Securities Fraud Action Dismissal Affirmed

In In re: Interbank Funding Corp. Sec. Litig., No. 09-7167, an action by purchasers of securities of InterBank Funding Corporation, claiming that they relied on materially false misrepresentations and omissions by Interbank’s auditor, the court affirmed the denial of plaintiffs’ motion for leave to amend their complaint where, because, as plaintiffs conceded, the Affiliated Ute presumption of reliance did not apply to affirmative misrepresentations, plaintiffs’ proposed amendment to their complaint would be futile.

Related Resources

  • Read the DC Circuit’s Decision in In re: Interbank Funding Corp. Sec. Litig., No. 09-7167

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