7th Circ. Tosses Investors' Class Action V. Fidelity

Law360, New York (February 24, 2009, 12:00 AM EST) -- The U.S. Court of Appeals for the Seventh Circuit has tossed a proposed class action filed against Fidelity Management & Research Co. alleging the company violated a contract with investors, ruling that the plaintiffs' claims were precluded by federal securities law.

In a unanimous ruling issued Monday, the Seventh Circuit disagreed with the plaintiffs’ contention that their claims fell under contract law, ruling both that the dispute was a securities law question and that the class action claims failed to clear necessary hurdles under federal securities...
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