Motion To Stay In Securities Suit Fails To Meet Nken Factors, Judge Rules
(June 28, 2016, 2:03 PM EDT) -- NEW YORK — A federal judge in New York on June 24 denied a motion for a stay in a securities class action lawsuit and several related actions, ruling that the defendants’ motion fails to meet the guidelines established in the U.S. Supreme Court’s ruling in Nken v. Holder (In re Petrobas Securities Litigation, No. 14-9662, S.D. N.Y.; 2016 U.S. Dist. LEXIS 82426).
(Memorandum order available. Document #57-160718-005R.)
Lead plaintiff Universities Superannuation Scheme Ltd. (USS) and shareholders Employees’ Retirement System of the State of Hawaii and...