Subj: Is NCLC working on this issue?
Date: 8/10/2008 1:06:45 P.M. Central Daylight Time
Dear Ms. Conrad,
I recently tried to agitate the Xerox Board of Directors about their settlement of a securities class action lawsuit against Xerox. You may find out more about what I did here: Xerox
I find this type of securities class action lawsuit especially outrageous, and I wrote this Letter to Judge Thompson about about the Xerox case.
The materials on the Institute for Legal Reform website particularly mentioned Professor Coffee at Columbia regarding this kind of lawsuit, and I wrote Professor Coffee an email in which I asked the following questions: "Do you think there is any basis (e.g., due process, arbitrary loss shifting with no rational justification, other legal basis?) on which a judge could dismiss the lawsuit against Xerox? If there might such a basis, do you feel it has been adequately presented to a judge in a comparable lawsuit of which you are aware? Do you have any views about the propriety of Xerox directors approving Xerox entering into the proposed settlement agreement that gives net favorable treatment to some Xerox shareholders and bondholders and net unfavorable treatment to other Xerox shareholders and bondholders in an arguably arbitrary fashion? Is there a conflict for the plaintiffs' lawyers to represent both shareholders (and bondholders) who will have a net gain and also shareholders (and bondholders) who will have a net loss from the settlement? Do you believe there is a basis for Xerox requesting the court to include other Xerox shareholders and bondholders who are not in the plaintiff class who are also real parties in interest and who should be entitled to joined as parties in the lawsuit and be afforded legal representation?"
I got no reply from Professor Coffee and no reply from other law professors and lawyers on the ABA class action committee that I tried to ask similar questions of.
Is the NCLC working on this issue? Is it an issue the NCLC would like to work on?
Thank you for your attention to this email. I hope I hear from you in response.