http://www.cuminggillespie.com

Further to our update of July 11, 2007, McNally Cuming Raymaker can confirm that we continue to work with a national counsel consortium on this class action proceeding in the Ontario Superior Court. We anticipate that further case management conferences and carriage motions may occur prior to the end of 2007. It is anticipated that the Ontario application to certify the matter as a class action will occur in 2008.

McNally Cuming Raymaker, Alberta Injury Lawyers, will continue to update our clients with respect to the Vioxx claims.

On behalf of twenty individual investors, McNally Cuming Raymaker, Alberta Injury Lawyers, reached a confidential settlement well into the millions of dollars with a Defendant Brokerage and Broker in a claim involving alleged improper investing, non-disclosure and non-compliance with a major investment. If you have suffered a loss due to the negligence of a Brokerage, Broker or securities dealer, please contact McNally Cuming Raymaker.

McLENNAN ROSS LLP / McNALLY CUMING RAYMAKER

This is to update you on developments since our April 26, 2006 update on the status of this litigation.

As of this update, we do not have a decision from the Court with regard to the Certification of our action as a Class Action.

We continue to work with counsel in the United States to have the HMS investor funds frozen in the First National Bank of San Diego transferred to the Alberta Courts.

We are also working with counsel in Indiana to recover funds which were invested by Garth Bailey, and which we believe are HMS investor funds.

On July 25, 2007 the Court approved our application for settlement with Garth S. Bailey, Garth S. Bailey Professional Corporation, Katherine Rodrigue-Bailey and her company Kirby Audit Services Inc. In summary, the terms of the Settlement are as follows:

• Judgment against Garth S. Bailey and Garth S. Bailey Professional Corporation for an amount to be determined;
• Garth S. Bailey and Garth S. Bailey Professional Corporation will disclose all trust records in their possession as they relate to the operation of the HMS Scheme to Plaintiff Class Counsel;
• Garth S. Bailey and Garth S. Bailey Professional Corporation shall provide full cooperation, without compensation, to the Plaintiffs with respect to the operation of HMS and related Defendant corporations, and with respect to any details regarding information as to the possible whereabouts of HMS investor funds;
• Payment of $27,504.00 by Katherine Rodrigue-Bailey and Kirby Audit Services Inc.

While the settlement amount may seem minimal, Mr. and Mrs. Bailey’s assets are minimal. The purpose of settlement with Mr. Bailey is to obtain his full co-operation in assisting us with pursuing other, more realistic avenues of recovery. Mr. Bailey has already sworn affidavits in support of our applications in San Diego and Indiana with respect to transferring investor funds to the Alberta Courts.

Yours truly,

Lynn Dechaine (for Graham McLennan)
Paralegal - Litigation
McLennan Ross LLP
Toll Free: 1-800-567-9200
Direct Line: (780) 482-9281
Fax: (780) 482-9100

McNally Cuming Raymaker can confirm that we are working with Docken and Company at 640, 840 – 6 Avenue S.W., and Marshall Attorneys at 2400, 144 – 4th Avenue S.W., both in Calgary, Alberta with respect to the Alberta portion of the proposed Vioxx national class action.

The national claim for Vioxx includes counsel from Sutts Strosberg at 600 Westcourt Place, Windsor Ontario, Siskind Cromarty Ivey & Dowler at 680 Waterloo Street, London, Ontario, Klein Lyons at 1220, 65 Queen Street West, Toronto, Ontario, Rochon Geneva at 121 Richmond Street West, Toronto, Ontario, and other law firms are proceeding through the Superior Court of Ontario. Our group is seeking carriage of the matter on a national level and we will keep prospective claimants apprised with further updates in due course.

It is anticipated that carriage motion with an alternate competing counsel group will occur by the end of 2007.

McNally Cuming Raymaker is working in conjunction with Roy Elliot Kim O’Connor of Toronto, Ontario with respect to these claims. Our counsel group is aligned with Tim O’Brien of Levin Papantonio Law Firm at 316 South Baylen Street, Suite 100, Pensacola, Florida and Mike Ryan of Krupnick Law at 700 S.E. Third Avenue, Suite 100, Fort Lauderdale, Florida, together with their respective multi-district litigation groups in the United States of America.

McNally Cuming Raymaker is currently seeking new Fosamax claimants who have suffered osteonecrosis of the jaw. Please contact James Cuming at McNally Cuming Raymaker for further information.

An article titled “Secondary Market Liability: Impact on Class Actions - Part 1” by William E. McNally has been published. It appeared in Volume 11, Number 3 of the Corporate Securities and Finance Journal

We have a new class action against Guidant Heart Devices. Get more info on our Guidant web pages.

The Alberta VIOXX claim will have a carriage motion which will likely occur before February 2007. The National claim is proceeding with a likely Certification hearing before July 2007.

Seroquel class action press release can now be seen here. (pdf, 69KB)