The year is less than two weeks old, but it is already clear that securities class action plaintiffs looking to hold financial institutions accountable for losses tied to the subprime meltdown will continue to have a tough time in 2011.
That is one conclusion that can be drawn from last Wednesday’s 20-page ruling by Southern District Judge Paul A. Crotty, who rang in the new year by dismissing a securities class action suit against Barclays, current and former bank directors, and a group of underwriters for allegedly misleading investors about Barclays’ exposure to risky mortgage-backed assets from 2006 to 2008.
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