Virus Delays Long-Running Securities Fraud Trial To Late 2023
Law360 (January 20, 2021, 10:37 PM EST) -- Citing the current COVID-19 pandemic, a Louisiana federal judge has ordered a two-and-a-half-year postponement for a trial between individual investors and Commonwealth Advisors over securities fraud allegations dating from the Great Recession of 2007–09.
The long-running case concerns investors' claims that Commonwealth Advisors Inc. inflated valuations of a collateralized debt obligation sold to them, and then misrepresented the risk of the underlying mortgage-backed securities.
On Tuesday, U.S. District Judge Shelly Dick granted a delay of a trial that was set for Feb. 1, saying simply, "Court cancels jury trial due to the COVID-19 pandemic and the inability to carry out safety protocols." She reset...
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