Remember Judge Jed Rakoff's shock at the revelation that Coughlin Stoia monitors the investment portfolios of pension fund clients for litigation opportunities? On Tuesday, Rakoff issued an opinion explaining why he picked a Mississippi pension fund represented by Coughlin rival Bernstein Litowitz as lead plaintiff in a securities class action against Merrill Lynch -- even though Bernstein's client has a similar monitoring deal with 12 law firms. Rakoff called it "a choice between two less-than-perfect plaintiffs."
Judge Rakoff Explains Choice of Mississippi Fund to Lead Subprime Class Action
The American Lawyer
May 27, 2009