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Rating:No More Dough for Janus Plaintiffs Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 29, 2005

No More Dough for Janus Plaintiffs

by: Theresa Sim

Class-action plantiffs seeking restitution from Janus may not get anything above the fund firm's already allocated settlement money, reports the Rocky Mountain News.

Federal district court Judge J. Frederick Motz, who is overseeing the class action suits against Janus, wrote in a Thursday ruling that "the SEC and state regulatory authorities have been actively pursuing enforcement proceedings and achieving regulatory settlements. If the settlements provide full restitution to those who were harmed, plaintiffs are entitled to no further recovery."

Janus set aside $100 million in settlement money to compensate affected shareholders, more than enough to cover the $22 million that a Janus-hired independent consultant has estimated in shareholder damages, reports the Rocky Mountain News.

Motz wrote that the compensation issue "needs to be promptly addressed as the proceedings go forward."  

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