1st Circ. Pondering En Banc Hearing In Columbia Suit

Law360, New York (February 24, 2009, 12:00 AM EST) -- A federal appeals court is considering granting an en banc rehearing in a case against two former executives of Columbia Funds Distributors Inc. to consider whether underwriters of a mutual fund can be held liable for securities violations on a theory of implied statement.

The U.S. Court of Appeals for the First Circuit on Monday denied the executives' request for a panel rehearing, but asked the U.S. Securities and Exchange Commission and interested amici to brief the court on whether an en banc hearing should be...
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