Circuit Rejects Appeal In Vance Eaton Dispute

Law360, New York (March 16, 2007, 12:00 AM EDT) -- A federal appeals court has ruled that a group of investors that sued wealth management firm Vance Eaton Corp. are not entitled to implied private rights under the Investment Company Act of 1940.

The decision from the U.S. Court of Appeals for the Second Circuit scuttled the plaintiffs bid to resuscitate their claims after the district court rejected their request for leave to amend the complaint for a third time.

The appeals court held that the plaintiffs had already had two previous opportunities to amend —...
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