To the surprise of no one, the Panel assigned to Judge Scheindlin the procedural morass that is MDL 2275, In Re: Gerova Financial Group, Ltd., Securities Litigation.  The Rosen Law Firm won the race to the courthouse, filing state and federal claims in the E.D.N.Y. on behalf of a class of private investors subsequently deemed the “Stillwater Investors.”  Kaplan Fox and Murray Frank later filed only state claims for the same class in the S.D.N.Y.  Much motion practice followed, resulting in the appointment of Kaplan Fox and Murray Frank as co-leads in the S.D.N.Y. only, and as to the state claims only.

Meanwhile, Pomrerantz Haudek filed the first complaint on behalf of “Open Market Investors” in the S.D.N.Y., followed by Harwood Feffer and Spector Roseman (the latter on behalf of a “Warrant Subclass”).  The Rosen Law Firm moved for control of all the cases, while Pomerantz Haudek (then joined by Wohl & Fruchter) and others pressed for the maintenance of separate leads for separate groups.  After Harwood Feffer and Spector Roseman backed off, Judge Scheindlin appointed Pomerantz Haudek and Wohl & Fruchter as co-leads for the Open Market Investors.  Kaplan Fox and Murray Frank remain co-leads for the Stillwater Investors as to their state claims.  All involved expect The Rosen Law Firm to be appointed lead counsel for the Stillwater Investors only as to their federal claims.

Got all that?  I didn’t, until Lee Albert of Murray Frank graciously clarified it for me.  Let’s hope Her Honor is able to coordinate and consolidate all of this for the convenience of the parties and witnesses and promote the just and efficient conduct of all of the actions.