2nd Circuit: Some Statements In Investors’ Suit Against Insurance Firm Actionable

(September 5, 2023, 9:01 AM EDT) -- NEW YORK — A panel of the Second Circuit U.S. Court of Appeals partly affirmed and partly vacated the ruling of a federal judge who dismissed a securities case brought by investors against an insurance company after it publicly acknowledged significant errors in five years of filings to the Securities and Exchange Commission, finding that the judge erred in finding some statements made by the insurer nonactionable but agreeing that the investors failed to establish scienter based on the allegations in the complaint....