Lawyer - News

Pleading scienter for individual defendants is not always required to support a showing of corporate scienter in a securities fraud class action, the 2nd Circuit has ruled, rejecting an argument that it adopt such a rule as a pleading requirement under the Private Securities Litigation Reform Act. The court ruled that a putative class action brought against Dynex Capital and Merit Securities by a Teamsters pension fund must be dismissed, but also gave the union an opportunity to replead following dismissal.

This entry was posted on Monday, June 30th, 2008 at 12:09 pm and is filed under Lawyer - News.