United States District Court, S.D. New York
January 20, 2004.
IN RE WORLDCOM, INC. SECURITIES LITIGATION, This Document Relates to: 02 Civ. 3288 (DLC); SUNTRUST BANK and TRUSCO CAPITAL MANAGEMENT, INC., Plaintiffs, -v- BERNARD J. EBBERS, et al., Defendants
The opinion of the court was delivered by: DENISE COTE, District Judge
On September 16, 2002, plaintiffs SunTrust Bank and Trusco Capital
Management, Inc. (collectively, "SunTrust") filed an action asserting
claims arising from the collapse of WorldCom, Inc. Their complaint
included Securities Act of 1933 ("Securities Act") claims based on 1997
and 1998 WorldCom Bond Offerings ("1997 and 1998 Claims"), along with
On December 2, 2003, defendants moved to dismiss SunTrust's 1997 and
1998 Claims based on the November 21 Opinion in this Securities
Litigation. See In re WorldCom, Inc. Securities Liticr., No. 02 Civ. 3288
(DLC), 2003 WL 22738546 (S.D.N.Y. Nov. 21, 2003)("November 21 Opinion").
The November 21 Opinion held, among other things, that the one year/three
year statute of limitations provided in the Securities Act governed the
Securities Act claims in the individual WorldCom action addressed
in that opinion. SunTrust was required to, but has not shown, why
the November 21 Opinion does not require the defendants' motions to be
granted. SunTrust's opposition to the motion merely preserves its right
to disagree with the November 21 Opinion. Accordingly, it is hereby
ORDERED that the defendants' motions to dismiss with prejudice the 1997
and 1998 Claims, to the extent that they are pleaded in Counts I, II,
III, IV, and V of SunTrust's complaint, are granted.
© 1992-2004 VersusLaw Inc.