Securities Fraud Case Over Mortgage Products Tossed

Law360, New York (March 13, 2009, 12:00 AM EDT) -- A judge has thrown out a putative class action alleging securities law violations by Impac Mortgage Holdings Inc. in connection with its offering of nontraditional, or so-called Alt-A, mortgage products, finding that the plaintiffs failed — after repeated attempts — to adequately plead their case.

Judge Andrew J. Gilford filed the order in U.S. District Court for the Central District of California potentially shutting the door on the case by dismissing the plaintiff's complaint without leave to amend.

"Plaintiff argues this case is about a staggering...
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