1st Circ. Revives SEC Case Against Columbia Execs

Law360, New York (December 5, 2008, 12:00 AM EST) -- Flatly rejecting a decision by a Massachusetts federal judge, an appeals court has reversed dismissals of securities fraud claims against two former executives of mutual fund firm Columbia Funds Distributors Inc.

In a decision filed Wednesday, the U.S. Court of Appeals for the First Circuit concluded that the U.S. Securities and Exchange Commission sufficiently alleged claims against the former executives of making misrepresentations to investors as well as aiding and abetting in other securities laws violations.

That ruling effectively threw out a Dec. 29, 2006, decision...
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