Orrick, Calif. Bank Escape Class Action Over Bonds

Law360, New York (June 14, 2010, 12:39 PM EDT) -- Orrick Herrington & Sutcliffe LLP, which advised a California state infrastructure bank on a $77 million bond issuance for the benefit of a bankrupt wine and food museum, has won the dismissal of a putative securities class action alleging the bond prospectus misled investors.

Judge Garland Burrell Jr. of the U.S. District Court for the Eastern District of California issued the ruling Thursday, saying the lead plaintiff, William George, failed to show that he relied on the prospectus before purchasing the bonds.

But Judge Burrell granted...
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