PMI Group Securities Action Survives Dismissal Bid

Law360, New York (November 3, 2009, 12:02 PM EST) -- A federal judge has denied a request to dismiss a proposed securities class action accusing mortgage insurer PMI Group Inc. and its leaders of misleading investors about losses in the housing market downturn.

Judge Susan Illston of the U.S. District Court for the Northern District of California on Monday ruled that the investors' amended complaint cured the deficiencies outlined in a July order dismissing parts of the lawsuit.

The lawsuit, filed in April 2008, accuses PMI and its executives of concealing the company's exposure to home...
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