Neuberger Beats Suit Over $30M Gambling Loss In 2nd Circ.

Law360, New York (October 28, 2013, 3:21 PM EDT) -- The Second Circuit on Monday drove a stake through the heart of long-running shareholder derivative litigation over Neuberger Berman LLC's investment in online gambling companies whose revenue depended on illegal bet-taking in the U.S., allegedly causing around $30 million in losses.

A three-judge panel found that Benjamin Gamoran, a Neuberger Berman investor, was not entitled to see the full details of the probe the asset manager's board of directors performed into the late 2005 acquisitions of 888 Holdings PLC and Neteller PLC.

“Upon completing its timely...
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