Another class action attempt by investors in aerospace and defense contractor L3 over the company’s 2014 accounting fraud faced defeat Thursday. U.S. District Judge Valerie Caproni of the Southern District of New York dismissed Employee Retirement Income Security Act of 1974 claims against the company, finding, as she did in an earlier suit, that plaintiffs failed to allege plausible claims against the company’s executives.
In April 2016, Caproni ruled in Patel v. L-3 Communications Holdings, 14-cv-06038, that individual claims against L3 executives Michael Strianese and Ralph D’Ambrosio should be dismissed over a failure by plaintiffs to show, under the heightened securities fraud standards, the required scienter on behalf of defendants.
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