STAEHR v. HARTFORD FINANCIAL SERVICES GROUP, INC.

Docket No. 06-3877-cv.

547 F.3d 406 (2008)

Steve STAEHR, on behalf of all others similarly Situated, Alaska Laborers Employers Retirement Fund and The Communication Workers of America Plan for Employees' Pensions and Death Benefits, Plaintiffs-Appellants, Kevin Montoya, Individually and on Behalf of All Others Similarly Situated, Philip Stampfel, on behalf of Hartford Financial Services Group Inc., Consolidated-Plaintiffs, David Wexler, d/o/b Hartford Financial Services Group Inc., Consolidated-Plaintiff-Appellant, v. The HARTFORD FINANCIAL SERVICES GROUP, INC., Thomas M. Marra, Ramani Ayer, David K. Zwiener and David M. Johnson, Defendants-Appellees, Edward J. Kelly III, Paul G. Kirk, Jr., Gail J. McGovern, Robert W. Selander, Charles B. Strauss, H. Patrick Swygert, Gordon I. Ulmer, Ronald E. Ferguson, Rand V. Araskog, Donald R. Frahm, and Robert J. Price, Consolidated-Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: November 17, 2008.


Attorney(s) appearing for the Case

William S. Lerach, Eric Alan Isaacson, Tor Gronborg, Debra Wyman, Tami Falkenstein Hennick, Lerach Coughlin Stoia Geller Rudman Robbins LLP, for Appellants.

David R. Scott, Erin Green Comite, Scott & Scott LLP, for Appellants.

Jack C. Auspitz, Jamie A. Levitt, John W.R. Murray, Morrison & Forrester LLP, for Appellees.

Timothy A. Diemand, Wiggin & Dana LLP, for Appellees.

Before: PETER W. HALL, DEBRA ANN LIVINGSTON, Circuit Judges, and COLLEEN McMAHON, District Judge.


McMAHON, District Judge:

This case is one of many stemming from the so-called "contingent commission" arrangements between insurers and brokers that were prevalent prior to October 2004. "Contingent commissions" is a euphemism for kickbacks—insurance brokers would receive payments from insurers for steering business their way.

Appellants purport to represent all persons who acquired common stock of The Hartford Financial Services Group, Inc. ("The Hartford...

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