General Growth Securities Fraud Action Trimmed

Law360, New York (September 21, 2009, 6:24 PM EDT) -- A federal judge has partially tossed a putative securities fraud class action against 11 officers and directors of bankrupt General Growth Properties Inc., but has given the green light to claims that executives made false representations about the real estate investment trust's ability to pay off billions of dollars in debt.

Judge Milton I. Shadur of the U.S. District Court for the Northern District of Illinois on Thursday threw out as inadequately pled lead plaintiff Sharankishor Desai's claims that the executives schemed to sell shares of...
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