N.Y.'s Top Court Paves Way for Unions to Sue Over Wall Street Fraud
Thanks to a Tuesday decision from New York's highest court, unions and other burned investors will now have another avenue to take in fighting Wall Street's alleged fraud and misconduct.
New York's high court, known as the Court of Appeals, has paved the way for investors, including union pension plans, to file private negligence claims against major Wall Street financial institutions for alleged securities-related fraud.
In a unanimous decision, the Court of Appeals rejected an argument from J.P. Morgan Investment Management that New York's Martin Act -- a powerful 90-year-old law enabling the state attorney general broad authority to crack down on financial fraud -- preempts investors from launching their own private common-law claims.
More at link: http://www.ibtimes.com/articles/271049/20111221/n-y-s-top-court-paves-way.htm?mid=55