United States Sixth Circuit

In an action brought under Sections 11 and 12(a)(2) of the Securities Act of 1933 by purchasers of bonds registered by defendant-GMAC, dismissal of the claims is affirmed where: 1) named plaintiffs' own claims were without merit because offering materials did not have material omissions; and 2) the offering materials for the offering in which plaintiffs purchased did not include material misstatements.

Appellate Information

• Decided 03/05/2008
• Published 03/05/2008

Judges

• Before:  KENNEDY, MARTIN, COLE, Circuit Judges.

Court

• United States Sixth Circuit

Counsel

• For Appellees:
  
• ARGUED:  Jacob A. Goldberg, Faruqi & Faruqi, Huntington Valley, Pennsylvania, for Appellants.  Robert J. Kopecky, Kirkland & Ellis, Chicago, Illinois, for Appellees.   ON BRIEF:  Jacob A. Goldberg, Faruqi & Faruqi, Huntington Valley, Pennsylvania, Jamie R. Mogil, Faruqi & Faruqi, New York, New York, Stephen F. Wasinger, Royal Oak, Michigan, for Appellants.  Robert J. Kopecky, Timothy A. Duffy, Kirkland & Ellis, Chicago, Illinois, Dennis M. Barnes, Barris, Sott, Denn & Driker, Detroit, Michigan, for Appellees.