With Wall Street under attack and angry investors on a rampage for vengeance, law firms can breathe a little easier after U.S. District Judge Gerard Lynch’s ruling in In Re Refco Securities Litigation . On Tuesday, Lynch dismissed claims against Mayer Brown and partner Joseph Collins, who represented Refco before and during its 2005 IPO.
The Manhattan judge offered a broad interpretation of the protection afforded law firms by the U.S. Supreme Court’s 2008 ruling in Stoneridge Investment Partners v. Scientific-Atlantic , 128 S.Ct.761, 768. He concluded that even if Mayer Brown and Collins engaged in fraudulent activity on Refco’s behalf, they were not liable to shareholders unless they made misstatements directly to them. The firm was represented by John Villa of Williams & Connolly; Collins had William Schwartz of Cooley Godward Kronish.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
