Overdue — To Mention This…

Though in truth, it merits only passing mention. [So I won’t link to the 24 pager.]

Last Friday, on St. Patrick’s (while I was in L.A., tending to client business) — Sidley filed its memorandum of law — opposing certification of the various federal securities fraud claims — as a class action.

That memo treads all the expected — largely prosaic — legal cobblestones in making a 24 page argument, but (in my experienced opinion) it misses the mark. Not for a lack of effort, but because the law here cuts against such an outcome.

In fact, there is only a small chance that the able District Court Judge Robert W. Gettleman, sitting in Chicago, will find the action is inappropriate for federal securities class action status.

It is a classic securities class action fact pattern — and after-all, the facts — even more than the law, dictate class certification in theses settings.

Now you know. Onward. I still expect a substantial agreed settlement, with Mr. Allin personally paying for at least some, if not the bulk of the damages.

Maybe not until late 2017, but that is what I expect, once the court rules in favor of class certification.

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