Judge in Class-Action Suit Has Held One Hearing in a Year

Justice may be slow, but this is ridiculous.

The Manhattan federal judge who is overseeing a class-action lawsuit against 26 financial firms for allegedly rigging US Treasury auctions last held a hearing for the case on Aug. 22, 2016, court records show.

At that time, Judge Paul Gardephe questioned whether the plaintiffs, a group of pension funds and other investors, had made a “plausible case of collusive or manipulative conduct.”

After the August 2016 hearing, the judge ordered the lawyers for the plaintiffs to submit papers making their case to be appointed the lead firm for the class — a potentially lucrative designation.

But no decision has been made in the matter after 361 days.

The delay appears to be driving some lawyers up a wall. Eight lawyers have withdrawn, according to public filings.

“People are leaving, people are dying, people are getting born,” one frustrated lawyer quipped. “It’s unprecedented.”

Representatives for Gardephe, and for Manhattan federal court, declined to comment.

Source: nypost.com nypost.com

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