Sunday, November 27, 2005

Hand Over That Trading Data

You know how Defendants are always trying to get Lead Plaintiffs’ and Class Reps’ trading history in stocks other than the one at issue? Well, this time, Plaintiffs in the Priceline securities class action are turning the tables, demanding that Defendants fork over their non-Priceline trading information. Judge Dominic J. Squatrito (D. Conn.) carefully considered the request, and has ruled that “the information requested could lead to admissible evidence regarding defendants' state of mind while they traded in Priceline shares during the Class Period. Defendants' proposed limitation prohibits plaintiffs from learning the context of defendants' Priceline trades. The context could be relevant to defendants' motivation for trading in Priceline shares during the Class Period.”

You can read In re Priceline, issued November 23, 2005, here or at 2005 U.S. Dist. LEXIS 29132.

Nugget: “The party resisting discovery bears the burden of demonstrating that its objections should be sustained, and pat, generic, non-specific objections, intoning the same boilerplate language, are inconsistent with both the letter and the spirit of the Federal Rules of Civil Procedure.”

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