Defendants Stand Divided In Tie-In/Laddering Cases
Although co-defendants in a lawsuit usually try to set aside their differences to create a united front against plaintiffs, the recent onslaught of IPO tie-in/laddering cases is leading to finger pointing among defendantseven before the suits go to trial.
Attorneys representing issuers of initial public offerings and their directors and officers believe the tie-in/laddering cases should not be directed at their clients, but rather should focus on the allegedly more culpable securities underwriters.
Also, D&O insurers, who may be called upon to pay at least a $400-$600 million settlement bill are trying to find ways to avoid paying claims or ways to get their money back if they have to pay the claims.
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