Securities Class Action Against Fortis Booted

Law360, New York (February 22, 2010, 7:24 PM EST) -- A federal judge has thrown out a securities class action against Fortis that accused the international banking and insurance company of misleading investors about its exposure to subprime mortgage-backed securities and its precarious financial state in the lead-up to its planned acquisition of the Dutch commercial banking entity ABN Amro Holding NV.

Judge Denny Chin on Thursday said that the court hearing the case, the U.S. District Court for the Southern District of New York, did not have jurisdiction over the suit because alleged misstatements came...
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