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LAPERRIERE v. VESTA INS. GROUP, INC.

No. 06-14524.

526 F.3d 715 (2008)

Kittie LAPERRIERE, Class certification to consist of all persons who acquired the publicly traded equity securities of Vesta Insurance Group, Inc., between June 2, 1995, and June 28, 1998, inclusive (the "Class Period"). Excluded from the class, Israel Burger, Richard Sullivan, Pointers, The Cleaners & Caulkers Local 1 Pension Fund, Florida State Board of Administration, Plaintiffs-Appellants, v. VESTA INSURANCE GROUP, INC., et al., Defendants, Torchmark Corporation, Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

April 30, 2008.

Attorney(s) appearing for the Case

James W. Johnson, Kelso Anderson, Thomas A. Dubbs, Labaton Sucharow, LLP, New York City, for Plaintiffs-Appellants.

Matthew H. Lembke, Michael R. Pennington, Bradley, Arant, Rose & White, LLP, William J. Baxley, Elizabeth Wood McElroy, Charles A. Dauphin, Baxley, Dillard, Dauphin, McKnight & Barclift, Birmingham, AL, for Torchmark Corp.

Before EDMONDSON, Chief Judge, and CARNES and FAY, Circuit Judges.

PER CURIAM:

This interlocutory appeal presents an issue of first impression in the circuit courts: whether, and to what extent, the proportionate liability scheme of section 21(D)(f) of the Securities Exchange Act of 1934 (the "Act"),1 enacted as part of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), amends section 20(a) of the Act, under which a person who controls a violator of the Act is "liable jointly and severally...

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