Much has has been written over the last few years about institutional investors excluding certain higher profile securities class actions to file individual or group actions. The process is of course known as "opting out."

But what do you call someone who was never in the case, and files an individual or group action?

That is the altogether predictable consequence of the somewhat controversial class certification decision issued earlier this year in In re Vivendi Universal, S.A. Securities Litigation, No. 02-5571 (S.D.N.Y.), by Judge Richard J. Holwell.

That decision, which certified a class of investors "from the United States, France, England, and the Netherlands" that purchases ordinary shares or American Depository Shares of Vivendi, implicitly and explicitly excluded investors from other countries, notably Germany and Austria.

A number of large international institutional investors that were excluded from the class definition have now started to file individual or group actions in the United States.

The first post-class certification action was filed on behalf of Capitalia Asset Management Sgr, S.P.A. and Capitalia Investment Management S.A. just three months after Judge Holwell's decision. Capitalia Asset Management Sgr, S.P.A et al v. Vivendi Universal, S.A. et. al., Case No. 1:07-Cv-05742 (S.D.N.Y., complaint filed June 15, 2007). The Capitalia entities are represented by Labaton Sucharow.

The Capitalia complaint was followed by more than a dozen others, covering a virtual who's who of European institutional investors.

A copy of one of the group complaints can be found here.

Below is a list of the international institutional investors that have filed individual or group actions and the law firms that represent the investors.

(Last Updated 2/22/08)

Diaz, Reus, Rolff and Targ, LLP and Grant & Eisenhofer, P.A.

Andra AP-Fonden
Alte Leipziger Trust Investment-Gesellschaft mbH
Bayern-Invest Kapitalanlagegesellschaft mbH
Deka International S.A. Luxemburg
Deka Fundmaster Investmentgesellschaft mbH
Deka Investment
Deka International (Ireland) Limited.
Frankfurter Service Kapitalanlagegesellschaft mbH
Helaba Invest Kapitalanlagegesellschaft mbH
HSBC Trinkaus & Burkhardt AG
Internationale Kapitalanlagegesellschaft mbH
Ifos Internationale Fonds Service AG
MEAGMunich Ergo Assetmanagement Gmbh
MEAG Munich Ergo Kapitalanlagegesellschaft mbH
Meltzer Investment Gmbh
Meltzer Ireland, Ltd.
Nordcon Investment Management AG
Norges Bank
Swiss Life Asset Management AG
Swiss Life Funds AG
Swiss Life (Belgium) S.A.
Swiss Life Asset Management Gmbh
Swiss Life Holding AG
Swiss Life Asset Management (Nederland) B.V.
Swiss Life Investment Management Holding AG
Tredje AP-Fonden

Labaton Sucharow
AGF Asset Management, S.A.
Aletti Gestielle SGR S.p.A.
Caisse de Depot et Placement du Quebec
Capitalia Asset Management Sgr, S.P.A.
Capitalia Investment Management S.A.
Eurizon Capital SGR S.p.A.
Irish Life Investment Managers Limited
Italfortune International Fund
Novara Aquilone Sicav

Motley Rice

Baden Wurttembergische Investmentgesellschaft mbH
Deutsche Asset Management Investmentgesellschaft mbH
DWS Austria Investmentgesellschaft mbH
DWS Investment Gmbh
DWS Investmentgesellschaft mbH
Erste-Sparinvest Kapitalanlagegesellschaft mbH
Forsta AP-Fonden
Fortis Investment Management SA
Indexchange Investment AG
KBC Asset Management NV
Landesbank Berlin Investment Gmbh
LRI Landsbank Rheinland-Pfalz International S.A.
Oppenheim Asset Management Services S.A.R.L.
Oppenheim Kapitalanlagegesellschaft mbH
Pioneer Investment Management Ltd.
Pioneer Investments Kapitalanlage-Gesellschaft mbH
Pioneer Investments Austria Gmbh
Raiffeisen Kapitalanlage-Gesellschaft mbH
SEB Investment Mangement AB
Skandia Insurance Company Ltd.
Union Asset Mangement Holding AG
Universal-Investment-Gesellshaft mbH
Wiener Städtische AG Vienna Insurance Group

Schiffrin Barroway Topaz & Kessler

AFA Livforsakringsaktiebolag
AFA Sjukforsakringsaktiebolag
AFA Sjukforsakringsaktiebolag (On Behalf Of Kollektivavtalsstiftelsen Trygghetsfonden TSL)
AFA Trygghetsforsakringsaktiebolag
Alecta Pensionsforsakring Omsesidigt
Allianz Global Investors Ireland Limited
Allianz Global Investors Kapitalanlagegesellschaft mbH
Allianz Global Investors Luxembourg S.A.
AMF Pension Fondforvaltning AB
Arbetsmarknadsforsakringar
Arbejdsmarkedets Tillaegspension
Arca SGR S.P.A.
Danske Invest Administration A/S
Famandsforeningen Pensam Invest
Fjarde AP-Fonden
Industriens Pensionsforsikring A/S
Pensionsforsakringssktiebolag
Pensionskassernes Administration A/S
Sjunde AP-Fonden
Swedbank Robur Fonder AB
Varma Mutual Pension Insurance Company

We will keep a running tally of the non-class Vivendi cases, so check back for updates.