In an opinion released yesterday in a securities case arising from a GE stock offering, Judge Cote granted defendants’ motion for reconsideration of the court’s partial denial of their motion to dismiss. Judge Cote agreed with the defendants that the misstatements underlying plaintiff’s Securities Act claims were either inactionable opinion, or immaterial as a matter of law. The ruling dismisses all Securities Act claims, and disposes of all claims against forty-two (of fifty-three) defendants in the case. Judge Cote was not reversing herself, however. The January 12, 2012 order she had been asked to reconsider was authored by Judge Holwell, who stepped down from the bench in February of this year.
Continue Reading Judge Cote Reconsiders Securities Ruling Judge Holwell Issued Before He Left the Bench