Dynex Can't Shake Securities Fraud Action

Law360, New York (June 21, 2011, 3:45 PM EDT) -- A New York federal judge on Monday kept a securities fraud class action against Dynex Capital Inc. alive, adopting a magistrate judge's finding that the case should continue despite allegations that lawyers for the class made up some witness accounts.

Calling portions of the real estate investment trust's challenge "wishful thinking," U.S. District Judge Harold Baer Jr. said that a magistrate judge was correct when she recommended on April 29 that Dynex's motion to dismiss the case be denied.

"Defendants' ... objections are unpersuasive and largely...
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