While securities class action trials are rare, they do happen.

We now have a plaintiffs' verdict in the liability phase of the latest such case, Lawrence E. Jaffee Pension Plan v. Household International, Inc., a securities class action that has been kicking around the courts since August 2002.

The finding of liability means that the trial will go on to the next phase, the damages phase.

We have updated our complete list of federal securities class action trials, which can be accessed here.

Lead counsel for the plaintiffs is Coughlin Stoia Geller Rudman & Robbins LLP and Cahill Gordon & Reindel LLP is lead counsel for the defendants.

Pat Coughlin, the Coughlin Stoia firm's Chief Trial Counsel, said the following in a written statement:

“We are extremely proud of our trial team and pleased that defrauded shareholders have won this historic victory. The jury’s verdict is a victory for the millions of Americans suffering as a result of deceptive predatory lending practices and a victory for all investors fighting for greater corporate transparency, honesty and integrity. The verdict is also a testament to our firm’s willingness and ability to see a case through on behalf of our clients, despite facing adversaries with tremendous power and resources.”

No word yet from the defense attorneys on the case.

Stay tuned for further updates.