Current Cases

The following are ongoing complex litigation cases in which Branstetter, Stranch & Jennings, PLLC represents plaintiffs as counsel or lead counsel:

FEDERAL SECURITIES ACTIONS 

  • In re Worldcom Securities Litigation, No. 03-27211 (Davidson County Chancery, Tennessee) (Judge McCoy). Co-lead counsel in a securities action by the Tennessee Consolidated Retirement System against the banks that underwrote Worldcom bonds during a period of time in which Worldcom was manipulating its accounting. Settlement was reached that provided a recovery to the retirement system of $7 million.
  • In re Bridgestone Securities Litigation, Master File No. 3:01-0017 (N.D. Tenn.). Firm is currently serving as local counsel in action brought against Bridgestone and its officers and directors in an action alleging violation of federal security laws.
  • Plumbers & Pipefitters Local 572 Pension Fund v. Cisco Systems, Inc., Civ. No 5:01-CV-20418 JW, (N.D. Calif.). The firm is currently serving as one of the attorneys in action brought against Cisco Systems, Inc. alleging violations of federal securities laws.
  • Doral Financial Group, Inc. Securities Litigation (Deerfield Beach Non-Uniformed Municipal Employees Retirement Plan et al. v. Doral Financial Group, Inc., et al.), No. 3:05-cv-01430-HL (D. Puerto Rico). Action brought by stockholders of Doral Financial Group, Inc., the largest residential mortage lender in Puerto Rico alleging that its directors, along with certain of its officers, violated the federal securities laws. The alleged violations stem from the dissemination of false and misleading statements which had the effect of articially inflacting the price of Doral securities.

SHAREHOLDER DERIVATIVE ACTIONS

  • In re King Pharmaceuticals, Inc. Derivative Litigation, (Sullivan County Chancery, Tennessee) (Judge McLellan). Lead counsel in a shareholder derivative action against the Board of Directors and certain officers at King Pharmaceuticals alleging various breaches of fiduciary duty, abuse of control, unjust enrichment and waste of corporate assets. The case is currently in the discovery stage.
  • In re Direct General Corporation Derivative Litigation, (M.D. Tenn.) (Campbell). Co-lead counsel in a shareholder derivative action against the Board of Directors and certain officers at Direct General Corporation alleging various breaches of fiduciary duty, abuse of control, and waste of corporate assets resulting from financial manipulations and insider selling. Settlement is pending.
  • Unumprovident Derivative Litigation, No. 1:02CV-386 (E.D. Tenn.) (Collier). Co-lead counsel in a shareholder derivative action against the Board of Directors and certain officers at Unumprovident alleging various breaches of fiduciary duty, abuse of control, and waste of corporate assets. The case is currently being mediated.
  • In re: Caremark RX, Inc. Stock Option Litigation: (Case No. 06C-1329) (Davidson County Circuit Court, J. Gayden). Co-Lead counsel in a shareholder derivative and class action against the Board of Directors and certain current/former officers and directors at Nashville-based pharmacy benefits manager Caremark RX, Inc. for breaches of fiduciary duties stemming from alleged backdating of stock options. The Court conditionally certified a class action and imposed a constructive trust over certain of the defendants' assets. A settlement is pending.

PENSION PLAN/401(K) ACTIONS

  • In re Montana Power ERISA Litigation, No. 4:02-0099 (D. Mont.) (Haddon). Co-lead counsel in a 401k/ESOP class action suit brought on behalf of pension plan participants against fiduciaries of Montana Power, Touch America and Northwestern Energy and against the Trustee, Northern Trust, for violation of duties owed under ERISA. A preliminary settlement has been reached against the individual defendants. A trial date for claims against Northern Trust has not been set.
  • In re Nortel Networks Corp. ERISA Litigation, No. 3-03-MD-1537 (M.D. Tenn.) (Nixon). Co-lead counsel in a 401k/ESOP class action suit brought on behalf of pension plan participants against fiduciaries of Nortel Network Corp. for violation of duties owed under ERISA. The litigation is currently in the discovery stage.
  • In re Worldcom ERISA Litigation, No. 02-CIV-4816 DLC (S.D.N.Y.). Counsel in a 401(k)/ESOP class action suit brought on behalf of pension plan participants against fiduciaries at Worldcom for violatioin of duties owed under ERISA. Firm was active until case was sent to panel on Multidistrict Litigation (MDL) and to New York.
  • Delphi Corp. ERISA Litigation (Polito v. Delphi Corporation, et al.), No. 05-cv-71249 (E.D. Mich.). Lawsuit brought on behalf of participants in Delphi pension plans alleging that plan fiduciaries breached their duties and responsibilities under ERISA by, among other things, failing to investigate the prudence of an investment in Delphi stock and by making misrepresentations about the Company's accounting practices for off-balance sheet financing and vendor rebates dating back to 1999.