TD Exits Oilsands Investors' $136M Overvaluation Suit

Law360, New York (September 16, 2011, 5:24 PM EDT) -- TD Securities Inc. won dismissal Thursday from a putative investor class action alleging its client Oilsands Quest Inc. had overstated asset valuations by more than $136 million, causing a collapse of the company's stock when the error was revealed.

The plaintiffs had alleged that TD Securities, as a so-called control person of Oilsands Quest, was in a position to influence the company's financial conduct and thus was partially responsible for its downfall. Following briefing on the matter in New York federal court, U.S. District Judge Jed...
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Case Information

Case Title

Rubenstein v. Oilsands Quest Inc. et al


Case Number

1:11-cv-01288

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Jed S. Rakoff

Date Filed

February 23, 2011

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