Class Action Update December 20, 2010
We wish to provide everyone with an update as to the current status of the class action and a review of the next stages of the litigation.
Currently, we are at the discovery stage. Both sides are gathering all documents that are relevant to this case and they will make those documents available to the other side.
Midas has been gathering all of their relevant documents for the last six months; the time it has taken them to do this is appropriate given the very high number of documents in their possession that date back to as far as 1980. Originally Midas had approximately 400,000 documents to deliver to us, however, it has spent several months culling those documents down to approximately 70,000. Midas continues to cull its documents and has promised to deliver all of their documents to us in electronic format by the end of February 2011. At that time, we will also provide Midas with our documents.
Midas has recently hired new legal counsel to take over their defense of the class action lawsuit. In light of the fact that we are in the discovery stage and Midas continues to cull its documents, we do not believe that any time was lost on account of the change of counsel by Midas.
Once the parties exchange all of their relevant documents at the end of February 2011, each side will spend several months following those deliveries reviewing all of those documents. Once that review has been completed, the lawyers for each side will examine the other side’s representatives in connection with the documents that have been disclosed and the sworn statements (affidavits) that have been filed by each side. This process is called examination for discovery and examinations will be held during the weeks of 13 June 2011 and 20 June 2011.
Following the examinations to be conducted by both sides, each side will provide the other with their experts report and the parties have agreed to exchange these reports by the end of September 2011. After that has been completed, the matter then moves to a pre-trial hearing in the Fall of 2011 and the actual trial of the lawsuit will be sometime in early 2012.
It is always difficult to foretell what will happen in the course of litigation, but we continue to remain firmly of the view that your case has merit. Although, there have been no settlement discussions with Midas or its counsel during the past year, we remain open to any such discussions.
We will provide further updates to all of the class members on our website. Class members should go to our website at www.sotosllp.com in order to obtain updates on this matter and to review all of the current documents and pleadings in this class action. If any class members have any questions or concerns regarding the lawsuit, they should contact David Sterns (416.977.5333 ext 313 and email@example.com) or John Yiokaris (416.977.5333 ext 323 and firstname.lastname@example.org) directly.