Friday Litigation Update: Five SIX Institutional Investor Class Actions Challenge Merger. . . .

Last week, I reported that there were at least five separate institutional investors, each bringing its own class action suit, to challenge the terms of the reverse merger. I was wrong.

There are at least six. I did not have easy access to all of the various New Jersey state court filings, at that time. Now I do. And so, I learned that on March 24, 2009, the Firefighters and Police Pension-Funds (ACT 345), for the City of Dearborn Heights, Michigan, had filed suit in the Chancery Division of the Superior Court for Union County, New Jersey (Class Action Docket No. UNN - C - 48-09). Additional class plaintiffs include the retirement and pension funds for the City of Livonia Employees, the Westland Police and Firefighters and the County of Macomb Employees (all also located in Michigan). Here is what these Michigan government pension funds allege, related to the Johnson & Johnson Remicade/Simponi rights [click it to enlarge]:



For now, I will keep my tally of all suits challenging the merger at at least 17 -- as this one was "hidden" among those I already counted, separately.

As ever, more to come.