2nd Circ. Affirms Class In Flag Telecom Suit

Law360, New York (July 23, 2009, 1:29 PM EDT) -- A federal appeals court has upheld class certification in a long-running securities action against Citigroup Global Markets Inc. and a battery of former officers of bankrupt Flag Telecom Holdings Ltd., but eliminated investors who sold their shares before Flag disclosed that it had misrepresented its financial results.

In an opinion signed Wednesday, the U.S. Court of Appeals for the Second Circuit determined that the U.S. District Court for the Southern District of New York did not abuse its discretion in certifying a class of plaintiffs alleging...
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