Virginia M. Damon Trust v. Mackinaw Financial Corporation et al.
Court: United States District Court for the Western District of Michigan
Case No.: 03-CV-0135
This shareholder derivative action alleged that the former CEO of North Country Financial Corporation’s (now Mackinac Financial Corp.) breached his fiduciary duties by mismanaging the bank’s commercial loan portfolio, failing to heed repeated warnings from regulators regarding internal controls, and failing to correct specific deficiencies in the bank’s underwriting, loan collection, and loan administration functions. Our client further alleged that the Bank underwent years of gross mismanagement that ultimately resulted in cease and desist orders from the Federal Deposit Insurance Corporation and the Michigan Office of Financial and Insurance Services. Through our efforts, the bank received a multi-million dollar settlement.
List v. List
Court: Circuit Court of Illinois, Cook County
Case No.: 96-CH-845
Wexler Wallace was lead counsel in this case alleging mismanagement and waste at a closely held manufacturing concern. The firm was retained by shareholders after a decade of litigation. Ed Wallace was lead trial counsel in the successful bench trial defeating fee claims against the firm’s clients. After significant discovery relating to financial transactions of the company’s former chief executive officer and extensive negotiations, Wexler Wallace was able to resolve this long-running dispute.
In re Balanced Return Fund Limited et al. v. Royal Bank of Canada
Court: Supreme Court of the State of New York County of New York
Case No.: Index No. 600949/09
Wexler Wallace represents a hedge fund in this breach of fiduciary case against the Royal Bank of Canada (“RBC”) and related Defendants (with RBC, the “RBC Defendants”), which seeks to recover investments in Olympus United Funds (the “Fund”) lost during the period from 2000 through mid-2005 (the “Class Period”) as a result of conduct by the RBC Defendants that caused the collapse of the Fund. Specifically, the RBC Defendants disregarded the interests of the Plaintiffs and other investors in favor of their own interests by approving a transaction which depleted the Fund of assets while appropriating the benefits of those assets for themselves. Read more.
Motorola ERISA – Groussman v. Motorola Inc et al.
Court: United States District Court for Northern District of Illinois
Case No.: 1:10-CV-00911
Wexler Wallace is Liaison Counsel in this class action, which was brought under the Employee Retirement Income Security Act of 1974 (”ERISA”) for damages resulting from the Defendants’ alleged breaches of fiduciary duties with respect to the Motorola Retirement Plan (the “Plan”). Specifically, the Complaint alleges that the Defendants knew or should have known that that the Plan’s holdings of Motorola common stock constituted an imprudent investment alternative for the Plan and that, because of these investments, the Plan and its participants suffered losses of millions of dollars. Read more.
DeVry Securities Litigation: Boca Raton Firefighters and Police Pension Fund v. Devry Inc. et al.
Court: United States District Court for the Northern District of Illinois
Case No.: 1:10-CV-07031
Together with co-counsel, Wexler Wallace filed this securities fraud lawsuit alleging that DeVry, a global provider of educational services for profit, issued a series of materially false and misleading statements regarding the company’s business and financial results. Because of these statements, which occurred during the period between October 25, 2007 and August 13, 2010 (the “Class Period”), DeVry’s common stock traded at artificially inflated prices. Read more.