In re Morgan Stanley Info. Fund Secs. Litig., No. 09-0837 - U.S. Second Circuit
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In re Morgan Stanley Info. Fund Secs. Litig., No. 09-0837

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.

Read In re Morgan Stanley Info. Fund Secs. Litig., No. 09-0837

Appellate Information

Argued: November 13, 2009

Decided: January 25, 2010

Judges

Opinion by Judge Wesley

Counsel

For Appellants:

Dani W. Krasner, Jeffrey S. Nobel and Nancy A. Kulesa, Izard Nobel LLP, Hartford,
CT

For Appellees:

Richard A. Rosen and Walter Rieman, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY