| Banco Bradesco Class Action
Settlement Hits 2 Day Hitch on Blacksmiths and
Rule 11 in SDNY
By Matthew
Russell Lee, Patreon
Honduras
- The
Source - The
Root - etc
SDNY COURTHOUSE,
Nov 12 – In 2016 Banco
Bradesco was sued for fraud on
the market for withholding
information about being
investigated as part of the
Operation Zelotes probe of tax
fraud in Brazil.
The case, a
putative class action, was
filed in the U.S. District
Court for the Southern
District of New York and was
assigned to Judge Gregory H.
Woods.
On November 13 in
Judge Woods' nearly empty
courtroom what was styled as a
fairness hearing on a
near-final settlement was
held. Only two issues held up
Judge Woods signing off on the
over $14 million settlement,
with 25% going for attorneys
fees. In the gallery was only
Inner City Press.
An October 8 notice of motion
says that "Court-appointed
Lead Counsel Kessler Topaz
Meltzer & Check LLP will
on and hereby do move this
Court, on November 13, 2019 at
4:15 pm, for entry of an Order
awarding attorney's fees and
expenses."
But at the time, with the
gallery nearly empty, the
order was not signed. The firm
wanted Judge Woods to find
that they had not violated
Rule 11.
Judge Woods, however, said he
did not have the factual
predicate to be comfortable
making that finding, and ask
for further filings by
November 15, including on a
proposed $7,605.61 payment to
Boilermaker-Blacksmith
National Pension Trust. The
case is In Re Banco
Bradesco S.A. Securities
Litigation, 16-cv-3144
(Woods).
***
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