Crisis, Not Fraud, Harmed Impac Shareholders: 9th Circ.

Law360, New York (July 1, 2010, 2:44 PM EDT) -- An appeals court has declined to revive an attempted shareholder class action against Impac Mortgage Holdings Inc. over losses in connection with the use of nontraditional mortgage products, agreeing with a lower court that the company simply fell victim to the credit crisis.

A three-judge panel of the U.S. Court of Appeals for the Ninth Circuit on Tuesday affirmed the U.S. District Court for the Central District of California’s dismissal of the suit brought by plaintiffs Joel Sharenow and Sheldon Pittleman alleging securities law violations by...
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