CAR_Public/031230.mbx            C L A S S   A C T I O N   R E P O R T E R
  
           Tuesday, December 30, 2003, Vol. 5, No. 256

                        Headlines                            

ALLOY INC.: Striving For Settlement To NY Securities Fraud Suit
ALLOY INC.: Plaintiffs File NY Consolidated Stock Fraud Lawsuit
AMTRAK DERAILMENT: Indicted NY Man Causes Collision Injuring 4
APARTHEID LITIGATION: Reparation Payments To Victims, Kin Begins
APPLE COMPUTER: Law Firm Considers Filing iPod Battery Lawsuit   

APPLIED DIGITAL: FL Suit Settlement Hearing Set March 19, 2004
CALIFORNIA: Three Killed in Bay Area Medical Helicopter Crash
CAREER EDUCATION: More Law Firms Join Securities Fraud Lawsuit
CATHOLIC CHURCH: More Ask To Join Covington Sexual Abuse Lawsuit
COMDISCO INC.: IL Court Denies Motion To Intervene in Stock Suit

CROMPTON CORPORATION: To Ask For Dismissal of 20 Antitrust Suits
CYBERGUARD CORPORATION: FL Settlement Hearing Set April 16,2004
dELiA*s INC.: Working Towards Settlement of NY Securities Suit
ELECTRONIC DATA: Court Affirms Dismissal Of Severance Plan Suit
GLOBAL CROSSING: Execs Working For NY Securities Suit Settlement

GLOBAL CROSSING: Execs Working To Settle NY ERISA Fraud Lawsuit
HOECHST CELANESE: Court Affirms Dismissal Of PB Plumbing Lawsuit
PARAMETRIC TECHNOLOGY: Intends To Ask For MA Lawsuit Dismissal
PENNSYLVANIA: Court Orders Web Site For PAP Smear Lawsuit Closed
PUTNAM FUNDS: Ohio Wants Larger Role In Mutual Fund Fraud Suit

ROCKFORD POWERTRAIN: Court Affirms Ruling On Retiree Lawsuit
TENNESSEE VALLEY: Power Surplus Suit Remanded to AL Fed. Court
TRANSACTION SYSTEMS: NE Court Dismisses Securities Suit in Part
UC DAVIS: Four Women Wrestlers Commence Discrimination Lawsuit
VIVENDI UNIVERSAL: Analysts Say SEC Deal Won't End Legal Woes

WORLDWIDE XCEED: NY Court Reveals Securities Suit Certification

                 New Securities Fraud Cases

DYNACQ HEALTHCARE: Chitwood & Harley Lodges TX Securities Suit
DYNACQ HEALTHCARE: Charles Piven Launches Securities Suit in TX
DYNACQ HEALTHCARE: Wolf Popper Commences Securities Suit in TX
PILGRIM BAXTER: Wolf Popper Launches Securities Suit in PA Court

                        *********


ALLOY INC.: Striving For Settlement To NY Securities Fraud Suit
---------------------------------------------------------------
Alloy, Inc. is working on a settlement for the consolidated
securities class action filed in the United States District
Court for the Southern District of New York against it and:

     (1) James K. Johnson, Jr.,

     (2) Matthew C. Diamond,

     (3) BancBoston Robertson Stephens,

     (4) Volpe Brown Whelan and Company,

     (5) Dain Rauscher Wessel and

     (6) Ladenburg Thalmann & Co., Inc.

The complaint purportedly was filed on behalf of persons
purchasing the Company's common stock between May 14, 1999 and
December 6, 2000.  The suit alleges violations of Sections 11,
12(a)(2) and 15 of the Securities Act of 1933 and Section 10(b)
of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder.

On April 19, 2002, plaintiff filed an amended complaint against
the Company, the individual defendants and the underwriters of
the Company's initial public offering.  The amended complaint
asserts violations of Section 10(b) of the `34 Act and mirrors
allegations asserted against scores of other issuers sued by
plaintiffs' counsel.

Pursuant to an omnibus agreement negotiated with representatives
of the plaintiffs' counsel, Mr. Diamond and Mr. Johnson have
been dismissed from the litigation without prejudice.  In
accordance with the Court's case management instructions, the
Company joined in a global motion to dismiss the amended
complaints, which were filed by the issuers' liaison counsel.

By opinion and order dated February 19, 2003, the court denied
in part and granted in part the global motion to dismiss.  With
respect to the Company, the court dismissed the Section 10(b)
claim and let the plaintiffs proceed on the Section 11 claim.
Accordingly, the remaining claim against the Company will focus
solely on whether the registration statement filed in connection
with its initial public offering contained an untrue statement
of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statement therein
not misleading.

Although the Company has not retained a damages expert at this
time, the dismissal of the Section 10(b) claim likely will
reduce the potential damages that plaintiffs can claim.
Management believes that the remaining allegations against us
are without merit.  The Company has retained Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, PC in connection with this matter.

The Company participated in the Court-ordered mediation with the
other issuer defendants, the issuers' insurers and plaintiffs to
explore whether a global resolution of the claims against the
issuers could be reached.  To this end, a memorandum of
understanding setting forth the proposed terms of a
settlement was signed by counsel to several issuers, including
the Company's counsel, which is not binding upon the Company.

The plaintiffs' counsel later announced that the memorandum of
understanding was signed, and that the process of obtaining the
approval of all parties to the settlement was underway.  The
Company is participating in that process.  Any definitive
settlement, however, will require final approval by the Court
after notice to all class members and a fairness hearing.


ALLOY INC.: Plaintiffs File NY Consolidated Stock Fraud Lawsuit
---------------------------------------------------------------
Plaintiffs filed a consolidated securities class action against
Alloy, Inc. in the United States District Court for the Southern
District of New York.  The suit also names as defendants James
K. Johnson, Jr., Matthew C. Diamond and Samuel A. Gradess.

The complaint was filed on behalf of persons who purchased the
Company's common stock between August 1, 2002 and January 23,
2003.  The suit alleges violations of Section 10(b) and Section
20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder
stemming from a series of allegedly false and misleading
statements made by the Company to the market between August 1,
2002 and January 23, 2003.

Relying in part on information allegedly obtained from former
employees, the Consolidated Complaint alleges, among other
things, misrepresentations of the Company's business and
financial condition and the results of operations during the
period from March 16, 2001 through January 23, 2003, which
artificially inflated the price of the Company's stock,
including without limitation:

     (1) improper acceleration of revenue,

     (2) misrepresentation of expense treatment,

     (3) failure to properly account for and disclose
         consignment transactions, and

     (4) improper deferral of expense recognition

The Consolidated Complaint further alleges that during the class
period the individual defendants and the Company sold stock and
completed acquisitions using the Company's stock.  The Company
and the individual defendants filed a joint answer to the
Consolidated Complaint on September 26, 2003.

The individual defendants have retained the law firm of Cahill,
Gordon & Reindel in connection with this matter.  The Company
has retained the law firm of Katten Muchin Zavis Rosenman
in connection with this matter.  Management believes that the
allegations against the Company, Mr. Diamond, Mr. Gradess and
Mr. Johnson are without merit and intends to vigorously defend
the action.


AMTRAK DERAILMENT: Indicted NY Man Causes Collision Injuring 4
---------------------------------------------------------------
An Amtrak passenger train plowed into a car parked on the tracks
with its lights off, killing the motorist and injuring four
train passengers, the Associated Press reports.

