United States Ninth Circuit

District court improperly disregarded the presumption that plaintiff with the largest financial stake in litigation under the Private Securities Litigation Reform Act would act as lead plaintiff.

Appellate Information

• Argued 02/15/2002
• Decided 09/16/2002
• Published 09/16/2002

Judges

• Before WALLACE, KOZINSKI and PAEZ, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Patrick J. Coughlin of Milberg Weiss Bershad Hynes & Lerach LLP for the petitioners.  Sanford Svetcov, Randi D. Bandman, Lesley E. Weaver, Eric A. Isaacson and Frederick B. Burnside, all of Milberg Weiss Bershad Hynes & Lerach LLP, along with David R. Scott and James E. Miller, Scott & Scott, LLC, joined him on the brief., Daniel A. Osborn of Beatie and Osborn LLP argued for the real party in interest Quinn Barton., The HonorableVaughn R. Walker, United StatesDistrict Judge for the Northern District of California, submitted a pro se brief.   Professor Elliott J. Weiss of the James E. RogersCollege of Law at the University of Arizona argued on Judge Walker's behalf., Luis de la Torre of the Securities and Exchange Commission argued as an amicus curiae supporting real party in interest Quinn Barton.  David M. Becker, Meyer Eisenberg, Jacob H. Stillman and Eric Summergrad joined him on the brief.


• For Appellees:
  
• Professor Joseph A. Grundfest of Stanford Law School filed an amicus curiae brief supporting the respondent on behalf of the California Public Employees' Retirement System and Barclays Global Investors, N.A. James Finberg and Melanie M. Piech of Lieff, Cabraser, Heimann & Bernstein, LLP joined him on the brief.