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  • per_a.jacobsen per_a.jacobsen Aug 16, 2013 12:24 AM Flag

    The timeline on the lawsuits as it stands


    From the scheduling order by Judge Joel Harvey Slomsky:

    1. Lead Plaintiff shall file its consolidated amended complaint within sixty (60} days of the Court's August 2, 2013 Order, or by October 1,2013;

    2. Defendants shall file their motion or motions to dismiss or otherwise respond to the consolidated amended complaint within sixty (60) days thereafter, or by November 30,2013;

    3. Lead Plaintiff shall file its opposition or oppositions to Defendants' . motion or motions to dismiss, if any. within sixty (60) days thereafter, or by January 29, 2014; and

    4. Defendants shall file their replies to Lead Plaintiffs opposition or oppositions, if any, within thirty (30) days thereafter, or by February 28, 2014.

    Lead counsel is Plumbers Local No. 98 Defined Pension Fund with a claimed loss of $163 thousand.

    The plaintiff's legal counsel is, of course, gunning for a settlement (quick in and out money with minimum risk) Perhaps surprisingly, however, settlement is not fast. Statistically, for cases that settle after the motion to dismiss is denied, the time it takes the cases to settle ranges from one month to 46 months, but the mean length of time for a case to settle after the dismissal motion is denied is 16 months.

    A long haul ahead, and it is just getting started.