Underwriters Seek Dismissal Of Colonial Case

Law360, New York (September 28, 2009, 3:01 PM EDT) -- A group of defendants, including Charles Schwab & Co. Inc., Credit Suisse Securities LLC and H&R Block Financial Advisors, has asked a judge to dismiss it from a consolidated proposed securities class action alleging bankrupt Colonial BancGroup Inc. misled investors about its subprime lending practices.

In a motion filed Sept. 25 in the U.S. District Court for the Middle District of Alabama, the so-called underwriter defendants said they should be tossed from the case based on lack of jurisdiction. They also said the allegations in the...
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