Monday, October 16, 2006

BISYS Group Settles Securities Class Actions

The BISYS Group, Inc. (NYSE: BSG) today announced that it had reached an agreement in principle to settle a pair of securities class action lawsuits pending against the company and certain of its former officers and directors for $66.5 million in cash.

The litigation is pending before Judge Lewis A. Kaplan in the United States District Court for the Southern District of New York.

The settlement resolves both a class action on behalf a class of purchasers of publicly traded shares of BISYS' securities (the "Open-Market Litigation") and a class action in behalf of a class of those that acquired non-publicly traded BISYS securities as part of private equity transactions (the "Private Transaction Litigation").

The Public Employees Retirement Association of New Mexico, the New Mexico Educational Retirement Board, and the New Mexico State Investment Council are co-lead plaintiffs for the Open-Market Litigation. Cauley Bowman Carney & Williams, PLLC, and Kirby McInerney & Squire, LLP are co-lead counsel for the Open-Market Litigation.

A copy of the consolidated amended complaint in the Open-Market Litigation is available here.

An individual, Robert Grant, is lead plaintiff and Wolf Haldenstein Adler Freeman & Herz LLP is
lead counsel for the Private Transaction Litigation.

A copy of the amended complaint in the Private Transaction Litigation is available here.

Daily Trivia: Among other alternative investments, The New Mexico State Investment Council is allowed to make investments in New Mexico film projects in the form of a guaranteed, no-interest loan up to 100% of the production budget.

Among the projects that the Council has invested in - the Lions Gate Entertainment comedy Employee of the Month.

Investments require participation in the project's post break-even revenues and the project must be wholly or substantially produced in New Mexico with a production crew the majority of which must be New Mexico residents. For budding auteurs seeking backing for their next project, the Council's Film Investments Program Policies and Procedures can be found here.

Update: The 10b-5 Daily also has a post on the settlement, here.

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