Corporate defendants are not entitled to know the identity of confidential informants in securities fraud cases if the plaintiff is able to plead sufficient “other facts” that support the claim, but the plaintiffs are nonetheless required to turn over the names and addresses of every witness with “relevant information,” a federal judge has ruled.
“Requiring specific identification of confidential sources from among the universe of individuals with relevant knowledge in a securities fraud case would chill informants from providing critical information which may end up being in the public eye,” U.S. District Judge Michael M. Baylson wrote in his eight-page opinion in In re CIGNA Corp. Securities Litigation.
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