TULSA, Okla. – The Oklahoma law firm of Crowe & Dunlevy recently received an important victory in a large securities class action case in which plaintiffs sought over $1 billion in damages against the firm's clients, the former officers and directors of Williams Communications Group.
On Feb. 18, a federal appeals court in Denver unanimously upheld the decision of U.S. Judge Stephen Friot granting summary judgment to the defendants. The court ruled that WCG shareholders failed to prove their stock market losses were caused by the defendants.
“The court specifically found that the plaintiffs’ damage expert was unreliable and that the plaintiffs failed to prove that the defendants were responsible for any losses they suffered,” said defendants' lead attorney James L. Kincaid of Crowe & Dunlevy.
The Plaintiffs were represented by several large national law firms specializing in plaintiffs' class action cases while the defendants were represented by the Oklahoma firm of Crowe & Dunlevy, including Jim Kincaid, Mike Gibbens, Susan Huntsman and Vic Morgan of Tulsa, and Molly Tolbert of Oklahoma City.
Posted on Fri, February 27, 2009
by Crowe & Dunlevy