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Certiorari Granted on Class Members' Ability to Appeal Approval of Settlement in Securities Fraud

01 Aug 2002

The United States Supreme Court granted certiorari from a Seventh Circuit decision which held that class members, who objected to approval of settlement and sought to appeal, had not timely sought to intervene pursuant to their post-judgment motion to intervene. The Supreme Court also vacated the judgment and remanded the case for further consideration in light of Devlin v. Scardelletti, 2002 WL 1270617. In Devlin, the Supreme Court held that non-named class members who objected in a timely manner to approval of a settlement at a fairness hearing have the power to bring an appeal from the approval without first intervening. See Grimes v. Navigant Consulting, Inc., ____ U.S. ___, 122 S.Ct. 2584 (2002). See also In re Navigant Consulting, Inc. Securities Litigation, 275 F.3d 616 (7th Cir. 2001) (case below).

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