Panel Partially Vacates District Court Ruling In Securities Suit

Panel Partially Vacates District Court Ruling In Securities Suit

NEW YORK - A Second Circuit U.S. Court of Appeals panel on March 1 partially vacated and remanded a ruling that a lead plaintiff in a securities class action lawsuit failed to plead facts that would allow the court to draw a "reasonable inference" that a seller/sponsor of mortgage-backed securities certificates, certain of its officers and directors and underwriters of the certificates concealed their abandonment of underwriting standards in offering documents in violation of federal securities laws (New Jersey Carpenters Health Fund v. The Royal Bank of Scotland Group PLC, et al., No. 12-1707, 2nd Cir.; 2013 U.S. App. LEXIS 4317).

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