GE Ruling Thrusts Rare SEC Rule Into Spotlight

Law360, New York (April 23, 2012, 7:01 PM EDT) -- A New York federal judge invoked a little-used U.S. Securities and Exchange Commission rule Wednesday to dismiss a host of bank underwriters from litigation over alleged misstatements in a 2008 General Electric Co. secondary securities offering, potentially creating more obstacles for such class actions in the future.

The litigation involves shareholder lawsuits over false statements GE allegedly made during a $12 billion secondary stock offering to investors in the fall of 2008 about, among other things, the troubles it was having financing its short-term operations with...
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