Judge Cuts Down Class Action Over Britannia IPO

Law360, New York (October 20, 2009, 3:45 PM EDT) -- A federal judge has effectively tossed a proposed class action that took issue with allegedly misleading statements surrounding an initial public offering of common stock in dry bulk shipping company Britannia Bulk Holdings Inc.

In an opinion issued Monday, Judge Denise Cote of the U.S. District Court for the Southern District of New York dismissed all the claims against the four underwriter defendants — Goldman Sachs Group Inc., Bank of America Corp., Dahlman Rose & Co. and Oppenheimer & Co. Inc. — and three Britannia directors,...
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