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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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