Financial Firms, PwC Fight Claims Over Colonial Fraud
Law360, New York (August 2, 2011, 6:14 PM EDT) -- A bevy of Wall Street firms that sold Colonial BancGroup Inc. securities and its former auditor PricewaterhouseCoopers LLP tried to snuff a putative class action in Alabama on Monday alleging they had a role in a massive fraud that toppled Colonial.
Underwriter defendants including Banc of America Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc. moved to dismiss claims they misled Colonial investors about the quality of Colonial Bank's mortgage portfolio and business practices.
"The first amended complaint should be dismissed because it fails to allege material misstatements, proves that loss causation is absent, and ignores the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!