- 11 -
use of insider information. FMC Corp. v. Boesky, 727 F. Supp.
1182 (N.D. Ill. 1989). The court also dismissed, without
prejudice, Goldman, Shearson, and Drexel from two of the three
RICO counts. The court denied the defendants' motion to dismiss
the remaining claims, all of which were made against the
individual defendants and the Boesky entities, or concerned
petitioner’s pendant State law claims. Id. at 1185, 1201.
On April 11, 1990, the Judicial Panel on Multi-District
Litigation transferred the case of FMC Corp. v. Boesky, supra, to
Senior District Judge Milton Pollack (Judge Pollack) of the
U.S. District Court for the Southern District of New York to
coordinate or consolidate pretrial proceedings in In re Ivan F.
Boesky Sec. Litig., MDL No. 732. All of the defendants, except
for Goldman, ultimately settled with petitioner. Boesky and his
entity, CX Partners, agreed to pay petitioner $3 million plus
interest from amounts that CX Partners received from Boesky’s
disgorgement fund, and Shearson agreed to pay petitioner
$540,000. Brown, Levine, Sokolow, and the other defendants were
insolvent, but agreed to cooperate with petitioner. On
December 10, 1992, upon motion by the SEC, the U.S. District
Court for the Southern District of New York approved payment of
$6,742,685 from Boesky’s disgorgement fund to CX Partners, of
which $3 million plus interest was to be paid to petitioner in
satisfaction of the settlement agreement. On December 30, 1996,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011