A federal judge in Philadelphia has dropped Clifford Chance from a securities class action, citing the U.S. Supreme Court’s recent decision in Stoneridge Investment Partners v. Scientific-Atlantic Inc.
The London-based Clifford Chance firm had been facing suit by shareholders of DVI Inc., a health care finance company the law firm had represented in the months leading up to its 2003 bankruptcy filing. The shareholders had accused the firm of participating in a scheme with DVI’s executives to engage in sham transactions designed to conceal the company’s true financial health.
