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.