A $40bn (£20.4bn) class-action suit filed by
investors against Merrill Lynch and Credit Suisse Group has been blocked by a
New Orleans federal appeals panel.
Court of Appeals 53-page decision included a detailed criticism of US
district Judge Melinda Harmon who granted class-action status to the case.
The panel said Harmon’s decision was partly based on ‘legal error’ regarding
the banks’ liability.
The lawsuit has been sent back to the lower court for reconsideration.
Lerach said they were ‘disappointed’ with the outcome.
‘We respect the court, but we think the decision is clearly wrong,’ he said.
The investors are now set to seek a Supreme Court review of the Appeal
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