Judicial Panel Grants Defense Request for Pretrial Coordination of Class Action Lawsuits Pursuant to 28 U.S.C. § 1407, Unopposed by Class Action Plaintiffs, and Transfers Actions to Northern District of Ohio
Thirteen (13) class actions lawsuits – 12 in the Northern District of Ohio and 1 in the Southern District of Florida – were filed against National City and certain affiliates alleging violations of federal securities laws by issuing “materially false and misleading statements which had a negative impact in 2008 on National City’s stock”; the putative class actions were filed on behalf of three separate groups – “securities holders seeking relief under the federal securities laws, shareholders suing derivatively on behalf of National City [and] participants in National City’s retirement savings plans suing for violations of the Employee Retirement Income Security Act of 1974 [(ERISA)].” In re National City Corp. Securities, Derivative & Employee Retirement Income Security Act (ERISA) Litig., ___ F.Supp.2d ___ (Jud.Pan.Mult.Lit. November 26, 2008) [Slip Opn., at 1]. Defense attorneys filed a motion with the Judicial Panel for Multidistrict Litigation (MDL) requesting centralization of the class actions pursuant to 28 U.S.C. § 1407 in the Northern District of Ohio. Id. Responding plaintiffs in the Ohio derivative and ERISA class actions supported the motion; however, the ERISA class action plaintiffs opposed coordination of their class actions with the securities fraud class actions. Id. Plaintiffs in the Florida class action opposed the motion, arguing that their lawsuit should remain in Florida because they had filed a motion to remand the class action to Florida state court, id. The Judicial Panel granted the motion to centralize all of the class action lawsuits and agreed that the Northern District of Ohio was the appropriate transferee court. Id., at 1-2.
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