Genworth Class Loses Cert. Bid Over ‘Moneytalk’ Fraud
By Brandon Lowrey
Law360, Los Angeles (April 15, 2014, 10:36 PM ET) -- A New York federal judge on Tuesday denied certification for a putative class of investors alleging Genworth Financial Wealth Management Inc. committed securities fraud and breached its fiduciary duty, costing them millions, by falsely claiming the celebrity host of the radio show "Moneytalk" would oversee their portfolios.
U.S. District Judge Joseph F. Bianco rejected the plaintiffs’ arguments that all of the putative class members invested because of Genworth’s claims that "Moneytalk" host Bob Brinker would oversee their portfolios, saying that “it is reasonable to assume that...