Some background on the decsion
Macquarie produced the Kroll report, which plaintiffs claim gives rise to liability under section 10(b) of the Securities Exchange Act of 1934, after it had already exited the action. Trellus has represented that, if Macquarie had produced the document in June 2013, it would have named Macquarie in a section 10(b) claim. The prejudice to Trellus and the class members ifTrellus were excluded from this action could therefore be significant enough to render intervention timely. See id.