2nd Circ. Affirms Dismissal Of Suit Over CBRE IPO

Law360, New York (July 26, 2011, 4:01 PM EDT) -- The Second Circuit on Tuesday affirmed the dismissal of a shareholder class action accusing CBRE Realty Finance Inc. of failing to disclose, on the eve of its initial public offering, that the recipient of a $51.5 million loan was on the verge of defaulting.

Agreeing with the lower court that nixed the case in 2009, a three-judge panel for the appeals court found that the lead plaintiffs had failed to show the alleged omission was material. However, unlike the district court, the Second Circuit did not...
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