Well, it took eleven years, but it looks like the Jasmine securities class action is finally over. Originally filed in November 1994, it appears Plaintiffs were practically begging the Court to put an end to their seemingly endless suffering. You see, after last June’s partial summary judgment dismissal (Ho, Ho, Ho, Who’s Laughing Now?), Defendants swooped in with five more summary judgment motions to finish off more of the claims. On December 20, 2005, Judge Robert B. Kugler (D.N.J.) noted that “Plaintiffs did not oppose the motions, opting instead to file a brief conceding that loss causation is the rule of the case and that the lack of loss causation entitled Defendants to summary judgment.” Judge Kugler then granted the motions and ordered “the parties to submit a statement advising the Court of any unresolved claims against any Defendants.” Plaintiffs complied, and at the same time “moved to amend/correct the December 20, 2005, Judgment to grant summary judgment on all remaining claims.” Please Your Honor, please.
So you’d think that would be it, but noooooo, Judge Kugler “denied Plaintiffs' Motion to Amend/Correct." Why you ask? Because they failed "to identify any errors in the Court's Order of December 20, 2005.” What do we have to do to get rid of this thing? Anyway, the last group of Defendants then moved for summary judgment again to euthanize Plaintiffs, who then “instead of filing an Opposition” merely adopted and incorporated their earlier response “conceding Andersen's entitlement to summary judgment.”
This time Plaintiffs got their wish, with Judge Kugler throwing out the rest of the case for the same loss causation reasons he did nearly a year ago.
You can read McKown v. Jasmine, issued May 5, 2006, at 2006 U.S. Dist. LEXIS 27860.
Nugget: “Where the market never obtains information, it must be the case that factors other than that information are the sole cause of plaintiffs' loss."