MDL Panel Denies ARS Consolidation Request

Law360, New York (October 14, 2008, 12:00 AM EDT) -- The U.S. Judicial Panel on Multidistrict Litigation on Thursday declined to consolidate nearly 30 cases seeking damages from the collapse of the auction rate securities market.

A four-judge panel ruled that advocates of consolidating the 29 securities fraud lawsuits failed to prove that there were any common questions of fact that were sufficiently “complex or numerous” to justify consolidating them into one MDL.

“While the actions share some general common factual questions, no single action is against more than one defendant entity (or its affiliates and/or...
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