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: The PSLRA Nugget

The Nugget Lives

By Christopher S. Jones

Hey, remember the Nugget? Yes, I?ve been gone for a while, but I?m back now. And you might notice I?ve got a shiny new name. It?s the Acquirelaw? Nugget now instead of the PSLRA Nugget, but nothing else is going to change so don?t get yourself all upset. Well, more on that later, (and yes, my wife and I own Acquirelaw?) let?s try to get back in the swing of things here.

I?ve personally never seen this happen, but the Plaintiffs in In re Eli Lilly & Co. Sec. Litig. filed their ?extensive? amended complaint under seal. Seems Judge Jack B. Weinstein (E.D.N.Y.) wasn?t too keen on that idea, as he quickly ordered ?the parties to show cause why [it] should not be unsealed.? Plaintiffs said they didn?t mind unsealing it, but Defendants wanted redactions.

Judge Weinstein said that the complaint had to be unsealed, but since certain ?documents cited within the complaint may contain trade secrets or confidential commercial information properly protected under subsection (c)(7) of Federal Rule of Civil Procedure 26,? he would allow the complaint to be ?redacted? and ?Special Master Woodin shall unseal such redacted documents as need no longer be sealed and they shall thereafter be filed with the complaint.?

You can read the Order, dated August 17th, 2007, on Acquirelaw? at In re Eli Lilly & Co. Sec. Litig., ED NY Acquirelaw 242606290 (E.D.N.Y. August 17th, 2007) (just type the number in the citation in any Acquirelaw search box to quickly retrieve the Order).

Note re Judge Weinstein: He took the bench in 1967. In addtion, according to Wikipedia, "Judge Weinstein is also well-known for his personal, informal courtroom style (Weinstein conducts most hearings seated at a table in the middle of the courtroom with counsel, rather than from the bench, and often chooses to wear an ordinary business suit with no judicial robe)." Can any readers confirm whether this is true? Please let us know in the comment area below.

Nugget: ?Access to judicial proceedings and documents is necessary for federal courts to have a measure of accountability and for the public to have confidence in the administration of justice.?

Full post as published by The PSLRA Nugget on November 07, 2007 (boomark / email).