CORRECTED: 7th Circ. Affirms Class Cert. For Conseco Investors

Law360, New York (August 24, 2010, 4:01 PM EDT) -- A federal appeals panel has affirmed a finding that the fraud on the market theory could apply in a shareholder suit accusing former Conseco Inc. executives of misstating the company's financial status, allowing the case to move forward as a class action.(Corrects an article published on Aug. 23.)

A three-judge panel of the U.S. Court of Appeals for the Seventh Circuit on Friday roundly rejected the defendants' stance that the company did not qualify for treatment under the fraud-on-the-market theory, which assumes, in an open and...
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