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High Court Revives ING MBS Suit In Light Of Omnicare

Law360, New York (March 30, 2015, 11:16 AM EDT) -- The U.S. Supreme Court on Monday vacated a Second Circuit decision to quash a shareholder class action accusing ING Groep NV of illegally hiding risks surrounding its mortgage-backed securities, remanding the case for further consideration in light of the high court's Omnicare decision last week.

The order from the Supreme Court, which granted a petition for a writ of certiorari in Freidus et al v. ING Groep NV et al., restarts a class action that the New York federal appeals court previously declined to revive.

Attorneys for the plaintiffs and defendants did not immediately respond to messages seeking comment.

The plaintiffs,...

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