January 19, 2012
Partner Philip Robben was quoted in the Daily Report for Executives, Securities Law Daily, Bloomberg BNA's Banking Report and Bloomberg BNA's Bankruptcy Law Reporter. The article, "Litigation Involving MF Global Under Way: Cases Assert Securities, CEA Violations," discussed the organization of the class action civil proceedings and securities fraud cases against MF Global. It explained how the courts would handle the multiple cases against MF Global executives and its former CEO, Jon Corzine, including possible Commodity Exchange Act and Racketeer Influenced Corrupt Organization Act cases and those involving breach of fiduciary duties.
"'The key question is going to be if, among several cases--several meaning a handful or dozens, there is some set of facts common to all of those cases,' Kelley Drye & Warren partner Philip told Bloomberg BNA January 12.
"If a set of facts exists that would be efficient to resolve all at once, the U.S. Judicial Panel on Multidistrict Litigation probably would show an interest in consolidating the cases, he said.
"Typically defendants in such situations request that the judicial panel consolidate cases to save defendants time and money, said Philip, a litigation and arbitration specialist. The panel could decide to combine some but not all cases involving the same defendant or group of defendants, and could also decide the venue, he said."