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Liberty Mutual Insurance Company v. Goldman

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK


May 2, 2012

LIBERTY MUTUAL INSURANCE COMPANY, LIBERTY MUTUAL FIRE INSURANCE COMPANY, PEERLESS INSURANCE COMPANY, SAFECO CORPORATION, AND LIBERTY LIFE ASSURANCE COMPANY OF BOSTON, PLAINTIFFS,
v.
GOLDMAN, SACHS & CO., DEFENDANT.

The opinion of the court was delivered by: Cedarbaum, J.

MEMORANDUM OPINION AND ORDER

MEMORANDUM OPINION AND ORDER

Defendant's motion to dismiss plaintiffs' federal securities fraud claims under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. § 240.10b-5, is granted with leave to file a Second Amended Complaint by June 5, 2012. A Second Amended Complaint should allege sufficient facts to make it plausible that defendant had ultimate authority over the alleged misrepresentations in the Series Z Offering Circular.

In addition, a Second Amended Complaint should state with particularity the facts that show that defendant intentionally misrepresented its knowledge of the capitalization of Freddie Mac or the facts that show that defendant recklessly ignored such knowledge. I reserve decision on defendant's motion to dismiss plaintiffs' state law claims.

SO ORDERED.

MIRIAM GOLDMAN CEDARBAUM United States District Judge

20120502

© 1992-2012 VersusLaw Inc.



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