MDL Panel Denies Centralization in In re Diversified Lending Group, Inc., Securities Litigation
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The U.S. Judicial Panel on Multidistrict Litigation denied centralization in In re Diversified Lending Group, Inc., Securities Litigation, — F.Supp.2d —-, 2010 WL 3270231 (U.S. Jud. Pan. Mult. Lit. Aug. 17, 2010). Common defendant Jackson National Life Insurance Company moved for coordinated or consolidated pretrial proceedings of litigation in the Central District of California. This litigation consists of five actions pending in three districts: three actions in the Central District of California and one action each in the Middle District of Florida and the Western District of Michigan.
The Panel concluded that common questions of fact predominated “as all actions arise out of an alleged fraud perpetrated by Diversified Lending Group.” Id. *1. But only one of the actions contained a demand for class certification and it is already pending in the Central District of California. “Consequently, the Panel sees virtually no possibility for inconsistent pretrial class certification rulings.” Id. Read the rest of this entry »
