Lead Plaintiffs Agree To A Settlement In Principle With MF Global, Ltd. and other Defendants for $90 Million
Cohen Milstein Sellers & Toll PLLC today announced that MF Global, Ltd. (“MF Global,” or the “Company”), the Man Group plc and other defendants have agreed to a settlement in principle of a securities class action lawsuit arising from the Company’s 2007 initial public offering ("IPO"). The action is titled Rubin v. MF Global, Ltd., et al., No. 08-cv-02233-VM, and is pending in the United States District Court for the Southern District of New York before the Honorable Victor Marrero.
The proposed settlement, which was achieved as the result of mediation, is comprised of $90 million in cash and is subject to review and approval by the Court.
The case is brought on behalf of all purchasers of common stock of MF Global pursuant or traceable to the Registration Statement and Prospectus issued in connection with the Company's IPO on or about July 19, 2007 (the "Class"). Excluded from the Class are Defendants and certain other related parties. Plaintiffs alleged that the Company's Prospectus and Registration Statement contained false and misleading statements.
Lead Plaintiffs include the Central States, Southeast and Southwest Areas Pension Fund and others. Cohen Milstein Sellers & Toll PLLC serves as Plaintiffs' Co-Lead Counsel.
Carol V. Gilden
Cohen Milstein Sellers & Toll PLLC