Frank Mamroe, 31, drove onto the tracks Tuesday night a short
time before he was killed by a train traveling about 75 mph
through western New York, Wayne County sheriff's Lt. Richard
Tack told AP.  The circumstances of the crash remained under
investigation, but he said Mr. Mamroe's death appeared to be a
suicide.  "The driver was just sitting there waiting for the
train to come," he said.

Mr. Mamroe, who lived in nearby Port Gibson, was indicted in
Rochester two weeks ago on third-degree rape and sodomy charges
for an attack in June on a girl under age 17, prosecutor Doug
Randall told AP.  Mr. Tack said Mamroe had called friends to say
he "wasn't going to jail."

Four of the passengers on the 20-car train, which was carrying
about 200 people, were treated for injuries.


APARTHEID LITIGATION: Reparation Payments To Victims, Kin Begins
----------------------------------------------------------------
Once-off payments of R30,000 to 22,000 victims of gross human
rights abuses named in the truth commission's report have begun,
but not without some glitches, the Africa News Services reports.

The justice department said of the 9691 payments it processed,
banks returned 3847 because supplied account numbers were
invalid.  The department was trying to contact the beneficiaries
to arrange a way of paying them.

The truth commission promised reparations to families of victims
of murder, and to victims of torture and other human rights
crimes committed during the apartheid era.  President Thabo
Mbeki said this year that government had set aside R571.5
Million, far less than the R3 Billion the commission
recommended.

Apartheid-victims support group Khulumani told the African News
Services the glitches were expected as thousands of victims were
unemployed.  Khulumani had earlier expressed outrage at the
government's decision to implement the payments without
consulting the victims of apartheid or the organizations
representing them.

Khulumani Executive Director Ike Tlholwe said the period between
the payments of interim relief of R2000 to R5000 in 2000 and
this week's once-off payment was too long, and most of the
victims' bank accounts had become dormant.  Mr. Tlholwe said
victims who approached the support group's offices were being
assisted with opening new bank accounts.

Khulumani had argued that R30000 was insufficient to help get
individuals or communities back on their feet.  In October the
organization asked government to set aside 1% a year of all
taxes paid and impose a wealth tax on companies to compensate
apartheid victims adequately.  It also said compensation should
be calculated on the basis of earnings that the individual would
have received at the time of his death, a specific date for
payment should be set in law and the Reserve Bank should open
and operate trust accounts for minors.

President Mbeki rejected the call for a tax on business to fund
more extensive reparation.  Government also distanced itself
from a slew of class actions filed in US courts for billions of
dollars in damages from local and foreign firms accused of
benefiting from apartheid.

Justice Department Director General Vusi Pikoli told the News
Services that beneficiaries of more than 5000 deceased apartheid
victims would be paid after all interested parties had been
given an opportunity to make a representation on who should
receive the grant.  "The payment of individual reparation grants
is an ongoing process, and persons who have been declared
victims and have applied will be paid their reparations," he
said.

Payments will continue until notice is given in the Government
Gazette that the President's Fund, from which reparations are
made, will cease to exist.


APPLE COMPUTER: Law Firm Considers Filing iPod Battery Lawsuit   
--------------------------------------------------------------
Even though Apple Computer now offers battery replacements for
out-of-warranty iPods as part of its AppleCare service, it's an
issue that refuses to go away.  Now it appears that a San
Francisco, California-based law firm is joining in the act,
MacCentral reports.  

iPods were first introduced in October, 2001 and quickly became
the item that almost everyone who was playing MP3s on their
computer wanted - especially once Apple introduced a Windows-
compatible version.  Now that Apple's iTunes software and iTunes
Music Store works on Windows, demand is higher than ever.  
However, some owners who have had their iPods for a while have
noted that the diminutive device's ability to hold an electrical
charge in its tiny lithium-ion polymer battery can diminish over
time.

The "iPod's Dirty Secret" Web site documents the Neistat
Brothers' efforts to alert consumers in New York City about
their own problem.  In September 2003 the Neistat Brothers
defaced iPod posters around Manhattan with messages that read
"iPod's unreplaceable battery lasts only 18 months."  Apple has
since begun to offer a battery replacement program that enables
out-of-warranty iPod owners to get their batteries replaced for
about $100.

Apparently Apple's AppleCare efforts are not enough for the firm
of Girard Gibbs & De Bartolomeo LLP.  The company has posted a
Web page on its site entitled Investigation of Apple's iPod,
where the firm indicates that it is "investigating a potential
class action against Apple Computer, Inc. on behalf of iPod
owners whose batteries have died or lost their ability to hold
their charge."  The firm encourages users who have experienced
such problems to submit their information on a Web-based form on
the page.


APPLIED DIGITAL: FL Suit Settlement Hearing Set March 19, 2004
--------------------------------------------------------------
The United States District Court for the Southern District of
Florida, Ft. Lauderdale Division, announced that a Settlement &
Fairness Hearing, for a proposed settlement of $5.6 million,
will be held on March 19, 2004 at 9:00 a.m. before the Honorable
Kenneth A. Marra, in Courtroom 207A, 701 Clematis Street, West
Palm Beach, Florida in regards the securities fraud lawsuit
brought against Applied Digital Solutions, on behalf of all
persons who purchased or acquired the Company's common stock
during the period beginning January 19, 2000 to May 21, 2001,
inclusive.

For exclusion from the Class, a request must be submitted by
February 17, 2004. To share in the distribution of the
Settlement fund, a Proof of Claim and Release must be submitted
on or before March 15, 2004.

For more information, contact Plaintiff's Co-Lead Counsel:
David Kessler, or Michael K. Yarnoff, of SCHIFFRIN & BARROWAY,
LLP, by Mail: Three Bala Plaza East, Suite 400, Bala Cynwyd, PA
19004; Lionel Z. Glancy, of GLANCY & BINKOW, LLP, by Mail: 1801
Avenue of the Stars, suite 311, Los Angeles, CA 90067; or
Counsel for the Defendant: Tracy Nichols, of HOLLAND & KNIGHT,
LLP, by Mail: 701 Bricknell Ave., Suite 3000, Miami, FL 33131.


CALIFORNIA: Three Killed in Bay Area Medical Helicopter Crash
-------------------------------------------------------------
Officials with the Federal Aviation Administration (FAA), in a
report, said that a medical helicopter crashed Tuesday into a
mountain in the Bay Area, killing all three people aboard, the
Associated Press reports.

The helicopter departed from Santa Rosa and stopped in Ukiah on
its way to Willits, a town about 15 miles farther north.  After
it set off again, the pilot decided to turn back due to poor
weather conditions, FAA spokesman Donn Walker told AP.

The helicopter crashed in Mendocino County, about 120 miles
north of San Francisco, at around 7:30 p.m.  The aircraft was
destroyed by the impact and resulting fire, Ms. Walker said.

The three victims - the pilot and two crew - were employees of
Redwood Empire Air Care Helicopter, a Santa Rosa firm that
provides air ambulance services in northern California, REACH
spokesman Pat McDonald told AP.  REACH was notifying the
families of the victims Tuesday night and would not release
their identities.  The crew was on its way to Willits to pick up
a patient to bring to a hospital in the San Francisco Bay area.

