9th Circ. Revives 24 IPO Suits Against BofA, Others

Law360, New York (January 18, 2011, 7:39 PM EST) -- The Ninth Circuit has revived two dozen cases in a consolidated securities action against JPMorgan Chase & Co., Bank of America Corp. and several other investment banks, ruling that a lower court wrongfully dismissed the cases as time-barred.

The U.S. Court of Appeals for the Ninth Circuit on Tuesday ruled that 24 of 54 cases in the action —which allege the banks engaged in prohibited “short-swing” transactions during a series of initial public offerings — weren’t subject to a two-year statute of limitations.

According to the...
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