In re Oxford Health Plans, Inc., Securities Litigation
United States District Court for the Southern District of New York
182 F.R.D. 42 (1998)
- Written by Mary Phelan D'Isa, JD
Facts
In 1998, the Judicial Panel on Multidistrict Litigation consolidated 52 separate actions filed by persons and entities who purchased common stock in Oxford Health Plans, Inc., against Oxford Health Plans, Inc., and some of its principal executive officers and directors (Oxford) (defendants) in the United States District Court for the Southern District of New York. Thereafter, two additional cases were joined. The cases generally alleged that Oxford failed to disclose problems with its computer system and its resulting financial downfall while substantial insider trading was taking place. Three plaintiffs, the Public Employee’s Retirement Association of Colorado (ColPERA), a state pension fund; the Vogel Group (Vogel), significant individual investors; and the PBHG Fund, a large institutional investor, moved to be appointed co-lead counsel and to select the co-lead counsel for the group.
Rule of Law
Issue
Holding and Reasoning (Brieant, J.)
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