The cause of the crash has not been determined.  The National
Transportation Safety Board will investigate, Ms. Walker said.


CAREER EDUCATION: More Law Firms Join Securities Fraud Lawsuit
--------------------------------------------------------------
At least six more law firms have announced shareholder lawsuits
against the parent company of the Brooks Institute of
Photography following allegations of wrongdoing against former
school administrators, Knight-Ridder / Tribune Business News
reports.

Two firms announced they were suing Career Education Corporation
of Hoffman Estates, Illinois, a week after the allegations
raised by former Brooks registrar Cam Van Wingerden were
published in the News-Press.  She claimed school officials
tampered with documents to deceive an accrediting agency and
inflated enrollment to boost the bottom line - allegations
repeated in all the lawsuits.

Company representatives would not discuss the latest filings.
"We can't comment on pending litigation," spokesman Sean Murphy
told the Tribune Business News.  But he did say, "Career
Education Corp. and the individuals served in the suits will
vigorously defend themselves."  Those individuals are Chief
Executive Officer John "Jack" Larson and Chief Financial Officer
Patrick K. Pesch.

Mr. Murphy had the same response when the first two almost-
identical suits were announced December 11 by the firms Milberg
Weiss Bershap Hynes & Lerach LLP and Charles J. Pivens P.A.

Shares of the company, which were just shy of an all-time high,
dropped 28 percent to close at $39.38 on December 3, the day the
allegations appeared.  Career Education, which trades as CECO on
the Nasdaq, rose 51 cents to $38.50 in quiet Christmas Eve
trading.

Despite the earlier drop, which took $1.5 billion from the
company's market capitalization, Career Education still trades
at more than 39 times earnings, a lofty price-to-earnings ratio
for most companies.  Career Education's share price has risen
dramatically in the past six years, almost doubling twice in
2003 alone before the Brooks allegations knocked it down.

All eight firms that have announced suits against Career
Education have lengthy track records of taking on class-action
suits.  The six firms that filed in the U.S. District Court for
the Northern District of Illinois since Milberg Weiss and Pivens
are:

     (1) Schiffrin & Barroway LLP of Bala Cynwyd, Pennsylvania,
         announced lawsuit December 11;

     (2) Cauley Geller Bowman & Rudman LLP of Little Rock,
         Arkansas, announced December 11;

     (3) Lasky & Rifkind Ltd. of New York, announced December
         15;

     (4) Much Shelist Freed Denenberg Ament & Rubenstein P.C. of
         Chicago, announced December 18;

     (5) Goodkind Labanton Rudoff & Sucharow LLP of New York,
         announced December 22; and

     (6) Bull & Lifshitz LLP of New York, announced December 23


CATHOLIC CHURCH: More Ask To Join Covington Sexual Abuse Lawsuit
----------------------------------------------------------------
Seven more people have come forward to say they were sexually
abused by Covington Diocese priests as far back as the 1950's,
the Cincinnati Enquirer reports.

The people, who have not been identified, have asked to be added
to a class action suit against the diocese after an original
plaintiff settled and made statements that he believed the class
action was not the best way to handle the accusations.

"By doubling the original number of class representatives,
plaintiffs wish to further demonstrate the widespread long-term,
continuous and very serious abuse of boys and girls by
defendant's agents, which is deserving of class treatment,"
attorneys Stan Chesley and Bob Steinberg wrote in their latest
motion, filed Monday in Boone Circuit Court.

This is the first significant court document filed in the case
since Senior Judge John Potter of Louisville was appointed
Friday to take over the case.  Boone Circuit Judge Jay
Bamberger, 61, recused himself earlier this month after
announcing his retirement.

The proposed amended suit contains a number of new accusations.
However, several of the priests' names in the new claim have
been publicly identified in the past. All have been suspended
from the priesthood or are no longer with the diocese.

One of the accusations is that a priest who investigated
allegations of sexual abuse in the diocese is himself suspended
from the priesthood for molesting young boys. One of the alleged
victims lives in Ohio, while another is described as a Northern
Kentucky attorney.  Mr. Chesley told the Enquirer he believes
the number of men and women eligible to join the class is
greater than 150.  He said they were abused by more than 21
priests.

The diocese has paid more than $6 million in the last three
months to 32 people in out-of-court settlements. The diocese has
vigorously fought the class-action certification, and victims
who have settled with the church have praised Bishop Roger J.
Foys as willing to meet with them.


COMDISCO INC.: IL Court Denies Motion To Intervene in Stock Suit
----------------------------------------------------------------
The United States District Court for the Northern District of
Illinois denied the lead plaintiff's counsel's motion to
intervene in the class action filed against Comdisco, Inc.,
Nicholas K. Pontikes, and John J. Vosicky, alleging violations
of Section 10(b) and Section 20(a) of the Securities Exchange
Act of 1934, as amended.  

Nicholas K. Pontikes is a former chief executive officer and
director of Comdisco, Inc.; John J. Vosicky formerly served as a
director, executive vice president, and chief financial officer
of Comdisco, Inc.  The suit is captioned In re: Comdisco
Securities Litigation, No. 01-C-2110.

In connection with the confirmation process for the Plan for
Comdisco, Inc., the lead plaintiff in the consolidated action
agreed to dismiss the action with respect to Comdisco, Inc., but
maintained all rights, if any, against Mr. Pontikes, Mr.
Vosicky, and any person not released from liability by the Plan.
This resolution was made effective pursuant to a stipulation and
agreed order dated June 13, 2002.

The suit was later revised to include claims against only
Nicholas K. Pontikes and John J. Vosicky.  On December 10, 2002,
Mr. Pontikes and Mr. Vosicky filed a motion to dismiss the
Amended Complaint.  The court denied that motion on March 31,
2003.  Since that time, the parties have been engaged in
discovery.

On October 27, 2003, counsel for the lead plaintiff filed a
motion for leave to intervene on behalf of a different
individual seeking to serve as the class representative in the
litigation.  The court denied that motion on November 17, 2003.
As yet, no class has been certified in this matter.


CROMPTON CORPORATION: To Ask For Dismissal of 20 Antitrust Suits
----------------------------------------------------------------
Crompton Corporation and certain of its subsidiaries intend to
ask for the dismissal of twenty putative indirect purchaser
class actions filed against them, along with other companies,
from October 2002 through December 2002 in state courts in
seventeen states and in the District of Columbia.

The putative class in each of the actions comprises all persons
within each of the applicable states and the District of
Columbia who purchased tires other than for resale that were
manufactured using rubber processing chemicals sold by the
defendants since 1994.  

The complaints principally allege that the defendants agreed to
fix, raise, stabilize and maintain the price of rubber
processing chemicals used as part of the tire manufacturing
process in violation of state antitrust and consumer protection
laws and that this illegal conspiracy caused injury to
individuals who paid more to purchase tires as a result of such
anticompetitive activities.  The plaintiffs seek, among other
things, treble damages of an unspecified amount, interest and
attorneys' fees and costs.

The Company and its defendant subsidiaries have filed or intend
to file motions to dismiss on substantive and personal
jurisdictional grounds or answers with respect to each of these
actions.  These actions are in early procedural stages of
litigation and, accordingly, the Company cannot predict their
outcome.  The Company and its defendant subsidiaries believe
that they have substantial defenses.


