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Plaintiff Firms Ordered to Detail Political Contributions

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A federal judge last week ordered two law firms that represent the Mississippi Public Employees' Retirement System (MissPERS) in a securities class action lawsuit against Diamond Foods to provide details of their political contributions.

So Reuters reports.

The order follows Diamond Foods’ allegations that the plaintiff’s firms made political contributions to an elected official who, until recently, had sole discretion to pick counsel to represent state agencies in litigation.

Plaintiffs law firms often contribute to the coffers of politicians who are somehow connected to the large institutional shareholders that serve as lead plaintiffs in securities class action lawsuits, but it is unusual for a court to look into “pay to play” allegations.

Read the full article from Reuters here.

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