NEW YORK, Aug. 8 LAWFUEL – Law News Network — Milberg Weiss Bershad & Schulman LLP is pleased that Second Circuit Court of Appeals yesterday (August 7, 2006) issued a decision vacating an earlier judgment by the United States District Court for the Southern District of New York that dismissed an amended class action complaint against American Express Co. (Amex) and Amex officials. The decision by the Court of Appeals will allow the lead plaintiffs to amend their claims in this important case.
“We are gratified that the Court of Appeals ruling will allow us to
seek recovery for our clients on the basis of the merits of this case,”
stated Sanford Dumain. “By agreeing with plaintiffs that the amended
complaint against Amex and Amex officials is not barred by the statute of
limitations, the Court of Appeals has facilitated a new and full hearing on allegations brought against the company and company leadership. These
allegations include that Amex failed to disclose its true operating
results, its lack of management controls, and its huge losses suffered in
risky junk bonds during the time period concerned,” added Dumain.
Milberg Weiss Bershad & Schulman LLP is the most respected and
effective plaintiff’s law firm in the United States. Founded in 1965, the
firm now has more than 120 lawyers, with principal offices in New York City and Los Angeles, California. The firm’s practice focuses on prosecution of class and complex actions in many fields of commercial litigation, emphasizing securities, corporate fiduciary, consumer, insurance,
healthcare, antitrust, mass tort, human rights and related areas of