Cohen Milstein Secures Victory for Foreign Investors as Eleventh Circuit Affirms Class Action Settlement with CP Ships
August 13, 2009
A federal appeals court has ruled that a district court had jurisdiction over claims brought by foreign plaintiffs in a securities class action against CP Ships Ltd. when it approved a settlement in the case, denying a bid by one foreign investor to scuttle the settlement.
The plaintiffs-appellees were represented by Cohen Milstein, with partner Daniel S. Sommers arguing the appeal. [From Law360]
On August 13, 2009, the U.S. Court of Appeals for the Eleventh Circuit ruled affirming that the district court properly exercised subject matter jurisdiction over securities fraud claims by foreign investors in CP Ships Ltd., a Canadian company that was headquartered in England but that had a substantial business presence in the United States.
As such, the appeals court affirmed the district court's approval of a settlement of the action, rejecting a Canadian investor's challenge to the exercise of jurisdiction over the claims of foreign stock purchasers. The Court of Appeals also affirmed the order of the District Court finding that the proposed settlement was fair, reasonable and adequate in all respects.
Partner Daniel S. Sommers has led Cohen Milstein's efforts on this matter and argued the appeal on behalf of plaintiffs.