CYBERGUARD CORPORATION: FL Settlement Hearing Set April 16,2004
---------------------------------------------------------------
The United States District Court for the Southern District of
Florida, Miami Division announced that a Settlement Hearing, for
a proposed settlement of $10,000,000, will be held on April 16,
2004 at 2:00 p.m. in Courtroom 10, 301 North Miami Avenue,
Miami, Florida, in regards the securities fraud lawsuit brought
on behalf of Steven Cheney, and all other persons who purchased
or acquired the common stock of Cyberguard Corporation, during
the period from November 7, 1996 through August 24, 1998,
inclusive, against:

     (1) Cyberguard Corporation,

     (2) Robert L. Carberry,

     (3) William D. Murray,

     (4) Patrick O. Wheeler, and

     (5) Shelton James

For exclusion from the Class, a request must be submitted by
April 2, 2004. To share in the distribution of the Settlement
fund, a Proof of Claim and Release must be submitted on or
before July 15, 2004.

For more information, contact Cyberguard Corporation Securities
Litigation, c/o The Garden City Group, Inc., Claims
Administrator, by Mail: P.O. Box 9000 #6161, Merrick NY 11566-
9000, or by Phone: (877) 824-5824.


dELiA*s INC.: Working Towards Settlement of NY Securities Suit
--------------------------------------------------------------
dELiA*s Inc. is working for a settlement of the consolidated
securities class action filed in the United States District
Court for the Southern District of New York in 1999 against it
and certain of its officers and directors.

The consolidated complaint alleges, among other things, that the
defendants violated Rule 10b-5 under the Securities Exchange Act
of 1934 by making material misstatements and by failing to
disclose certain allegedly material information regarding trends
in the business during part of 1998.

The parties have reached an agreement in principle on a
settlement of the action.  That agreement has not yet been
memorialized and will not become effective until a stipulation
of settlement is executed by all parties and finally approved by
the Court, after notice is given and an opportunity to object
and a hearing has been accorded to all interested parties.

On December 9, 2002, the Court entered an Order discontinuing
the action without prejudice to any party to apply to the Court
on five days' notice to restore the action to the trial calendar
if the settlement is not consummated within 45 days.  

By Order dated March 19, 2003, the Court extended the Order of
Discontinuance until 30 days following the date on which the
pending settlement is approved by the Court.

The parties are continuing to negotiate over certain terms and
conditions of the settlement, and the settlement papers have not
been submitted for Court approval.  There can be no assurances
that the settlement will be completed.  The claim and proposed
settlement are covered under dELiA*s' insurance policy.  
However, if the settlement is not completed, the Company cannot
predict the outcome of any litigation.


ELECTRONIC DATA: Court Affirms Dismissal Of Severance Plan Suit
---------------------------------------------------------------
The United States Court of Appeals, Third Circuit denied
Plaintiffs appeal of a ruling by the U.S. District Court for the
District of New Jersey, granting Summary Judgment in a lawsuit,
brought against Electronic Data Systems (EDS) Corporation, on
behalf of Ira Wallin, individually and all others similarly
situated, to recover benefits from EDS's Severance Plan under
the Employee Retirement and Income Security Act.

Mr. Wallin was employed by Electronic Data Systems Corporation
in September of 1988.  On October 11, 2001, two Company managers
telephoned Mr. Wallin to inform him that he was being
terminated.  The following day, on October 12, 2001, Mr. Wallin
received his severance package materials in the mail.  Mr.
Wallin claims that only then did he learn that the Severance
Plan had been amended on October 5, 2001, and that his severance
package had been altered.
      
Before the October 2001 amendment, the Plan provided
participants with two weeks of Weekly Base Pay in severance
benefits per each complete Year of Service, with a maximum
of twenty-six weeks of Weekly Base Pay.  After it was amended in
October 2001, the Plan stipulated that participants with fewer
than three Years of Service were to be provided two weeks of
Weekly Base Pay in severance.  Those participants with three or
more Years of Service would be extended four weeks of Weekly
Base Pay.  Given his tenure at EDS, Mr. Wallin would have
received the maximum twenty-six weeks of severance pay before
October 2001, but was entitled to four weeks of severance pay
under Plan amended in October 2001.
      
Mr. Wallin filed suit against EDS in District Court on November
27, 2001, and filed an amended complaint on March 22, 2002.  In
his amended complaint, Mr. Wallin alleged breach of the written
provisions of the Plan, breach of fiduciary duty, and a claim of
equitable estoppel against EDS. On January 23, 2003, the court
denied his motion for Leave to File a Second Amended Class
Action Complaint and granted EDS's motion for summary judgment.
Mr. Wallin appealed this decision.  
                                                               

GLOBAL CROSSING: Execs Working For NY Securities Suit Settlement
---------------------------------------------------------------
Global Crossing, Ltd.'s current and former officers and
directors are working to settle the consolidated securities
class action filed against them in the United States District
Court for the Southern District of New York, styled "In re
Global Crossing Ltd. Securities Litigation."

The plaintiffs allege that the defendants committed fraud under
the federal securities laws in connection with the Company's
financial statements and disclosures and certain other public
statements made by Company representatives and seek compensatory
damages, costs and expenses, and equitable and other relief.

In addition, a number of individual securities cases or other
actions based on federal or state law claims and arising out of
similar underlying facts have been filed (and in the future,
additional cases may be filed) against certain current and
former officers, directors, and employees of the Company,
seeking damages for alleged violations of federal and state
securities laws, breach of fiduciary duties, violations of state
whistle-blower statutes, and allegations that certain former
employees were improperly restricted from selling stock before
its price collapsed.  The Company is involved only indirectly in
these cases and is not a named defendant.

In a disclosure to the Securities and Exchange Commission, the
Company denied any liability for the claims asserted in these
actions.  The Company's former and present officers and
directors have been negotiating the terms of a settlement with
the plaintiffs in the consolidated securities action, but that
no agreement has been reached.  Any claims that the plaintiffs
could have assessed against the Company in these cases were
discharged upon consummation of the Company's Plan of
Reorganization.


GLOBAL CROSSING: Execs Working To Settle NY ERISA Fraud Lawsuit
---------------------------------------------------------------
Global Crossing, Ltd.'s current and former officers, directors
and employees are negotiating a settlement for the consolidated
class action filed against them in the United States District
Court for the Southern District of New York, styled "In re
Global Crossing Ltd. ERISA Litigation."

The suit was filed pursuant to the Employee Retirement Income
Security Act of 1974 (ERISA) in connection with the
administration of the Company's 401(k) retirement savings plans.  
The plaintiffs allege, among other things, that the ERISA
fiduciaries breached their duties to the 401(k) plan
participants by directing or otherwise being responsible for the
plans' acquiring and continuing to maintain investments in the
Company's common stock.

The consolidated complaint seeks, among other things, a
declaration that the defendants breached their fiduciary duties
to the plaintiff class, an order compelling defendants to make
good on the losses sustained by the plans, the imposition of a
constructive trust on any amounts by which the defendants were
unjustly enriched by their actions, and an order of equitable
restitution.

Although the Company had been named as a defendant in the
consolidated ERISA case, plaintiffs asserted in their
consolidated complaint that they would not prosecute their
action against the Company unless or until the Bankruptcy Court
lifted or granted relief from the automatic stay of litigation
imposed by the Bankruptcy Code.  

