In Victory For Banks, Court Tosses Class In IPO Cases

Law360, New York (December 5, 2006, 12:00 AM EST) -- In a far-reaching decision that clarifies standards for certifying class actions, a U.S. appeals court Tuesday threw out the class certification of lawsuits filed by investors against the world’s largest investment banks over their role in initial public offerings.

The U.S. Court of Appeals for the Second Circuit set aside an earlier decision by Manhattan District Court Judge Shira A. Scheindlin granting a motion for class certifications in six focus cases out of 310 consolidated class actions, which themselves were consolidations of thousands of separate class...
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