2nd Circ. Lets 1 Claim Survive In Citifunds Suit

Law360, New York (May 6, 2011, 7:25 PM EDT) -- The Second Circuit revived one claim Friday in a shareholder derivative suit regarding a 2005 deal and targeting the independent trustees of investment fund Citifunds Trust III that has appeared in three different courts over the past five years.

After considering the Massachusetts state high court's response to a question the federal appeals court certified in 2009, a three-judge panel for the Second Circuit affirmed a New York district court's dismissal of the suit's direct claim of violation of the Investment Company Act of 1940 and...
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