Investors' $6B Suit Against DLA, Apple REIT Gets Tossed

Law360, New York (April 2, 2013, 7:22 PM EDT) -- Brokerage David Lerner Associates Inc. and Apple REIT Inc. on Sunday won a bid to toss a $6 billion class action accusing them of misleading investors and inflating shares.

U.S. District Judge Kiyo A. Matsumoto granted their July motions to dismiss the suit for failure to state a claim, according to a docket entry Sunday, which stated that an opinion describing the reasoning behind the decision had yet to be issued.

The upshot of the ruling is that the amended consolidated suit is dismissed with prejudice,...
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