11th Circ. Backs BankAtlantic Win In Investors’ Fraud Suit

Law360, New York (July 23, 2012, 4:58 PM EDT) -- The Eleventh Circuit on Monday affirmed a Florida federal judge’s decision to overturn a jury verdict that BankAtlantic Bancorp Inc. should pay damages because its executives misled a class of investors about the risk in the company’s $530 million loan portfolio.

A three-judge panel for the appeals court agreed with U.S. District Judge Ursula Ungaro’s conclusion that the plaintiffs, led by State-Boston Retirement System, had failed to show the risk actually caused a drop in stock price, but it disagreed with how the judge arrived at...
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