In re CENDANT CORPORATION LITIGATION.
Martin Deutch, Derivatively on Behalf of Cendant Corp., Appellant.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued May 22, 2001.
Filed August 28, 2001.
Attorney(s) appearing for the Case
Bruce E. Gerstein (Argued), Brett Cebulash, Garwin, Bronzaft, Gerstein & Fisher LLP, New York, NY; Elwood S. Simon, Elwood S. Simon & Associates, Birmingham, MI; David M. Taus, Francis J. Devito, Hackensack, NJ; Richard Brualdi, Law Offices of Richard B. Brualdi, New York, NY; Thomas G. Shapiro, Shapiro, Haber & Urmy, Boston, MA, Attorneys for Appellant Martin Deutch.
Daniel L. Berger (Argued), Max W. Berger, Jeffrey N. Leibell, Bernstein, Litowitz, Berger & Grossmann, New York, NY; Jeffrey W. Golan, Leonard Barrack, Gerald J. Rodos, Barrack, Rodos & Bacine, Philadelphia, PA, Attorneys for Appellee California Public Employees' Retirement System, et al.
Samuel Kadet (Argued), Jonathan J. Lerner, Joseph N. Sacca, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Carl Greenberg, Michael M. Rosenbaum, Budd, Larner, Gross, Rosenbaum, Greenberg & Sade, P.C., Short Hills, NJ, Attorneys for Appellee Cendant Corporation.
James G. Kreissman (Argued), Jacob S. Pultman, Simona G. Strauss, Simpson, Thacher & Bartlett New York, NY; Herbert J. Stern, Joel M. Silverstein, Stern & Greenberg, Roseland, NJ, Attorneys for Appellees HFS Inc. Directors.
Greg A. Danilow (Argued), Weil, Gotshal & Manges LLP, New York, NY; Alan N. Salpeter, Mayer, Brown & Platt, Chicago, IL; Douglas S. Eakeley, Lowenstein Sandler, Roseland, NJ; Cadwalader, Wickersham & Taft, New York, NY; Sills Cummis Radin Tischman, Epstein & Gross, P.A., Newark, NJ, Attorneys for Appellees CUC Directors.
Before BECKER, Chief Judge, SLOVITER and AMBRO, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
SLOVITER, Circuit Judge.
Martin Deutch appeals from the District Court's judgment and orders approving the settlement of a securities fraud class action brought against Cendant Corporation, 28 individual defendants, and Ernst & Young, an accounting firm. Under the settlement, Cendant agreed to pay $2.85 billion in cash to the class and Ernst & Young agreed to pay $335 million to the class. In addition, Cendant and certain of...
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