Panel Affirms Dismissal Of Claims In Auction-Rate Securities Class Action

Panel Affirms Dismissal Of Claims In Auction-Rate Securities Class Action

NEW YORK - A federal judge in New York did not err in determining that shareholders in a securities class action multidistrict litigation against Citigroup Inc. and two of its subsidiaries failed to show that the defendants' conduct in underwriting and/or selling auction-rate securities was deceptive, a Second Circuit U.S. Court of Appeals panel ruled March 27 in a summary order (BIV-NY, et al. v. Smith Barney, et al., No. 11-1270, 2nd Cir.; 2012 U.S. App. LEXIS 6185).

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