{"id":1173,"date":"2012-12-24T13:35:21","date_gmt":"2012-12-24T13:35:21","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/12\/stockbroker_fraud_headlines_se"},"modified":"2022-03-10T09:13:58","modified_gmt":"2022-03-10T15:13:58","slug":"stockbroker-fraud-headlines-se","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/stockbroker-fraud-headlines-se\/","title":{"rendered":"Stockbroker Fraud Headlines: Securities Claims Against Lehman Underwriters Are Dismissed, NYSE Euronext Works on Kill-Switches Plan, and SEC Calls for Structured Products Ratings Roundtable"},"content":{"rendered":"

\t\t\t\tSecurities Claims Against Lehman Brothers Holdings Inc. Underwriters Are Dismissed<\/strong><\/p>\n

The U.S. District Court for the Southern District of New York has thrown out the California Corporations Code claims made against the underwriters of two offerings of Lehman Brothers Holdings Inc. debt securities per the precluding of the 1998 Securities Litigation Uniform Standards Act. This, despite the fact that the securities case was brought by one plaintiff and lacks class action allegations. <\/p>\n

The SLUSA’s enactment had occurred to shut a 1995 Private Securities litigation Reform Act loophole that let plaintiffs filing lawsuits in state courts circumvent the Act’s tougher securities fraud pleading requirements. It generally allows for federal preemption of state law class actions contending misrepresentations related to the buying or selling of a covered security. However, the court granted the motion to dismiss noting that even though the securities case was brought only on the State Compensation Insurance Fund’s behalf, it is still a covered class action within the act’s meaning. <\/p>\n

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

Securities Claims Against Lehman Brothers Holdings Inc. Underwriters Are Dismissed The U.S. District Court for the Southern District of New York has thrown out the California Corporations Code claims made against the underwriters of two offerings of Lehman Brothers Holdings Inc. debt securities per the precluding of the 1998 Securities Litigation Uniform Standards Act. 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