A rare event in class-action securities litigation is currently unfolding in California: an actual securities litigation trial.
The lawsuit, JDS Uniphase Securities Litigation, is being heard in U.S. District Court in Oakland. Filed by the Connecticut Retirement Plans and Trust Funds, it claims that JDS Uniphase executives unloaded stock worth hundreds of millions from April 2000 to July 2001, just as the telecommunications market collapsed. Altogether, plaintiffs say, investors lost $18 billion; Connecticut alone claims to have lost $65 million.
