Raymond James Financial won the dismissal of a class-action lawsuit on Monday after the judge in the case said the complaint was too long and didn’t contain enough facts.
In the ruling U.S. District Judge Robert Patterson in Manhattan dismissed the lawsuit, which accused the brokerage of reserving too little cash for loan losses.
Judge Patterson did not feel there were enough facts to prove that Raymond James intended to defraud investors by purposely underfunding and then misleading investors about the adequacy of its reserves.
In his ruling, Judge Patterson said most Raymond James alleged misstatements were too general to mislead investors.
The judge also said the plaintiff's complaint, which reached 112 pages was grounds for dismissal.
The case is Woodward v. Raymond James Financial Inc et al, U.S. District Court, Southern District of New York, No. 09-05347.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access