Dismissal Bids Denied In Prudential Market Timing Suit

Law360, New York (September 4, 2008, 12:00 AM EDT) -- Two of four defendants accused of ripping off more than 25 mutual funds and their shareholders through thousands of market timing trades worth over $2.5 billion had their bids to dismiss the claims against them rejected on Wednesday.

Frederick J. O'Meally and Michael L. Silver asked U.S. District Judge Laura Taylor Swain to dismiss the U.S. Securities and Exchange Commission's complaint in separate motions filed in federal court in Manhattan in December 2006.

The defendants, who were formerly employed by Prudential Securities Inc. (now known as...
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