The Company denies any liability for the claims asserted in
these matters and understands that the Company's past and
present officers and directors have been negotiating the terms
of a settlement with the plaintiffs in these actions, but that
no agreement has been reached.  Any claims that the plaintiffs
could have asserted against the Company in this case were
discharged upon consummation of the Company's Plan of
reorganization.

On April 30, 2002, an additional case, "Pusloskie v. Winnick et
al.," was commenced in the United States District Court for the
Southern District of New York against certain current and former
directors, officers and employees of the Company.  This case is
brought on behalf of putative classes of former employees of the
Company and asserts claims for breach of fiduciary duties in
connection with the administration of one of the Company's
401(k) retirement plans.  This additional case does not name the
Company as a defendant and was not consolidated with the other
ERISA cases.


HOECHST CELANESE: Court Affirms Dismissal Of PB Plumbing Lawsuit
----------------------------------------------------------------
The United States Court of Appeals, Fifth Circuit affirmed a
ruling by the U.S. District Court for the Eastern District of
Texas, dismissing a lawsuit, brought against Hoechst Celanese
Chemical Group, Inc. et al., on behalf of Richard R. Richard,
Jr. et al., over allegations the Defendants caused the putative
class's injuries through their manufacture, promotion, and sale
of polybutylene (PB) for use in residential and commercial
plumbing systems.

Mr. Richard alleges that Hoechst Celanese Chemical Group,
Hoechst Celanese Corporation, Shell Oil Company, and E.I. DuPont
Nemours administered a complex scheme to mislead buyers into
believing that PB plumbing systems were suitable for use as
potable water distribution systems.  To this end, the Defendants
allegedly claimed that PB plumbing systems were superior to
copper plumbing systems based on their representations that PB
systems were lightweight, inexpensive, better able to withstand
freezing temperatures, easier to install and purportedly enjoyed
a lifetime of 50 years.

According to the plaintiff, the Defendants knew that these
representations were untrue because their scientists allegedly
reported that the PB plumbing systems would degrade even when
exposed to low concentrations of chlorine typically found in
municipal water systems.  Mr. Richard claims that in spite of
this knowledge, the Defendants concealed the information and
continued to market these products until approximately 1996.
      
He further claims that before purchasing his mobile home in
1997, he inquired about its plumbing system.  The seller
informed him that the mobile home was equipped with an
exceptionally reliable PB plumbing system that would likely
outlast the mobile home itself.  According to the plaintiff, the
seller unwittingly made this misrepresentation in reliance on
the promotional materials that the Defendants promulgated.
Taking these misrepresentations into consideration, Mr. Richard
purchased the home.

Mr. Richard appealed the district court's dismissal of his class
action lawsuit for lack of subject matter jurisdiction with
regard to his due process claim, and dismissal for failure to
state a claim upon which relief can be granted with regard to
his RICO claims.


PARAMETRIC TECHNOLOGY: Intends To Ask For MA Lawsuit Dismissal
--------------------------------------------------------------
Parametric Technology Corporation has prepared a motion to
dismiss the consolidated securities class action filed against
it and certain of its current and former officers and directors
in the United States District Court in Massachusetts claiming
violations of the federal securities laws based on alleged
misrepresentations regarding the Company's reported financial
results for the fiscal years 1999, 2000 and 2001.

In accordance with the court's briefing schedule, the Company
first submitted the motion to the lead plaintiff for its
response.  Following the lead plaintiff's response to the motion
the Company intends to prepare a reply brief, and all three
documents shall be submitted to the Court simultaneously in late
January 2004, the Company revealed in a disclosure to the
Securities and Exchange Commission.

The Company believes the claims are without merit, and intends
to defend them vigorously.  The Company cannot predict the
ultimate resolution of these actions at this time, and there can
be no assurance that these actions will not have a material
adverse impact on its financial condition or results of
operations.


PENNSYLVANIA: Court Orders Web Site For PAP Smear Lawsuit Closed
----------------------------------------------------------------
U.S. District Judge Arthur Schwab ordered three law firms to
shut down a Web site they were using to recruit women for a
class action against Magee-Womens Hospital in Pittsburgh, the
Associated Press reports.

The class action filed last week claims the hospital wrongfully
certified thousands of Pap smears with doctors' signatures when
they were never reviewed by physicians, among other alleged
misdeeds.  On Tuesday, the University of Pittsburgh Medical
Center's Magee-Womens Hospital fired back with a request to bar
the firms from using the hospital's name online in connection
with the lawsuits.

The University of Pittsburgh Medical Center's Magee-Womens
Hospital asked a judge to shut down the site and bar three law
firms from using the Web address
http://www.mageepapsmearsuit.com,or any other address including  
the hospital's name.

The Web site was shut down shortly after Judge Schwab issued his
order following a hastily arranged teleconference with attorneys
on Wednesday.  Visitors to the address got a short message and
no explanation: "This site has been disabled. Thank you."

To get the restraining order, the hospital had to show it would
suffer harm if the Web site was not immediately removed and that
it stood a chance to win a more permanent injunction against the
site.  Judge Schwab suggested that attorneys attempt to settle
the matter before an injunction hearing, however, because he
said the law firms have a right to an Internet site to recruit
class-action plaintiffs.  He said the Web site shouldn't use a
name or Web address that might confuse the public into thinking
the site was affiliated with the hospital.

Hospital officials didn't immediately return a call for comment
Wednesday, AP reports.

In court papers, Magee-Womens claimed the law firms - Lieff
Cabraser Heimann & Bernstein of New York, Roda & Nast of
Lancaster and Sprague & Sprague of Philadelphia - fraudulently
used the hospital's name and that the site contained
"disparaging, unsupported and unsubstantiated allegations" to
recruit women for a class action.  

Officials at Roda & Nast declined to comment on the judge's
decision, AP states.  Calls to the other two law firms were not
immediately returned Wednesday.  The firms represent two women
and a doctor who sued the hospital last week, claiming it
routinely misled patients into thinking that their tests were
examined by doctors by putting doctors' electronic signatures on
test results in an effort to make more money.

The plaintiffs include Dr. Susan Silver, whose contract as a
pathologist was not renewed at UPMC's Magee-Womens Hospital.
Silver alleges the hospital believed it could get more
gynecologists to send samples for testing at Magee - and in
turn, generate more revenue - if it said samples were checked by
physicians rather than technicians.

Pap smear tests are routine screenings for gynecological cancers
and tissue abnormalities.  The hospital handles about 100,000
Pap smears a year, one of the larger caseloads in the region.  
The Web site, which Magee said was set up on Friday, quoted a
lawyer from one of the firms stating that "an unknown number of
women may be at risk of serious diseases that have gone
undetected because they received unreliable Pap smear tests."
Another stated, "We are greatly concerned that the evidence will
show negative reports were issued when the tests clearly showed
signs of significant abnormalities," the suit said, AP stated.

The Web site also contained information about the law firms and
a toll-free number for women interested in joining the lawsuit,
according to court documents.

Officials with the hospital and the University of Pittsburgh
Medical Center have denied the allegations, saying the suits
have no merit and could create unnecessary alarm, AP reports.


