Appeals Court Revives $1.2B IPO Antitrust Case

Law360, New York (September 11, 2007, 12:00 AM EDT) -- In a twist in a case with broad implications for both securities and antitrust law, a federal appeals court has reinstated a putative $1.2 billion antitrust class action against numerous investment banks over their role in initial public offerings.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Tuesday overturned a district court's denial of the issuer-plaintiffs' motion for class certification.

Even though the actual plaintiffs do not fall under the class definition, they may still act as class representatives, the...
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