National Century Ruling Stalls Discovery

Law360, New York (May 30, 2007, 12:00 AM EDT) -- The federal judge overseeing multidistrict litigation related to the collapse of National Century Financial Enterprises Inc. has rejected a motion to lift a discovery stay in place because of motions to dismiss that have been pending since 2004, according to an attorney for the moving parties.

U.S. Magistrate Judge Mark R. Abel's ruling against the motion notes that the Private Securities Reform Litigation Act of 1995 stays discovery in securities actions while a motion to dismiss is on the table.

Judge Abel's decision comes in the...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.