names of its team along with alternates for the Junior Caribbean cycling Championships set for August 10-11 in the ‘green town’ of Bartica.At a simple yet significant gathering in the National Park on Saturday last where most of the cyclists were present along with some parents, five of them were presented with cycles by President of the GCF, Horace Burrowes.They also received helmets, shoes and some other items, all compliments of the Union Cycliste Internationale (UCI) which, for the first time, donated cycles and other equipment to the local federation.The team is as follows: Juniors – Ajay Gopilall and Ralph Seenarine. Juveniles – David Hicks, Mario Washington and Jerimiah Joseph. Ladies – Clivecia Spencer and Selena Stephen. Alternates – Steve Bhimsen, Sherwin Sampson and Elisha Rutherford.In handing over the items to the cyclists, Burrowes informed them that it was as a result of the UCI that they were able to benefit, stating that the cycles would remain the property of the GCF.“This is a great opportunity for all of you and one of historical importance as Guyana has never before hosted any Caribbean championship. You have an opportunity to ink your names in the history books by doing yourself and country proud. Discipline, sacrifice and commitment are key pillars of your journey in this sport and as long as you can positively build on those, you can conquer your opposition.”The GCF is working on taking the entire team to Bartica this week to intensify training while still in the hunt for sponsorship. Not present at Saturday’s activity were Gopilall and Stephen.last_img read more