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State of Mississippi as securities plaintiff

In the recent dispute in which Judge Rakoff expressed chagrin over the incentives created by law firms' "portfolio monitoring services", he wound up giving lead status to the Public Employees' Retirement System of Mississippi (MissPERS, represented by Bernstein Litowitz) as lead plaintiff, rather than its rival in the case, Iron Workers Local No. 25 Pension Fund; he said (to quote Kevin LaCroix) "that because of 'problematic relationships' between plaintiffs and their counsel, he was faced with a choice between 'two less-than-perfect plaintiffs'". For Tom Freeland, the episode stirred memories of the considerable sensations that have arisen over the years about the relations between Mississippi officials and the outside lawyers they hire.

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Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.