Asia Pulp & Paper defends securities fraud class action
Clients Asia Pulp & Paper Co., Ltd.
Jones Day represented Asia Pulp & Paper in a class action alleging violations of federal securities laws arising from Asia Pulp & Paper Co., Ltd.'s late 1990s default on over US$13 billion in bonds and other debt instruments. Plaintiffs, consisting of holders of bonds and shares issued by APP and its affiliates, calculated their damages to be in the range of 3 to 6 billion dollars. After litigating for several years, the parties settled the case on mutually agreeable terms.
In re Asia Pulp & Paper Co., Ltd. Securities Litigation, No. 01-CV-7351 (S.D.N.Y.)