Defunct Carlyle Fund Escapes Shareholders' Fraud Claims

Law360, New York (August 14, 2012, 1:34 PM EDT) -- A Washington federal judge on Monday agreed to dismiss a consolidated shareholder class action against defunct mortgage-backed securities fund Carlyle Capital Corp., saying the plaintiffs failed to prove the fund had hidden or lied about its financial condition.

U.S. District Judge Amy Berman Jackson found that the Carlyle Group LP fund provided plenty of information in both offering and aftermarket materials related to its initial public offering that indicated the fund did not have the best financials and would be a risky bet.

In addition, despite...
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Case Information

Case Title

PHELPS v. STOMBER et al


Case Number

1:11-cv-01142

Court

District Of Columbia

Nature of Suit

Securities/Commodities

Judge

Amy Berman Jackson

Date Filed

June 21, 2011

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