Bank Leumi Wins Dismissal Of ARS Fraud Suit

Law360, New York (October 30, 2009, 2:20 PM EDT) -- Bank Leumi USA has won dismissal of a securities fraud suit accusing the bank of causing Healthcare Finance Group Inc. to lose its more than $1 million investment in auction rate securities.

A judgment dismissing the case was issued Thursday in the U.S. District Court for the Southern District of New York following an Oct. 26 decision from Judge Victor Marrero that HFG had failed to establish loss causation.

HFG sought to recover more than $1 million it invested in auction rate securities issued by Jefferson...
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