MuniMae Investors Can't Use Discovery To Find New Plaintiff

Law360, New York (November 8, 2012, 8:21 PM EST) -- Plaintiffs suing Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets Corp. in multidistrict litigation over a 2005 securities offering by real estate finance company Municipal Mortgage & Equity LLC can't use discovery to find a lead plaintiff for a previously dismissed claim, a Maryland federal judge ruled Thursday.

U.S. District Judge Marvin J. Garbis denied the plaintiffs’ discovery bid asking Merrill and RBC to identify investors to whom they sold MuniMae common stock during MuniMae's secondary purchase offering. 

“Movants ... seek to use...
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