Orrick, Calif. Bank Win Toss Of Bond Class Action

Law360, New York (March 9, 2011, 8:22 PM EST) -- A California federal judge on Wednesday permanently nixed a putative shareholder class action claiming Orrick Herrington & Sutcliffe LLP acted fraudulently in advising the state's financing authority to issue $77.6 million in bonds to a museum that later went bankrupt.

Judge Garland E. Burrell of the U.S. District Court for the Eastern District of California granted defendants Orrick and California Infrastructure and Economic Development Bank's motion to dismiss with prejudice the suit alleging that investors relied on a misleading prospectus before purchasing the bonds.

In dismissing...
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