Bid To Revive Omnicom Securities Class Action Nixed

By Ben James

Law360, New York (March 09, 2010, 7:16 PM ET) -- A federal appeals court has upheld the dismissal of a securities fraud class action alleging that marketing and advertising holding company Omnicom Group Inc. and its senior officers fraudulently manipulated financial statements to stave off losses stemming from soured investments in Internet companies.

On Tuesday, the U.S. Court of Appeals for the Second Circuit handed down an opinion affirming the U.S. District Court for the Southern District of New York's Jan. 29, 2008, ruling.

The ruling granted a bid for summary judgment in which the defendants...
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