• September 18, 2010

This week the U.S. Court of Appeals for the Eighth Circuit affirmed U.S. District Court Judge Richard Kyle, Sr.’s dismissal of Plaintiff Detroit General Retirement System (et al.)’s putative securities fraud class action under the PLRA (Private Securities Litigation Reform Act of 1995).   Plaintiffs’ case was crushed between the Scylla and Charibdis of the PLSRA’s requirements for pleading false and misleading statements with particularity, along with the similar pleading requirement for allegations of  “scienter,” that is, intent to defraud.  The Court of Appeals also affirmed the trial court’s denial of the request for leave to amend, saying “amendment is futile.”

Still pending, the appeal on Judge Kyle’s ruling in Bryant (covered back in April by Minnesota litigator), the multi-district litigation “sister case.”

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