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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