Dismissal Of Rule 10b-5 Claim In Securities Suit Was Warranted, Panel Rules

Mealey's (July 12, 2019, 8:33 AM EDT) -- NEW YORK — A federal district court properly dismissed a guardian’s federal securities law claim brought on behalf of her disabled sister against several defendants in a private action because the plaintiff failed to plausibly show that the unsuitability of an annuity certain defendants were alleged to have fraudulently established on behalf of the sister caused the plaintiff’s loss, a Second Circuit U.S. Court of Appeals panel ruled in a July 11 summary order (Fredia Robertson v. MetLife Securities Inc., et al., No. 18-1236, 2nd Cir., 2019 U.S. App. LEXIS 20543)....