In Re Adelphia Communications Corp. Securities & Derivative Litigation
This text of 237 F. Supp. 2d 1381 (In Re Adelphia Communications Corp. Securities & Derivative Litigation) is published on Counsel Stack Legal Research, covering United States Judicial Panel on Multidistrict Litigation primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
ORDER DENYING TRANSFER
This litigation consists of 38 actions pending in the Eastern District of Pennsylvania and one action pending in the Western District of New York as listed on the attached Schedule A. 1 Defendant De-loitte & Touche LLP (Deloitte) and nineteen financial institution defendants 2 move under 28 U.S.C. § 1407 for coordinated or *1382 consolidated pretrial proceedings of this litigation in the Eastern District of Pennsylvania. Defendant Credit Suisse First Boston Corporation joins in the motion for transfer. Individual defendants John Ri-gas, Michael Rigas, Timothy Rigas, James Rigas, Peter L. Venetis, and James R. Brown support the motion for transfer. The New York City Pension Funds (N.Y.CPF), a plaintiff in an individual action in the Eastern District of Pennsylvania, opposes the motion to the extent the movants seek consolidation rather than coordination of the NYCPF action with other pending and future actions. In its pleadings, NYCPF took no position on the transfer of the Western District of New York action to the Eastern District of Pennsylvania; however, at oral argument NYCPF stated that it now opposed such transfer. Plaintiff in the Western District of New York action opposes transfer of its action, in large part because of the stay of proceedings in the Eastern District of Pennsylvania.
On the basis of the papers filed and hearing session held, the Panel finds that Section 1407 centralization at this time would neither serve the convenience of the parties and witnesses nor further the just and efficient conduct of this litigation. Plaintiff in the Western District of New York action argues that its action is not subject to the automatic stay of proceedings related to the bankruptcy of Adelphia Communications Corporation (Adelphia), because it has not named Adelphia as a defendant. The Panel notes that certain plaintiffs have filed a petition for a writ of mandamus in the Court of Appeals for the Third Circuit challenging the stay of proceedings in the Eastern District of Pennsylvania. Because a decision by the appellate court may affect the scope or the bases of the stay of proceedings at issue here, the Panel has concluded to deny transfer under Section 1407 at the present time.
IT IS THEREFORE ORDERED that the motion, pursuant to 28 U.S.C. § 1407, for centralization of the actions listed on Schedule A is denied without prejudice.
SCHEDULE A
MDL-1502 —In re Adelphia Communications Corp. Securities & Derivative Litigation
Western District of New York
W.R. Huff Asset Management, Co., LLC, etc. v. Deloitte & Touche, LLP, et al., C.A. No. 1:02-417
Eastern District of Pennsylvania
In re Adelphia Communications Securities Litigation, C.A. No. 2:02-1781
Richard Gitter v. Adelphia Communications Corp., et al., C.A. No. 2:02-1790
TZ Micro Computing, Inc. v. Adelphia Communications Corp., et al., C.A. No. 2:02-1813
William J. Hattrick, Jr. v. Adelphia Communications Corp., et al., C.A. No. 2:02-1816
Alan Shulimson v. Adelphia Communications Corp., et al., C.A. No. 2:02-1819
*1383 Steven Rossow, etc. v. John J. Rigas, et al., C.A. No. 2:02-1831
Market Street Securities, Inc. v. Adelphia Communications Corp., et al., C.A. No. 2:02-1835
Israel Costa v. Adelphia Communication Corp., et al., C.A. No. 2:02-1839
Mark G. Epstein v. Adelphia Communications Corp., et al., C.A. No. 2:02-1871
Joanne Gold v. Adelphia Communication Corp., et al., C.A. No. 2:02-1878
Barry Goldman v. Adelphia Communication Corp., et al., C.A. No. 2:02-1893
John Fuller v. Adelphia Communications Corp., et al., C.A. No. 2:02-1987
Gerald J. Strekal, et al. v. John J. Rigas, et al., C.A. No. 2:02-2061
Crossway Partners, L.P. v. Adelphia Communications Corp., et al., C.A. No. 2:02-2087
Alan Garner, et al. v. Adelphia Communications Corp., et al., C.A. No. 2:02-2099
Mohammed Idries, etc. v. Pete J. Metros, et al., C.A. No. 2:02-2100
Lewis Thomas Hardin v. Adelphia Communications Corp., et al., C.A. No. 2:02-2112
Joseph E. Stocke, et al. v. John J. Rigas, et al., C.A. No. 2:02-2121
Ron Moore v. John J. Rigas, et al., C.A. No. 2:02-2136
VR Associates v. Adelphia Communications Corp., et al., C.A. No. 2:02-2238
Robert Morello v. Adelphia Communication Corp., et al., C.A. No. 2:02-2408
George B. Inabinet, et al. v. Adelphia Communications Corp., et al., C.A. No. 2:02-2416
Mead Ann Krim, etc. v. John J. Rigas, et al., C.A. No. 2:02-2600
Michael D'Asaro v. Adelphia Communications Corp., et al., C.A. No. 2:02-2618
Mariella A. Echeverri v. Pete J. Metros, et al., C.A. No. 2:02-2836
Thomas A. Kiefer v. Adelphia Communication Corp., et al., C.A. No. 2:02-3186
Richard Turrell v. Adelphia Communications Corp., et al., C.A. No. 2:02-3197
Harold Weiner v. John J. Rigas, et al., C.A. No. 2:02-3211
Charles Seebacher v. Adelphia Communications Corp., et al., C.A. No. 2:02-3264
Richard Burstein v. Adelphia Communications Corp., et al., C.A. No. 2:02-3273
Argent Classic Convertible Arbitrage Fund L.P., et al. v. Adelphia Communications Corp., et al., C.A. No. 2:02-3547
Philip Matovich v. Adelphia Communications Corp., et al., C.A. No. 2:02-3561
Alvin Victor, et al. v. Adelphia Communications Corp., et al., C.A. No. 2:02-3659
Jeffrey J. Hyslip v. John J. Rigas, et al., C.A. No. 2:02-3768
Scott Burnside v. John J. Rigas, et. al., C.A. No. 2:02-3769
New York City Employees’ Retirement System, et al. v. Adelphia Communications Corp., et al., C.A. No. 2:02-3778
William D. Huhn, et al. v. John J. Rigas, et al., C.A. No. 2:02-4334
Robert Lowinger v. John J. Rigas, et al., C.A. No.
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237 F. Supp. 2d 1381, 2002 U.S. Dist. LEXIS 24238, 2002 WL 31834528, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-adelphia-communications-corp-securities-derivative-litigation-jpml-2002.