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Teamsters Local 445 Freight Division Pension Fund v. Dynex Capital Inc.

Securities fraud plaintiff did not successfully plead scienter against corporate defendants absent successful scienter allegations pleaded against specifically named individual defendant (rejecting bright-line rule that corporate scienter cannot be pleaded in absence of scienter pled as to expressly named officer, but finding no strong inference of corporate scienter under facts alleged).

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Argued: January 30, 2008

Before WALKER, CALABRESI, and POOLER, Circuit Judges.

In this putative securities fraud class action, defendants-appellants Dynex Capital Inc. (“Dynex”) and Merit Securities Corp. (“Merit”) appeal an order entered on February 10, 2006 in the District Court for the Southern District of New York (Harold Baer, Jr., Judge) denying a motion by Dynex and Merit to dismiss the action as to them. On appeal, defendants argue that the district court erred when it found that plaintiff had successfully pleaded scienter against Dynex and Merit despite failing to find scienter pleaded as to any specific officer or employee of either company. They also assert that certain aspects of this action are barred by standing rules and the applicable statute of limitations.

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