Fremont Subprime Fraud Claims Insufficient: Judge

Law360, New York (October 29, 2008, 12:00 AM EDT) -- A federal judge dismissed a class action accusing Fremont General Corp. along with a number of its executives of securities fraud Tuesday, saying allegations against the troubled subprime lender failed to state a claim on which relief could be granted.

Judge Florence-Marie Cooper of the U.S. District Court for the Central District of California granted the defendants' motion to dismiss the amended consolidated complaint filed by lead plaintiff New York State Teachers’ Retirement System in March.

The complaint, originally filed in September 2007, accused the defendants...
To view the full article, register now.