A federal judge has rejected a proposed co-lead plaintiff for the Monster Worldwide securities fraud class action because the representative knew nothing about the case. Southern District of New York Judge Jed Rakoff had some pointed words for lead plaintiffs counsel Labaton Sucharow, saying the Steamship Trade Association International Longshoremen's Pension Fund was "simply the willing pawn of counsel" because it "has no interest in, genuine knowledge of, and/or meaningful involvement in this case."
Lead Plaintiff Pick Rejected as Merely 'Pawn of Counsel'
New York Law Journal
July 17, 2008