National Century Ruling Stalls Discovery

Law360, New York (May 30, 2007, 12:00 AM EDT) -- The federal judge overseeing multidistrict litigation related to the collapse of National Century Financial Enterprises Inc. has rejected a motion to lift a discovery stay in place because of motions to dismiss that have been pending since 2004, according to an attorney for the moving parties.

U.S. Magistrate Judge Mark R. Abel's ruling against the motion notes that the Private Securities Reform Litigation Act of 1995 stays discovery in securities actions while a motion to dismiss is on the table.

Judge Abel's decision comes in the...
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