SecondMarket Skirts $9.5M Suit Over Facebook Share Sale

Law360, New York (February 28, 2013, 4:53 PM EST) -- SecondMarket Holdings Inc., which runs a stock market for private companies, on Tuesday managed to shake off an investor suit in a New York state appeals court over a planned purchase of then-private Facebook Inc. shares that went awry and allegedly cost investors $9.5 million in lost profits.

The appeals court handed the win to SecondMarket by reversing a lower court’s August decision to spare the intentional misrepresentation claims by a pair of investment funds known as Facie Libre, affiliated with venture capital broker-dealer Felix Investments...
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