2nd Circ. Won't Revive Subprime Class Action Against ING

Law360, Los Angeles (November 22, 2013, 4:05 PM EST) -- The Second Circuit on Friday refused to revive a shareholder class action accusing ING Groep NV of illegally hiding its risky mortgage-backed securities, ruling that the expiration of a statute of limitations prevented the plaintiffs from bringing their claims.

Affirming a lower court ruling, the appeals court said the Dutch banking company disclosed information related to its troubled investments in September 2007, starting the clock on a limitations period that expired by the time the plaintiffs filed suit in February 2009.

The plaintiffs, a group of...
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