SOX Cannot Revive Dean Witter Fraud Case: Court

Law360, New York (July 30, 2007, 12:00 AM EDT) -- An appeals court has marked the fifth anniversary of the Sarbanes-Oxley Act by dismissing a securities fraud case against brokers Dean Witter Reynolds Inc., ruling the class action could not be revived even by today's more generous statute of limitations.

In its decision published Friday, the Eleventh Circuit overturned a Florida district court's ruling and ordered the class action remanded back for dismissal, saying plaintiffs in the case had ample time in which to sue the firm before the 2002 Act.

The circuit judges ruled that...
To view the full article, register now.