Boies, Schiller & Flexner and client Starr Investments cleared a hurdle in their pursuit of securities fraud claims stemming from Starr’s soured investment in China MediaExpress Holding, Inc., one of many Chinese companies to be listed on a U.S. stock exchange through a so-called reverse merger. On Thursday U.S. District Judge Richard Andrews in Wilmington, Del., held that Starr’s claims weren’t barred by the U.S. Supreme Court’s 2010 ruling in Morrison v. National Australia Bank.
Starr, a firm run by former AIG chief and regular Boies Schiller client Maurice “Hank” Greenberg, filed suit in March 2011, claiming it had been fraudulently induced to buy stock in China MediaExpress. Starr accused the company, its executives, its auditors at Deloitte Touche Tohmatsu and others of overstating the company’s financial results.
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