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Appointment of lead lawyer for Toyota shareholders delayed

By Richard Binder

A federal judge has delayed appointing the lead plaintiffs' attorneys in the shareholder litigation against Toyota Motor Corp. until U.S. Supreme Court decides whether foreign purchasers of a company's stock have standing to sue in the United States.

U.S. District Judge Dale Fischer agreed on Monday to consolidate seven class actions pending in Los Angeles on behalf of Toyota shareholders whose holdings declined by tens of millions of dollars after the company announced a series of recalls associated with sudden unintended acceleration.

After two hours of sometimes-contentious arguments in a courtroom full of plaintiffs' attorneys, some of whom brought representatives of their institutional clients to the hearing, she declined to appoint a lead plaintiff and lead counsel.

Full story on NLJ.com.

Full post as published by Legal Pad | LA on June 08, 2010 (boomark / email).