ACA FINANCIAL GUARANTY CORP. v. ADVEST, INC.

No. 07-1367.

512 F.3d 46 (2008)

ACA FINANCIAL GUARANTY CORPORATION; Dryden National Municipals Funds, Inc.; John Moore; Lois Moore; Smith Barney Income Funds/Smith Barney Municipal High Income Fund; T. Rowe Price Tax-free High Yield Fund, Inc., Plaintiffs, Appellants, Denise McKeown; Robert Lutts, Plaintiffs, v. ADVEST, INC.; Karen Sughrue; Garry Crago; Jean Childs; Paula Edwards Cochran; G. Davis Stevens, Jr.; Julia Demoss; William R. Dill; Leslie A. Ferlazzo; Joyce Shaffer Fleming; Eric W. Hayden; Catherine Chapin Kobacher; Anne Marcus; Celeste Reid; Richard J. Sheehan, Jr.; Joseph Short; Gregory E. Thomas; Susan K. Turben; Donald W. Kiszka, Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided January 10, 2008.


Attorney(s) appearing for the Case

Michael Tabb with whom Greene & Hoffman, P.C. was on brief for appellants.

Scott A. Roberts with whom Sullivan Weinstein & McQuay, P.C. was on brief for Karen Sughrue, Garry Crago, Jean Childs, Paula Edwards Cochran, G. Davis Stevens, Jr., Julia DeMoss, William R. Dill, Leslie A. Ferlazzo, Joyce Shaffer Fleming, Eric W. Hayden, Catherine Chapin Kobacher, Anne Marcus, Celeste Reid, Richard J. Sheehan, Jr., Joseph Short, Gregory E. Thomas, Susan K. Turben, and Donald W. Kiszka.

Jonathan L. Kotlier with whom Nutter McClennen & Fish LLP was on brief for Advest, Inc.

Before LYNCH, Circuit Judge, CAMPBELL and SELYA, Senior Circuit Judges.


LYNCH, Circuit Judge.

Bond purchasers brought suit alleging violations of federal securities laws in the May 1998 offering of bonds of Bradford College in Massachusetts. In January 2000, the college defaulted on its bond obligations. This suit was brought ten months later. The district court dismissed the amended complaint for failure to meet the pleading standards in the Private Securities Litigation Reform Act of 1995 ("PSLRA"), Pub.L. No. 104-67, 109 Stat. 737...

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