Law360, New York (September 7, 2011, 5:22 PM EDT) -- A Georgia federal judge on Wednesday refused to dismiss a revised securities class action claiming SunTrust Banks Inc. and its underwriters — Morgan Stanley & Co., Merrill Lynch & Co. and UBS Securities LLC — misled investors about the bank's tenuous financial state.
U.S. District Judge William S. Duffey Jr. ruled that plaintiff Belmont Holdings Corp. added enough in its first amended complaint to survive motions to dismiss from SunTrust, its underwriters and auditor Ernst & Young LLP.
Belmont claims SunTrust and the other defendants hid...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.