Greetings from Count Carton.

Here in the SLW Trial Counting Unit we just keep counting up the trials.  It now seems like the best way to do this is to further define what we're counting, so here goes:

I.  Securities Class Actions Based on Post-Reform Act Conduct Resulting in a Verdict at Trial:

1.  In re: Health Management Securities Litigation (BDO Seidman, LLP) (1999)--(Defendant BDO reportedly received a defense verdict in a class action seeking $37 million for BDO's alleged participation in accounting fraud and failure to uncover accounting abuses).

2.  In Re Real Estate Associates Limited Partnerships (2002), (reportedly tried to a $184 million jury verdict in the U.S. District Court for the Central District of California).

3.  In re: Clarent Corp. (2005) (in which Bernstein Litowitz reportedly "obtained only the second securities fraud class action verdict in favor of investors since the 1995 passage of the PSLRA.").

4.  Thane International (2005) (defense verdict).

II.  Securities Class Actions Based on Post-Reform Act Conduct Resulting in a Settlement/Summary Judgment/Default Judgment During Trial:

1.  Equisure (1998)--reportedly a $45.3 million default judgment against Equisure, which failed to show up for the trial!).

2.  Cypress Funds (2003) (reported $5 million settlement by First Union after two days of trial)

3.  AT&T Securities Litigation (2004), (settled after three weeks of trial for $100 million).

4.  Safety-Kleen (2005) (settlement during trial with PricewaterhouseCoopers and $200 million judgment as a matter of law against two officers who did not show up for trial)

5.  WorldCom (2005)($65 million settlement with Arthur Andersen after four weeks of trial).

III.  Securities Class Actions Based on Pre-Reform Act Conduct Resulting in a Verdict at Trial:

1. In Re ICN/Viratek Securities Litigation, 87 Civ. 4296 (1996) (reportedly resulted in a "hung jury" verdict after a six week trial; ultimately settled for $14.5 million).

2. Howard v. Hui (Everex I) (8/1998); Case No. 92-CV-3742; U.S. District Court, Northern District of California

3. Lazar v. James (Biogen) (1998); Case No. 94-CV-12177-PBS; U.S. District Court, District of Massachusetts

4. Howard v. Hui (Everex II) (2/2002) Case No. 92-CV-3742; U.S. District Court, Northern District of California

So of the nine securities class actions based on Post-Reform Act conduct that have reached trial, five have come in the last 12 months.