United States Second Circuit

In a securities fraud action alleging that defendant bank failed to make certain disclosures relating to the mutual funds it offered, the dismissal of the complaint is affirmed where: 1) neither the Securities Act nor Form N-1A required defendants to disclose the information that plaintiffs allege was omitted; and 2) a careful review of plaintiffs' allegations revealed that the true object of their claims was the alleged malfeasance of the mutual funds' affiliated broker-dealer entities and not the public offerings conducted by the funds themselves.

Appellate Information

• Argued 11/13/2009
• Decided 01/25/2010
• Published 01/25/2010

Judges

• WESLEY, Circuit Judge:, Before: McLAUGHLIN and WESLEY, Circuit Judges, and KAHN, District Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Dani W. Krasner (Jeffrey S. Nobel and Nancy A. Kulesa, Izard Nobel LLP, Hartford, CT; Robert B. Weintraub, Wolf Haldenstein Adler Freeman & Herz LLP, New York, NY, on the brief), Wolf Haldenstein Adler Freeman & Herz LLP, New York, NY, for Plaintiffs-Appellants in both actions., Mark Pennington (David M. Becker, Mark D. Cahn, Jacob H. Stillman, on the brief), for amicus curiae Securities and Exchange Commission.


• For Appellees:
  
• Richard A. Rosen (Walter Rieman, on the brief), Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendants-Appellees in both actions.