PUTNAM FUNDS: Ohio Wants Larger Role In Mutual Fund Fraud Suit
--------------------------------------------------------------
The state of Ohio joined a class action against Putnam
Investments, a mutual-fund company holding more than $2.8
billion in assets including money invested by the Ohio Tuition
Trust Authority, Knight-Ridder/Tribune Business News reports.  
Federal class actions were filed in October against the Company
by various shareholders and clients as a result of alleged
market timing abuses by former Putnam employees.  

Kim Norris, spokeswoman for Attorney General Jim Petro, said the
state also filed an application for lead-plaintiff status in the
case.  Mr. Norris said it could take a judge up to six weeks to
decide who should be lead plaintiff.  Serving as local special
counsel to the tuition trust is Colley, Shroyer & Abraham, a
Columbus law firm.  Michael F. Colley is longtime chairman of
the Franklin County Republican Party who plans to step down next
year.

The tuition trust entered into a contract with Putnam
Investments in July 2000 for investment-management services and
to offer a new line of college savings investment options for
the Tuition Trust's CollegeAdvantage 529 Savings Plan. Putnam
manages 17 CollegeAdvantage investment options.

The Putnam International Equity Fund and Putnam International
Capital Opportunities Fund are the two College Advantage funds
affected by alleged market-timing activities.  "As lead
plaintiff, the tuition trust will have input into the final
outcome of the lawsuit," Jacqueline Williams, executive director
of the Ohio Tuition Trust Authority told the Tribune Business
News. "We believe that this action is in the best interest of
our shareholders."

Putnam continues to provide investment-management and record-
keeping services for the College Advantage options it manages.   
The Company has said it does not believe it acted fraudulently,
but its parent company, Marsh & McLennan, orchestrated the
ouster of Putnam's chief executive and shook up other top
positions.

In October, officials suspended Ohio's popular prepaid tuition-
trust program because it had run up a $321.1 million deficit as
of June 30.  At the time, they suggested investors put money in
a Putnam-managed program instead.


ROCKFORD POWERTRAIN: Court Affirms Ruling On Retiree Lawsuit
------------------------------------------------------------
The United States Court of Appeals, Seventh Circuit affirmed a
ruling by the U.S. District Court for the Northern District of
Illinois, granting summary judgment in the Defendants favor, in
a lawsuit brought against Rockford Powertrain, Inc. (RPI), on
behalf of the International Union of Untied Automobile,
Aerospace, and Agricultural Implement Workers of America,
U.A.W., and its Local 803, Joseph Wadzinski and Elton Kopplin,
alleging the Company promised to provide retirees with life and
health insurance benefits for duration of their lives and that
its unilateral reduction, and later termination, of those
benefits violated terms of collective bargaining agreement
(CBA).

Union and named plaintiffs brought this class action under
section 502 of Employee Retirement Income Security Act and
section 301 of Labor Management Relations Act against Defendant
on behalf of retired employees and surviving spouses of retired
employees of Rockford Powertrain, Inc., who claim that RPI
promised to provide its retirees and their surviving spouses
with health and life insurance benefits for the duration of
their lives, and that RPI's unilateral reduction, and later
termination, of those benefits violated the terms of a
collective bargaining agreement, Section 502 of the Employee
Retirement Income Security Act, and Section 301 of the Labor
Management Relations Act.  

Both parties filed motions for summary judgment on the issue of
whether RPI contractually was obligated to maintain retirement
benefits for the life of its retirees and their surviving
spouses. The district court granted summary judgment in favor of
RPI, finding that the language of the plan documents included an
unequivocal reservation of RPI's right to modify the retirement
benefits provided, and further that RPI was not equitably
estopped from modifying the benefits.  


TENNESSEE VALLEY: Power Surplus Suit Remanded to AL Fed. Court
--------------------------------------------------------------
The United States Court of Appeals, Eleventh Circuit, granted
Plaintiffs appeal and remanded to the U.S. District Court for
the Northern District of Alabama, a class action lawsuit brought
against the Tennessee Valley Authority (TVA), on behalf of the
Birmingham Steel Corporation, et al.

Plaintiff Birmingham Steel brought this case as a class action
on behalf of a group of approximately 400 large-volume
industrial consumers of electrical power who had Economy
Surplus Power contracts with TVA. Birmingham Steel alleged that
TVA had overcharged for power during the summer of 1998 and thus
had breached the ESP contracts.

The appeal stems from the decertification of the class action
after the class representative filed for bankruptcy.  The
district court granted defendant's motion to decertify the class
because it concluded that the named plaintiff, Birmingham Steel
Corporation had become an inadequate class representative, that
class counsel had failed to request the substitution of a class
representative, and that no other member of the class was
willing to serve in that role. Plaintiff Birmingham Steel
appeals the district court's decertification of the class,
arguing that the court should have allowed a reasonable time for
a class member to intervene or be substituted as the new
class representative.


TRANSACTION SYSTEMS: NE Court Dismisses Securities Suit in Part
---------------------------------------------------------------
The United States District Court for the District of Nebraska
dismissed in part the consolidated securities class action filed
against Transaction Systems Architects, Inc. and certain
individual named defendants.  

Genesee County Employees' Retirement System is the designated
lead plaintiff in the suit, which alleges violations of Sections
10(b) and 20(a)of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder, on the grounds that certain of the Company's
Exchange Act reports and press releases contained untrue
statements of material facts, or omitted to state facts
necessary to make the statements therein not misleading, with
regard to the Company's revenues and expenses during the
purported class period.

The consolidated complaint alleges that during the purported
class period, the Company and the named defendants
misrepresented the Company's historical financial condition,
results of operations and its future prospects, and failed to
disclose facts that could have indicated an impending decline in
the Company's revenues.  The lead plaintiff is seeking
unspecified damages, interest, fees, costs and rescission.  The
class period stated in the complaint is January 21, 1999 through
November 18, 2002.

The Company and the individual defendants filed a motion to
dismiss the complaint, which the lead plaintiff opposed.  On
November 20, 2003, the court heard oral arguments on the
defendants' motion to dismiss.  On December 15, 2003, the court
issued its order granting in part, and denying in part, the
motion to dismiss.

In particular, the Court dismissed, without prejudice, Gregory
Derkacht as a defendant.  The Court denied the motion to dismiss
with respect to the remaining defendants, including the Company.
The Company and the other defendants are required, and intend
to, file an answer to the Consolidated Complaint.  The Court has
not yet implemented a scheduling order.


UC DAVIS: Four Women Wrestlers Commence Discrimination Lawsuit
--------------------------------------------------------------
Four wrestlers, all women, filed suit Thursday against UC Davis
in federal court, alleging discrimination under Title IX -a
landmark federal law passed in 1972 to ensure equal access to
athletic opportunities, the DavisEnterpirse.net reports.

The four women, who are either current students or plan to
return to the university, seek certification for a class action
lawsuit.  "You don't drop an opportunity for women unless you're
going to replace it with another opportunity, and they haven't
done that," plaintiffs' attorney Kristen Galles told the
Associated Press.

Defendants named in the suit include UCD chancellor Larry
Vanderhoef, associate vice chancellor Bob Franks, UCD Athletic
Director Greg Warzecka, Associate Athletic Directors Pam Gill-
Fisher and Larry Swanson.

