With
a brief order, the Ninth U.S. Circuit Court of
Appeals last week gave the green light to a groundbreaking
selection process for choosing lead plaintiff under
a new mechanism in the Private Securities Litigation
Reform Act of 1995, which gives trial judges broad
discretion for appointment of lead counsel.
The
new lead plaintiff selection system, supported by
the Securities and Exchange Commission, is intended
to help judges find the plaintiff most capable of
managing class counsel while at the same time keeping
down the cost of class lawyers.
Under
Alsup's selection system, the San Francisco firm
of Lieff Cabraser Heimann & Bernstein LLP was
picked as lead counsel following a sealed bid process
in Moore v. Network Associates, Inc., C99-1729WHA. |
