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A Southern District of New York judge has raised the bar for class certification in securities fraud lawsuits that accuse stock analysts of tailoring their evaluations to curry favor with their firms' institutional clients. In an area of law the Second Circuit U.S. Court of Appeals has described as being in flux, Judge Jed Rakoff rejected class action status for three consolidated suits against Lehman Brothers even though the allegations were sufficient to survive motions to dismiss.
July 12, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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