5th Circ. Affirms Denial Of Class In Belo Fraud Case

Law360, New York (August 13, 2009, 7:02 PM EDT) -- A federal appeals court has upheld the denial of class certification to investors who said they suffered losses after a 2004 investigation revealed media company Belo Corp. had engaged in questionable practices that overstated the circulation of the Dallas Morning News, one of its main newspapers.

The U.S. Court of Appeals for the Fifth Circuit on Wednesday said a lower court did not abuse its discretion by rejecting the investors’ bid for class certification in the securities fraud case, finding that the plaintiffs failed to draw...
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