The suit, filed on behalf of three former varsity wrestlers and
another who had planned to attend UCD based on its support of
women's wrestling, alleges that an imbalance on the campus was
made worse by cutting women from the wrestling team.  Plaintiffs
are seeking reinstatement for the female wrestlers, an increase
in athletic scholarships for women and unspecified monetary
damages, according to the AP.  As of Friday, UCD had not
received a copy of the complaint and a spokeswoman said the
university would not comment until it is served.

The case stems from the controversial decision to drop two
female athletes, Chris Ng and Arezou Mansourian, from the
wrestling team before the 2000-2001 season.  The women continued
to practice with the team until January 2001.  At that time,
Mansourian injured her back, but was not treated by the UCD
training staff because she was not officially a varsity athlete.
That prompted a meeting between Mr. Warzecka and the female
wrestlers, from which both sides emerged with differing stories.

Wrestling coach Mike Burch said that the women were not on the
roster because the athletic department had told him to leave
them off.  "The roster I turned in was the roster they asked of
me," Mr. Burch said then, DavisEnterprise reports.  Athletics
officials dismissed that claim.

"He can say what he wants," Ms. Gill-Fisher told The Enterprise.  
"We don't create these (rosters)."

That discrepancy was the basis of the complaint Ms. Ng filed
April 25 with U.S. Department of Education's Office of Civil
Rights.  Incidentally, the day before, the UCD athletic
department chose not to renew the contract of Mike Burch, who
had coached the wrestling team for six seasons.  That decision
was not made public for another month.  

Mr. Burch, one of the few coaches to work at UCD on a part-time
basis, took over a program that lost every dual meet for three
seasons and won 19 in his first three years.  During the 2000-01
season he had guided the Aggies to a 10-7 dual meet record, the
best in school history.  

The athletic department, which has a policy against commenting
on personnel issues, never gave a reason for Mr. Burch's
dismissal.  The coach of course, had his own theory.  "It's
clearly retaliation," Mr. Burch told the Enterprise in May of
2001.  Mr. Burch filed a claim alleging just that with the
Department of Education, saying his support of the female
wrestlers cost him his job.

Meanwhile in May of 2001, Ms. Ng and Ms. Mansourian were
reinstated to the team.  In October 2001, the OCR ruled that
both complaints were unfounded and it appeared the issue had
been resolved.  

Ms. Galles also represents Mr. Burch, who sued UCD for
retaliation in September.  UCD had allowed women to be part of
its wrestling team since 1991.  While no woman wrestler had ever
wrestled agiainst a man during a meet, Mr. Burch added a women's
division to the annual Aggie Open wrestling tournament.  The
NCAA does not sponsor a championship for women's wrestling.


VIVENDI UNIVERSAL: Analysts Say SEC Deal Won't End Legal Woes
-------------------------------------------------------------
Analysts and investors believe that Vivendi Universal's deal to
settle fraud charges with U.S. market authorities should help
put a messy episode behind the company but will not end all its
legal problems, Reuters reports.

Late Tuesday, the U.S. Securities and Exchange Commission (SEC)
reached a deal under which Vivendi agreed to pay $50 million in
civil penalties and former Chief Executive Jean-Marie Messier
agreed to pay a $1 million fine and drop his claim on a 20.5
million euro ($25 million) severance package, the SEC said.  The
deal leaves Vivendi facing a class action in the United States,
possible penalties by French market authorities and an ongoing
investigation by the Paris public prosecutor.

"Financially, it's not much," said one Paris-based analyst.  "At
the group level it is negligible, but in terms of image, it's a
good thing. They close the matter with the SEC and . they did
not have to restate their accounts like Enron, which would have
had a negative effect . They come out of it pretty well without
paying too much."

The SEC said the money from the settlement would go to investors
harmed when the company issued false statements, made improper
adjustments to earnings and failed to disclose future financial
commitments between December 2000 and July 2002.

Mr. Messier was forced out as Vivendi chief executive last year
after an expansion spree that saddled it with a crushing debt
and brought it close to collapse.  Neither Mr. Messier nor
Vivendi, whose holdings include the world's biggest music
company, France's number two cell phone operator and the
country's leading pay-TV firm, admitted nor denied the SEC
charges.

However, the settlement with U.S. market authorities was a big
step toward ending the high-profile battle between Mr. Messier
and the company he transformed from a staid water utility to an
international media and telecoms conglomerate.  The fight has
captivated France, with public disgust aimed at Mr. Messier for
having tried to keep his severance package, which is enormous by
the country's standards, despite promising never to seek such a
payment, nearly bankrupting Vivendi and causing a massive loss
of shareholder value, Reuters reports.

Financial analysts said the settlement was a net positive, but
noted the possible legal action the company still faced. They
said many investors had already priced in a deal.  Vivendi
shares were up 1.8 percent at 19.19 in morning trading,
outperforming the CAC-40 index of French blue-chip shares and
the DJ Stoxx index of European media companies, Reuters states.

Small shareholders also welcomed the deal, but said the score
was not settled.  "Morality has been flouted," said long-time
shareholder activist Colette Neuville, whose ADAM minority
shareholder defense group is the lead plaintiff in the U.S.
class action.  

"Holiday cheer is not relevant in this matter," she told
Reuters.  "This was a battle where everyone defended their
interests as best they could and tried to find a solution to
avoid a conflict that could have forced them to reveal
embarrassing information . If Jean-Marie Messier is giving up
his severance, no doubt it is to avoid paying more in another
situation.  Don't think he was overcome by grace."

Mr. Messier had accepted the payment when he left, but Vivendi
refused to pay and vowed Mr. Messier would get nothing.  As part
of the SEC settlement, Mr. Messier was barred from holding an
officer or director position at a U.S. public company for 10
years and Vivendi agreed to pay a portion of Mr. Messier's legal
fees.


WORLDWIDE XCEED: NY Court Reveals Securities Suit Certification
---------------------------------------------------------------
The United States District Court for the Southern District of
New York announced Class Action certification of a securities
fraud lawsuit brought on behalf of Adam Burstyn, Robert James
Kennedy, Joseph Rosenbaum, Waterview Partners, and Eli Mann, et
al. against the Company and:
  
     (1) Scott A. Mednick,

     (2) Werner G. Haase,

     (3) Nurit K. Hasse,

     (4) William Zabit, and

     (5) John P. Gandolfo

The lawsuit is filed on behalf of all persons who purchased the
Company's common stock during the period from November 29, 1999
through November 15, 2000, inclusive, and who sustained damages
as a result of such purchase.

For more information, contact Worldwide Xceed Group, Inc.
Securities Litigation, c/o Berdon Claims Administrator LLC, by
Mail: P.O. Box 9014, Jericho, NY 11753-8914, by Phone:
(800) 766-3330, Fax: (516) 931-0810, or visit the Website:
http://www.berdonllp.com/claims.



                  New Securities Fraud Cases


DYNACQ HEALTHCARE: Chitwood & Harley Lodges TX Securities Suit
--------------------------------------------------------------
The law firm of Chitwood & Harley LLP initiated a securities
fraud class action complaint against Dynacq Healthcare, Inc. and
two of its senior officers, on behalf of purchasers of Dynacq
common stock from January 14, 2003 through December 18, 2003,
inclusive.

