U.S. Ninth Circuit - The FindLaw 9th Circuit Court of Appeals Opinion Summaries Blog

Desai v. Deutsche Bank Secs. Ltd., No. 08-55081

In a securities fraud class action, denial of plaintiffs' motion for class certification is affirmed where no authority supported plaintiffs' proposed "integrity of the market" presumption in market manipulation cases, and thus, the district court correctly declined to presume class-wide reliance on the allegedly fraudulent statements.

Read Desai v. Deutsche Bank Secs. Ltd., No. 08-55081

Appellate Information

Argued and Submitted May 7, 2009

Filed July 29, 2009


Per Curiam

Concurrence by Judge O'Scannlain

Concurrence by Judge Graber


For Appellants:

Joseph J. Tabacco, Jr., Berman, DeValerio, Pease, Tabacco Burt & Pucillo, San Francisco, CA

Ira M. Press, Kirby, McInerney LLP, New York, NY

For Appellee:

James H.R. Windels, Davis, Polk & Wardwell, New York, NY