Class Cert. Granted In Comerica Suit Over Sigma Losses

Law360, New York (September 26, 2013, 2:42 PM EDT) -- A Michigan federal judge on Thursday granted class certification in a lawsuit alleging that Comerica Bank failed to pull out its clients' money from Sigma Finance Corp. before the $27 billion structured investment vehicle collapsed in 2008.

U.S. District Judge Stephen J. Murphy III granted certification to the class, which is led by several Michigan pension funds, “absent timely opposition from” Comerica. The order also said that a trial would begin within 90 days.

The plaintiffs, including the Board of Trustees of the City of Birmingham...
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