No Reason For Discovery In Cash Sweep Suit: Judge

Law360, New York (November 14, 2008, 12:00 AM EST) -- The judge overseeing a case accusing major financial services companies of breaching their fiduciary duties by sweeping billions of dollars of their clients’ uninvested money into low-interest bank accounts controlled by the firms has denied the plaintiffs' request to begin discovery in the case.

Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York issued an order Thursday stating that the plaintiffs have not shown sufficient reason why a discovery hearing should be held, as they requested in letters sent...
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