SunTrust, Morgan Stanley, Merrill Dodge Securities Suit

Law360, New York (September 13, 2010, 11:46 AM EDT) -- A federal judge has dismissed a proposed securities class action against SunTrust Banks Inc., Morgan Stanley & Co. Inc., Merrill Lynch & Co. Inc. and UBS Securities LLC, saying plaintiff Belmont Holdings Corp. failed to properly allege it was misled about SunTrust's financial state.

Judge William S. Duffey Jr. of the U.S. District Court for the Northern District of Georgia said Friday that Belmont cannot go forward with its suit alleging SunTrust hid its exposure to high-risk loans in the housing market when it issued stock...
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