Point Plaintiff Named In NetBank Securities Suit

Law360, New York (August 10, 2009, 2:01 PM EDT) -- A federal judge has named a lead plaintiff in a class action alleging that former executives and directors of online financial institution NetBank Inc. defrauded investors by not disclosing problems with its restructuring and accounting prior to the bank's takeover by federal regulators and subsequent liquidation.

In a ruling Friday, Judge Beverly B. Martin of the U.S. District Court for the Northern District of Georgia named NetBank investor Robert A. Brown the lead plaintiff in the case and his attorneys at the Philadelphia firm of Berger...
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