The pension funds for New York City and New York State are fighting over control of a massive securities fraud litigation. The litigation, which will probably combine some 40 lawsuits, stems from April's 48 percent nosedive in the stock price of McKesson HBOC Inc., the nation's largest drug wholesaler. The state and city pension funds have filed competing motions to be named as lead plaintiff in the shareholder class action. At stake: Millions of dollars in fees for the winning pension funds' legal team.
July 06, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The pension funds for New York City and New York State are vying with each other to control the massive securities fraud litigation in California that stemmed from the April nosedive in the stock price of the nation’s largest drug wholesaler.
More than 40 lawsuits have been filed in Northern District of California in the wake of the 48 percent drop in the stock of McKesson HBOC Inc. after the disclosure on April 28 that its revenues had been overstated by $42 million.
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