{"id":1101,"date":"2012-07-31T14:58:25","date_gmt":"2012-07-31T14:58:25","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/07\/securities_roundup_court_says"},"modified":"2022-03-09T16:21:26","modified_gmt":"2022-03-09T22:21:26","slug":"securities-roundup-court-says","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-roundup-court-says\/","title":{"rendered":"Securities Roundup: Court Says Investors\u2019 American Funds Securities Litigation Claims Were Timely, Nasdaq Proposes $62M Fund to Repay Facebook IPO Participants, Indictment Made in Alleged Muni Bond Rigging Plot, & Investment Advisers Could Pay User Fees"},"content":{"rendered":"

\t\t\t\tAccording to the US Court of Appeals for the 9th Circuit, a lower court was in error when it dismissed on the grounds of timeliness investors’ putative securities fraud class action lawsuit<\/a> accusing the American Funds mutual fund family of charging marketing and management fees that were too high and giving brokers improper kickbacks. Now, the plaintiffs have the opportunity to amend their case to remedy scienter pleading-related deficiencies. <\/p>\n

The district court had found the investors’ securities claims <\/a>untimely because it said that the defendants provided evidence establishing that the media and regulatory agencies had already looked at the alleged financial scam in question at least three years before the plaintiffs filed their securities complaint. The appeals court, however, said none of the sources (from 2003 and 2004) that had implied that the defendants acted with the intent to deceive could have caused a plaintiff that was “reasonably diligent” to discover this intention (if it even existed). Because of this, the 9th circuit said that the two-year statute of limitations didn’t start running more than two years before the complaint was filed, which means that the lower court made a mistake when it said the case was time-barred.<\/p>\n

In an unrelated securities fraud case, this one involving criminal charges, federal officials indicted ex-financial services executive Phillip Murphy over an alleged conspiracy to manipulate the bidding process for multiple finance contracts, including those involving municipal bonds. He is charged with one count of wire fraud, two counts of conspiracy, and one can of conspiring to falsify bank records.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to the US Court of Appeals for the 9th Circuit, a lower court was in error when it dismissed on the grounds of timeliness investors’ putative securities fraud class action lawsuit accusing the American Funds mutual fund family of charging marketing and management fees that were too high and giving brokers improper kickbacks. Now, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781,3741],"tags":[],"class_list":["post-1101","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-securities-fraud"],"yoast_head":"\nSecurities Roundup: Court Says Investors\u2019 American Funds Securities Litigation Claims Were Timely, Nasdaq Proposes $62M Fund to Repay Facebook IPO Participants, Indictment Made in Alleged Muni Bond Rigging Plot, & Investment Advisers Could Pay User Fees — Investor Lawyers Blog — July 31, 2012<\/title>\n<meta name=\"description\" content=\"According to the US Court of Appeals for the 9th Circuit, a lower court was in error when it dismissed on the grounds of timeliness investors' putative — July 31, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, 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