On Wednesday, Manhattan federal Judge Gerard Lynch dismissed Mayer Brown and partner Joseph Collins as defendants in the Refco securities class action, concluding that the Supreme Court's Stoneridge ruling gave the plaintiffs no basis to sue them, even if they had engaged in fraud. But now Lynch is urging Congress to change the law. In a footnote to a corrected opinion, Lynch faults the legal system for failing to provide shareholders the right to sue guilty accomplices.
In Revised Mayer Brown Ruling, Judge Bemoans 'Stoneridge' Handcuffs, Calls for Legislative Action
The American Lawyer
March 20, 2009