Lawyers Eye Broad Impact From IPO Case

Law360, New York (December 7, 2006, 12:00 AM EST) -- A U.S. appeals court’s decision this week to unbundle class actions in litigation against top investment banks could have consequences for wide swaths of the law, lawyers agree.

On Tuesday, the U.S. Court of Appeals for the Second Circuit threw out the class certification of lawsuits filed by investors against the banks over their role in initial public offerings.

The court 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...
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