Top NY Court Junks Investors' Facebook Share Sale Case

Law360, New York (September 17, 2013, 4:17 PM EDT) -- New York's court of last resort on Tuesday put to rest claims brought by entities formed to purchase Facebook Inc. shares before they went public against SecondMarket Holdings Inc., a broker accused of costing the plaintiffs $9.5 million in profit by botching a private stock deal.

Without comment the New York State Court of Appeals rejected an appeal filed by plaintiffs Facie Libre Associates I and II LLC — funds affiliated with venture capital broker-dealer Felix Investments LLC — likely putting a bow on litigation that...
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