Judge Tosses Suit Over Citigroup-Legg Mason Deal

Law360, New York (March 19, 2008, 12:00 AM EDT) -- A judge has dismissed a class action that alleged Legg Mason Inc. and Citigroup Inc. defrauded investors by omitting details of a secondary public offering following a multibillion-dollar unit swap in 2005.

Judge Denny Chin of the U.S. District Court for the Southern District of New York said Monday that the plaintiffs had failed to state a claim and comply with pleading requirements in the consolidated amended complaint, which he dismissed with prejudice.

The securities class action, which consolidated a number of suits filed in 2006,...
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