Investor Suit Over Layton Energy Oil Funds Axed

Law360, New York (May 24, 2012, 9:08 PM EDT) -- A Texas federal judge has tossed a putative class action alleging Layton Corp. lied about squandering $13.5 million investors had devoted to two energy and oil funds, saying the suit failed to show standing for any of its claims.

U.S. District Judge Sim Lake said in his opinion issued May 18 that the plaintiffs lacked standing to bring the some of the claims because the alleged damages occurred to the funds, not the individuals personally, and that others should have been brought as a shareholder derivative...
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