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Samuel H. Rudman, a partner at Coughlin Stoia Geller Rudman & Robbins, writes that the holding in W.R. Huff is in line with the PSLRA, which requires courts to appoint as lead plaintiff the class member that can fairly and adequately represent the interests of the class. To appoint an investment adviser who lacks an actual financial interest in the relief sought would be contrary to one of the fundamental principles of the PSLRA, he notes, which is to appoint as lead plaintiff, those "class members with large amounts at stake."
January 30, 2009 at 12:00 AM
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