Panel: Judge Properly Dismissed Securities Suit For Failure To Plead Scienter

SAN FRANCISCO - A federal judge in California did not err in dismissing a securities class action lawsuit against bankrupt subprime lender Fremont General Corp. and certain of its subsidiaries and officers and directors because the lead plaintiff failed to properly plead scienter, a Ninth Circuit U.S. Court of Appeals panel ruled Nov. 29 (New York State Teachers' Retirement Systems, et al. v. Fremont General Corp., et al., No. 10-55635, 9th Cir.; 2011 U.S. App. LEXIS 23797; See May 2010, Page 19). Full story on lexis.com