Banks Ask 9th Circ. To Review Revival Of IPO Suits

Law360, New York (December 17, 2010, 2:16 PM EST) -- Investment banks including JPMorgan Chase & Co. and Bank of America Corp. have asked a federal appeals court for an en banc review of its recent decision to partially reopen a consolidated securities action over initial public offerings of 54 companies in the late 1990s.

Filed Thursday in the U.S. Court of Appeals for the Ninth Circuit, the banks' petition said that the Dec. 2 decision was based on a nearly 30-year-old case that should be overturned because it effectively eliminated the statute of limitations for...
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