Class Action

Illinois State Court Finally Grants Defense Motion For Summary Judgment In Stock Options Class Action Lawsuit Against CyberSource

By Michael J. Hassen

After sitting on the motion for more than a year, Madison County Circuit Judge Daniel Stack finally granted summary judgment in favor of CyberSource, ending a class action challenging stock options. The class action complaint was filed five years ago, and defense attorneys had consented to class action treatment. The defense moved for summary judgment on the ground that the plaintiff never exercised the stock options and so never suffered any injury. The class action alleged that the plaintiff tried to exercise his stock options for PaylinX (which subsequently merged into CyberSource) but the company interfered with his efforts, but the court found no evidence to support the allegation. Accordingly, the court granted summary judgment and dismissed the class action.

Full post as published by Class Action Defense Blog on January 24, 2008 (boomark / email).