2nd Circ. Says AmEx Statement Protected By PSLRA

Law360, New York (May 18, 2010, 6:46 PM EDT) -- A federal appeals court on Tuesday affirmed the dismissal of a shareholder class action against American Express Co. over investments in junk bonds that lost the company millions, ruling that the company's allegedly misleading statement is a forward-looking statement that is protected by the safe harbor of the Private Securities Litigation Reform Act.

The U.S. Court of Appeals for the Second Circuit affirmed an October 2008 decision by Judge William H. Pauley III of the U.S. District Court for the Southern District of New York dismissing...
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