United States Third Circuit

A current shareholder seeking to present claims on behalf of the settling corporation in a securities class action must bring those claims as derivative action rather than by intervening in the class action and objecting to the settlement.

Appellate Information

• Argued 05/22/2001
• Decided 08/28/2001
• Published 08/28/2001

Judges

• Before BECKER, Chief Judge, SLOVITER and AMBRO, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Bruce E. Gerstein (Argued), Brett Cebulash, Garwin, Bronzaft, Gerstein & Fisher LLP, New York, NY;  Elwood S. Simon, Elwood S. Simon & Associates, Birmingham, MI;  David M. Taus, Francis J. Devito, Hackensack, NJ;  Richard Brualdi, Law Offices of Richard B. Brualdi, New York, NY;  Thomas G. Shapiro, Shapiro, Haber & Urmy, Boston, MA, Attorneys for Appellant Martin Deutch.


• For Appellees:
  
• Daniel L. Berger (Argued), Max W. Berger, Jeffrey N. Leibell, Bernstein, Litowitz, Berger & Grossmann, New York, NY;  Jeffrey W. Golan, Leonard Barrack, Gerald J. Rodos, Barrack, Rodos & Bacine, Philadelphia, PA, Attorneys for Appellee California Public Employees' Retirement System, et al., Samuel Kadet (Argued), Jonathan J. Lerner, Joseph N. Sacca, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY;  Carl Greenberg, Michael M. Rosenbaum, Budd, Larner, Gross, Rosenbaum, Greenberg & Sade, P.C., Short Hills, NJ, Attorneys for Appellee Cendant Corporation., James G. Kreissman (Argued), Jacob S. Pultman, Simona G. Strauss, Simpson, Thacher & Bartlett New York, NY;  Herbert J. Stern, Joel M. Silverstein, Stern & Greenberg, Roseland, NJ, Attorneys for Appellees HFS Inc. Directors., Greg A. Danilow (Argued), Weil, Gotshal & Manges LLP, New York, NY;  Alan N. Salpeter, Mayer, Brown & Platt, Chicago, IL;  Douglas S. Eakeley, Lowenstein Sandler, Roseland, NJ;  Cadwalader, Wickersham & Taft, New York, NY;  Sills Cummis Radin Tischman, Epstein & Gross, P.A., Newark, NJ, Attorneys for Appellees CUC Directors.