Plaintiffs Firms Sanctioned Over ANZ Securities Case

Law360, New York (May 12, 2010, 6:57 PM EDT) -- Following its dismissal of a proposed securities class action against Australia and New Zealand Banking Group Ltd., a federal court has imposed sanctions against the plaintiffs lawyers and their firms because the crux of their case relied on March 2007 e-mails that did not exist.

Judge Denise Cote of the U.S. District Court for the Southern District of New York on Tuesday found that the reference to the March 2007 e-mails in the original complaint was a substantial violation of Rule 11, concluding that sanctions were...
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