Shareholder Class Action Over Imperial IPO Goes Federal

Law360, New York (October 26, 2011, 2:32 PM EDT) -- Life insurance investor Imperial Holdings Inc. removed to Florida federal court on Tuesday a proposed class action alleging it failed to notify shareholders of the purported wrongdoing that led to the launch of a federal probe and FBI raid.

Plaintiff Martin J. Fuller claims Imperial, which makes lump-sum payments for life insurance policies and legal settlements, violated the Securities Act by neglecting to tell investors about company misconduct in its initial public offering in February. Fuller also tags five Imperial executives and the three co-lead underwriters...
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