Golden Sextant

Kinross Tender Offer for Kinam Preferred

by | Oct 26, 2010

More complete information on Brown v. Kinross Gold U.S.A., U.S. District Court for the District of Nevada, Case No. CV-S-02-0605-PMP-(RJJ), is available through PACER at www.nvd.uscourts.gov, but for the convenience of those interested in the case, copies of some of the plaintiffs’ filings and other documents may be found here:

Court Approves Supplemental Final Distribution in Kinross – Kinam Preferred Class Action Litigation (commentary 10/25/2010)

Court Approves Settlement of Kinross – Kinam Preferred Class Action Litigation (commentary 2/28/2009)

Final Orders Approving Settlement:
10/25/2010 – Order Approving Supplemental Final Distribution (entered October 15, 2010)
2/19/2009 – Order Approving Plan of Allocation (entered January 29, 2009)
2/19/2009 – Order and Final Judgment of Dismissal (entered January 29, 2009)
2/19/2009 – Order Approving Lead Counsels’ Motion for Fees and Expenses (entered January 29, 2009)
2/19/2009 – Order Approving Service Awards for Lead Plaintiffs (entered January 29, 2009)
2/19/2009 – Order re Excluded Class Members (entered January 29, 2009)
11/18/2008 – SUMMARY NOTICE OF CLASS ACTION CERTIFICATION, PROPOSED CLASS ACTION SETTLEMENT, MOTION FOR ATTORNEYS’ FEES AND NONTAXABLE COSTS, AND HEARING THEREON
11/18/2008 – NOTICE OF CLASS ACTION CERTIFICATION, PROPOSED CLASS ACTION SETTLEMENT, MOTION FOR ATTORNEYS’ FEES AND NONTAXABLE COSTS, AND HEARING THEREON
11/10/2008 – Kinross News Release (11/05/2008) Reports Proposed Settlement of Litigation over Kinam Preferred
7/8/2008 – Scheduling Orders for Certain Pre-Trial Motions and for Jury Trial to begin February 24, 2009 (entered June 23 and July 8, 2008)
5/6/2008 – Order Denying Defendants’ Motion for Reconsideration (entered May 2, 2008)
1/28/2008 – Order Denying Defendants’ Motions for Summary Judgments on Counts I and II (entered January 23, 2008)
6/18/2005 – Order Certifying Class and Subclasses (entered June 14, 2005)
5/31/2005 – Order Dismissing Counts III and IV (entered May 27, 2005)
3/21/2005 – Scheduling Order (approved by the Court on March 15, 2005)
3/21/2005 – Plaintiffs’ Reply Memorandum of Law re Counts III (filed March 11, 2005)
3/21/2005 – Plaintiffs’ Motion for Class Certification and Supporting Memorandum (filed February 28, 2005)
2/2/2005 – Plaintiffs’ Memorandum of Law re Counts III and IV (filed January 26, 2005)
11/25/2003 – Amended Class Action Complaint (filed November 21, 2003)
11/25/2003 – Amended Class Action Complaint Filed in Kinross Litigation
4/30/2002 – Press Release required by Private Securities Litigation Reform Act of 1995
4/26/2002 – Class Action Complaint Filed against Kinross over Kinam Preferred
3/22/2002 – Kinross Amends Tender Offer Documents, Refers to Letter, My Response
3/7/2002 – Letter re Kinross Tender Offer for Kinam Preferred
7/4/2001 – A Reach Too Far: Kinross, Kinam and the Road to Redemption by Bob Landis

11/25/2003 – Amended Class Action Complaint Filed in Kinross Litigation

The original Class Action Complaint in the litigation against Kinross Gold Corporation and related parties over Kinross’s tender offer for the Kinam Preferred and related matters was filed on April 26, 2002, in the U.S. District Court for the District of Nevada in Las Vegas. On May 22, 2002, a second action against the same defendants relating to the same matters was filed in the same court. The defendants filed answers in June and August. On August 7, 2002, the Court entered an order consolidating the two actions, appointing the plaintiffs in the original action as lead plaintiffs, and approving their selection of their counsel as lead counsel.

On October 22, 2002, the plaintiffs filed a motion for class certification. A few days later, on or about October 28, the defendants filed a motion for judgment on the pleadings requesting the Court to dismiss count IV, which alleged securities fraud in violation of federal law, for failure to meet the strict requirements for pleading such claims mandated by the Private Securities Litigation Reform Act of 1995.

The plaintiffs filed a first set of written interrogatories to the defendants on December 8, 2002. The defendants responded in part by asserting that under the PSLRA their motion for judgment on the pleadings, notwithstanding that it addressed only one of the six counts in the Complaint, operated to stay all further proceedings in the case. These issues were then briefed by the parties and submitted to the Court.

On January 15, 2003, the Magistrate Judge ordered a stay of all discovery until the Court ruled on the motion for judgment on the pleadings on count IV. The stay of discovery was upheld by the District Judge on September 22, 2003. At the same time, he denied without prejudice the plaintiffs’ motion for class certification, and granted the plaintiffs leave to file a new motion for class certification after resolution of the defendants’ motion for judgment on the pleadings on count IV.

By an order entered on October 1, 2003, the District Judge dismissed count IV but granted the plaintiffs “leave to amend their Complaint as to a securities fraud claim within thirty (30) days of the entry of this order.” By agreement of the parties and with the approval of the Court, this deadline was extended to November 21. Accordingly, last Friday the plaintiffs filed an Amended Class Action Complaint, which amends their securities fraud claim under federal law to provide more details in the format directed by the Court. What is more, the Amended Complaint also alleges various additional facts unknown to the plaintiffs as of the date of their original Complaint but subsequently revealed in disclosure documents relating to the Kinross/Echo Bay/TVX merger announced in June 2002 and completed in January 2003.

Formerly Commentary 26