The Complaint alleges that Defendants violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder. Plaintiff charges, inter alia, that the
defendants fraudulently certified that Dynacq's financial
statements for the first three quarters of fiscal 2003 were
compiled in compliance with Generally Accepted Accounting
Principles. On December 2, 2003, the Company announced that it
was requesting an automatic extension of up to 15 days to file
its Form 10-K for fiscal year ended August 31, 2003 with the
SEC. On December 18, 2003, the Company announced that its
independent auditor, Ernst & Young LLP, had resigned due to the
Company's "lack of internal controls necessary to develop
reliable financial statements." Also on December 18, 2003, the
Company announced that it had received a Nasdaq Staff
Determination stating that Dynacq's stock could be delisted on
December 30, 2003 due to Dynacq's failure to file its fiscal
year 2003 10-K in a timely manner. Finally, on December 18,
2003, the Company announced that it had received notice that the
SEC was conducting an investigation into Dynacq's reporting of
its financial statements, revenue and cost recognition,
allowances for doubtful accounts, and internal financial and
accounting controls.

The market reacted negatively to these disclosures. Dynacq
shares, after trading during the Class Period at a high of
$27.37 per share, plummeted to a low of just $4.09 per share on
December 19, 2003.

For more information, contact Lauren S. Antonino, by Mail:
1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309, by
Phone: 1-888-873-3999 (toll-free), or E-mail: lsa@classlaw.com.


DYNACQ HEALTHCARE: Charles Piven Launches Securities Suit in TX
---------------------------------------------------------------
The Law Offices Of Charles J. Piven, P.A. initiated a securities
class action in the United States District Court for the
Southern District of Texas, Houston Division, against defendant
Dynacq Healthcare, Inc. and certain of its officers, on behalf
of shareholders who purchased, converted, exchanged or otherwise
acquired the common stock of Dynacq Healthcare, Inc. between
January 14, 2003 and December 18, 2003, inclusive.

The action charges that defendants violated federal securities
laws by issuing a series of materially false and misleading
statements to the market throughout the Class Period which
statements had the effect of artificially inflating the market
price of the Company's securities.

For more information, contact Charles J. Piven, by Mail: The
World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525,
Baltimore, Maryland 21202, by Phone: 410/986-0036, or E-mail:
hoffman@pivenlaw.com.


DYNACQ HEALTHCARE: Wolf Popper Commences Securities Suit in TX
--------------------------------------------------------------
The law firm of Wolf Popper LLP initiated a securities fraud
class action complaint against Dynacq Healthcare, Inc. and two
of its senior officers on behalf of purchasers of Dynacq common
stock from January 14, 2003 through December 18, 2003,
inclusive.

Plaintiff alleges, inter alia, that the defendants fraudulently
certified that Dynacq's financial statements for the first three
quarters of fiscal 2003 were compiled in compliance with
Generally Accepted Accounting Principles.

The true facts were first revealed beginning on December 2,
2003, when the Company announced that it was requesting an
automatic extension of up to 15 days to file its Form 10-K for
fiscal year ended August 31, 2003 with the SEC. On December 18,
2003, the Company announced that its independent auditor, Ernst
& Young LLP, had resigned due to the Company's "lack of internal
controls necessary to develop reliable financial statements."
Also on December 18, 2003, the Company announced that it had
received a Nasdaq Staff Determination stating that Dynacq's
stock could be delisted on December 30, 2003 due to Dynacq's
failure to file its fiscal year 2003 10-K in a timely manner.
Finally, on December 18, 2003, the Company announced that it had
received notice that the SEC was conducting an investigation
into Dynacq's reporting of its financial statements, revenue and
cost recognition, allowances for doubtful accounts, and internal
financial and accounting controls.

The market reacted negatively to these disclosures. Dynacq
shares, after trading during the Class Period at a high of
$27.37 per share, plummeted to a low of just $4.09 per share on
December 19, 2003.

For more information, contact Robert C. Finkel, by Mail: 845
Third Avenue, New York, NY 10022-6689, Phone: 212-451-9620, or   
877-370-7703 (toll free), Fax: 212-486-2093, E-mail:
irrep@wolfpopper.com; or visit the firm's Website:
http://www.wolfpopper.com.


PILGRIM BAXTER: Wolf Popper Launches Securities Suit in PA Court
----------------------------------------------------------------
The law firm of Wolf Popper LLP initiated a class action
securities lawsuit, on behalf of all purchasers and holders of
PBHG Mutual Funds from November 13, 1998 through November 13,
2003, in the United States District Court in Pennsylvania.

The Complaint alleges that during the Class Period, Pilgram
Baxter & Associates, Ltd., the manager of the PBHG Mutual Funds,
and the two founders of Pilgram Baxter, and other affiliated
entities, engaged in illegal trading practices, in concert with
institutional traders, that caused financial injury to long-term
shareholders of Pilgrim Baxter (PBHG) mutual funds.

According to the Complaint, the defendants permitted certain
favored investors, including defendant Pilgrims' private
investment limited partnership, to illegally engage in "timing"
of PBHG Mutual Funds to benefit from temporary inefficiencies in
the daily pricing of the PBHG Mutual Funds, to the detriment of
other long-term shareholders, who lost the opportunity to fully
benefit from the appreciation in the securities held by the PBHG
Mutual Funds.

These PBHG Mutual Funds are subject to this class action:

     (1) PBHG Strategic Small Company Fund (NASDAQ: PSSCX)

     (2) PBHG Disciplined Equity Fund (NASDAQ: PBDEX)

     (3) PBHG Mid-Cap Fund (formally known as PBHG Mid-Cap Value
         Fund) (NASDAQ:PBMCX)

     (4) PBHG Small Cap Fund (formally known as PBHG Small Cap
         Value Fund) (NASDAQ: PBSVX)

     (5) PBHG Clipper Focus Fund (NASDAQ: PBFOX)

     (6) PBHG Small Cap Value Fund (formally known as TS&W
         Small Cap Value Fund, LLC) (NASDAQ: PSMVX)

     (7) PBHG REIT Fund (NASDAQ: PBRTX)

     (8) PBHG Technology & Communications Fund (NASDAQ: PBTCX)

     (9) PBHG IRA Capital Preservation Fund (NASDAQ: PBCPX)

    (10) PBHG Intermediate Fixed Income Fund (NASDAQ: PBFIX)

    (11) PBHG Cash Reserve Fund (NASDAQ: PBCXX)

For more information, contact Andrew E. Lencyk, by Mail: 845
Third Avenue, New York, NY 10022, by Phone: 212-759-4600 or
877-370-7703 (toll free), Fax: 212-486-2093 or 877-370-7704
(toll free), E-mail: alencyk@wolfpopper.com, or
irrep@wolfpopper.com, or visit the firm's Website:
http://www.wolfpopper.com.


                        *********

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the Class Action Reporter. Submissions
via e-mail to carconf@beard.com are encouraged.

Each Friday's edition of the CAR includes a section featuring
news on asbestos-related litigation and profiles of target
asbestos defendants that, according to independent researches,
collectively face billions of dollars in asbestos-related
liabilities.  The Asbestos Defendant Profiles is backed by an
online database created to respond to custom searches. Go to
http://litigationdatasource.com/asbestos_defendant_profiles.html

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S U B S C R I P T I O N   I N F O R M A T I O N

Class Action Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Roberto Amor, Aurora Fatima Antonio and Lyndsey Resnick,
Editors.

Copyright 2003.  All rights reserved.  ISSN 1525-2272.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The CAR subscription rate is $575 for six months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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