Judge Tosses Shareholder Action Against Optionable

Law360, New York (September 16, 2008, 12:00 AM EDT) -- A federal judge has thrown out a shareholder class action accusing energy derivatives brokerage Optionable Inc. of hiding improper deals with its largest client, Bank of Montreal.

Judge Lewis Kaplan, overseeing the consolidated securities fraud cases in the U.S. District Court for the Southern District of New York, granted Optionable's motion to dismiss the amended complaint on Monday, saying a case had not been made for fraud.

Optionable was first sued by shareholders in the wake of BMO's announcement in April last year that it would...
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