Sunday, December 11, 2005

Dismiss it Like a Ford

Well, the Second Circuit has sure made a quick job of the Ford securities class action, which had been tossed out by Judge Charles S. Haight (S.D.N.Y.) earlier this year. After summarizing the procedural history and a bit of the facts, the Panel said “upon de novo review, we conclude, substantially for the reasons set forth in the District Court's thoughtful and comprehensive opinions, that the amended complaint was properly dismissed for failure to plead with particularity that defendants made any material misrepresentation or omission with scienter.”

That’s it folks. No analysis, no discussion, just a swift kick to the curb. Ouch.

You can read Fadem v. Ford Motor Co., issued December 7, 2005, here, or at 2005 U.S. App. LEXIS 26839.

Nugget: “We have considered all of plaintiffs' arguments on appeal and find them to be without merit.”

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