Pleading scienter for individual defendants is not always required to support a showing of corporate scienter in a securities fraud class action, the 2nd Circuit has ruled, rejecting an argument that it adopt such a rule as a pleading requirement under the Private Securities Litigation Reform Act. The court ruled that a putative class action brought against Dynex Capital and Merit Securities by a Teamsters pension fund must be dismissed, but also gave the union an opportunity to replead following dismissal.
June 30, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The circuit rejected an argument that it adopt such a rule as a pleading requirement under the Private Securities Litigation Reform Act.
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