Ted Striker: Surely you can't be serious.
Rumack: I am serious . . . and don't call me Shirley.
According to this press release, last week, plaintiffs voluntarily dismissed the securities class action lawsuit pending against certain directors and officers of Northwest Airlines Corp. (OTC: NWACQ) Northwest was not named as a defendant in the litigation due to the company's chapter 11 bankruptcy filing in September 2005.
The litigation was pending in the United States District Court for the Southern District of New York before Judge Richard J. Holwell.
Lead counsel is Milberg Weiss Bershad & Schulman LLP.
Notably, the complaint was dismissed less than nine months after the initial complaint was filed and was done prior to the filing of an amended complaint or a motion to dismiss. The dismissal was without prejudice.
Daily Trivia: Of the 10 largest North American airlines (as of 2004), four (Northwest, US Airways, Continental, and America West) have been a defendant (or employed the defendants in the case of Northwest) in a securities class action.