IOWA PUBLIC EMPLOYEES' RETIREMENT v. MF GLOBAL

Docket No. 09-3919-cv.

620 F.3d 137 (2010)

IOWA PUBLIC EMPLOYEES' RETIREMENT SYSTEM, Policemen's Annuity & Benefit Fund of Chicago, Central States, Southeast and Southwest Areas Pension Fund, State-Boston Retirement System, MF Global Institutional Investors Group, Plaintiffs-Appellants, Michael Rubin, individually and on behalf of all others similarly situated, Plaintiff, Nanette Katz, Frank Matassa, Sunshine Wire and Cable Defined Benefit Plan Trust, individually and on behalf of all others similarly situated, Michael J. Rudnick, individually and on behalf of all others similarly situated, Consolidated-Plaintiffs, v. MF GLOBAL, LTD., Man Group, PLC, Kevin R. Davis, Amy S. Butte, Alison J. Carnwath, Christopher J. Smith, Christopher Bates, Henri J. Steenkamp, Edward L. Goldberg, Deutsche Bank Securities, Inc., ABN Amro Rothschild LLC, Banc of America Securities, LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Keefe, Bruyette & Woods, Inc., Sandler O'Neill & Partners, L.P., Wachovia Capital Markets LLC, CL King & Associates, Inc., Dowling & Partners Securities, LLC, E*Trade Securities LLC, Fortis Securities LLC, Guzman & Co., ING Financial Markets, LLC, Jeffries & Co., Inc., Lazard Capital Markets LLC, M.R. Beal & Co., Mizuho Securities USA, Inc., Muriel Siebert & Co., Inc., Oppenheimer & Co., Inc., Piper, Jaffray & Co., Raymond James & Associates, Inc., RBC Markets Corp., Robert W. Baird & Co., Inc., Samuel A. Ramirez & Co., Inc., SMH Capital Inc., Stifel, Nicolaus & Co., Inc., Sun Trust Capital Markets, Inc., The Williams Capital Group, L.P., Utendahl Capital Partners, L.P., Wells Fargo Securities, LLC, William Blair & Co., LLC, Defendants-Appellees, Merrill Lynch, Pierce Fenner & Smith, Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets, Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc., UBS Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co., Inc., Consolidated-Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: September 14, 2010.


Attorney(s) appearing for the Case

Mark R. Rosen , Barrack, Rodos & Bacine, Philadelphia, PA ( Leonard Barrack , Barrack, Rodos & Bacine, Philadelphia, PA; William J. Ban , Barrack, Rodos & Bacine, New York, NY; Carol V. Gilden , Cohen Milstein Sellers & Toll PLLC, Chicago, IL; and Steven J. Toll , Daniel S. Sommers , Cohen Milstein Sellers & Toll PLLC, Washington, DC on the brief) for Appellants.

David B. Anders ( Bernard W. Nussbaum , Elaine P. Golin , and Christina T. Shay on the brief), Wachtell, Lipton, Rosen & Katz, New York, NY, for MF Global Appellees.

David A. Barrett , Marilyn C. Kunstler , Boies, Schiller & Flexner LLP, New York, NY, for Appellee Man Group plc.

Stuart J. Baskin , Herbert S. Washer , and Adam S. Hakki , Shearman & Sterling LLP, New York, NY, for Underwriter Appellees.

Marshall H. Fishman , Freshfields Bruckhaus Deringer U.S. LLP, New York, NY, for Appellee Amy S. Butte.

Before JACOBS, Chief Judge, B.D. PARKER and HALL, Circuit Judges.


DENNIS JACOBS, Chief Judge:

Plaintiffs appeal from a July 23, 2009 judgment of the United States District Court for the Southern District of New York (Marrero, J.), dismissing their putative securities class action complaint for failure to state a claim. They allege material misstatements and omissions in the July 2007 prospectus and registration statement of defendant MF Global, Ltd., and assert claims under §§ 11, 12(a)(2), and 15 of the 1933 Securities...

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