SocGen Escapes Subprime Securities Class Action

Law360, New York (September 29, 2010, 4:55 PM EDT) -- A federal judge has thrown out a consolidated securities class action accusing Societe Generale and its directors and officers of insider trading, hiding almost €7 billion ($9.4 billion) in losses racked up by a rogue trader, and concealing exposure to risky subprime mortgages.

Judge Richard Berman granted the defendants' motion to dismiss in the U.S. District Court for the Southern District of New York on Wednesday, ruling that none of the plaintiffs could bring a Section 10(b) claim.

“Where, as here, domestic plaintiffs purchased shares of...
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