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8th Circ. Nixes Short-Selling Suit V. DTCC

Law360 (March 9, 2009, 12:00 AM EDT) -- A federal appeals court on Monday affirmed the dismissal of a securities case accusing the Depository Trust & Clearing Corp., which oversees the clearing and settlement of securities in the U.S., of engaging in a short-selling conspiracy through its loan-borrow program.

The district court did not err in concluding that an amended complaint would have been futile, according to the U.S. Court of Appeals for the Eighth Circuit, dealing another blow to Pet Quarters Inc., which brought the lawsuit.

Arkansas-based Pet Quarters claimed to have suffered...
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