Sent: 11/13/2008 11:52:42 A.M. Central Standard Time
Subj: Re: Middlesex County Retirement System v. Monster Worldwide Inc.
Re: Middlesex County Retirement System v. Monster Worldwide Inc.
To the Directors and Staff of Middlesex County Retirement System:
Your Retirement System is the plaintiff Class Representative in the above class action lawsuit. (For more information about your Retirement System's lawsuit you can go here: http://www.berdonclaims.com/cases/details.asp?p=Main&CaseID=246.)
Do you understand your Retirement System's lawsuit?
Do you understand how your plaintiffs lawyers and others like them are going around the country with this kind of litigation and filing lawsuits that are in substance shareholders of a corporation who have had losses suing themselves to recover the losses, the plaintiffs lawyers have the shareholders effectively make a payment to themselves (that doesn't compensate for any losses because the shareholders are paying it to themselves), and the plaintiffs lawyers take a big cut out of the payment and leave the shareholders that much the poorer on top of the investment losses the shareholders previously experienced?
In your Retirement System's lawsuit against Monster Worldwide, Inc., your Retirement System and other shareholders of Monster Worldwide, Inc. experienced investment losses and they are in effect going to make a payment to themselves of $47.5 million and the Retirement System's plaintiffs lawyers in the case, Labaton Sucharow LLP of New York City, will take a 25% cut of that, and leave your Retirement System and other shareholders with increased losses. Other class action plaintiffs lawyers are in the process of doing the same thing to Xerox Corpopration shareholders and having the Xerox shareholders in effect sue themselves to recover investment losses (which won't be recovered and will only be increased), and I wrote a letter to the judge in that Xerox case that details this insanity. You may read that letter here: Letter to Judge Thompson. The plaintiffs lawyers in the Xerox case previously had Tyco Corporation shareholders sue themselves, and the lawyers took a whopping $465,000,000 out of the pockets of the shareholders, which you can read about in the Wall Street Journal Blog. (Maybe your Retirement System owned Xerox or Tyco stock and had investment losses that were increased courtesy of these plaintiffs lawyers.)
Our country is on the brink of its worst economic crisis in decades. Your Retirement System and other governmental retirement systems, as well as thousands of private pension plans, and millions of 401(k) owners, have collectively experienced trillions of dollars of losses in the financial markets, while these plaintiffs lawyers are going around the country having shareholders sue themselves in order that the plaintiffs lawyers can collect hundreds of millions of dollars of fees for themselves.and make the shareholders all the poorer.
That should make you very angry.
I hope you will ask yourselves why is your Retirement System involved in the Monster Worldwide litigation and why is your Retirement System aiding an abetting these plaintiffs lawyers in their enterprise of having shareholders of corporations sue themselves to recover investment losses and make payments to themselves (that don't compensate them for losses because they are effectively making payment to themselves), all so that the plaintiffs lawyers can take a big cut and leave the shareholders all the poorer.
After you have had internal discussion at the Retirement System, I hope someone on behalf of the Retirement System will ask the Retirement System's class action lawyer Ms. Zeiss of Labaton Sucharow LLP to explain and defend this insanity. After that, I further hope someone on behalf of the Retirement System will go to the fairness hearing scheduled for next Friday in the federal district court in New York City and ask the judge in the case also to explain and defend the insanity.
3812 Spring Valley Circle
Birmingham, AL 35223