IBEW LOCAL UNION NO. 58 PENSION TRUST FUND AND ANNUITY FUND v. ROYAL BANK OF SCOTLAND GROUP, PLC

Docket No. 13-3289.

783 F.3d 383 (2015)

IBEW LOCAL UNION NO. 58 PENSION TRUST FUND AND ANNUITY FUND, Lead Plaintiff-Appellant, Lighthouse Financial Group, individually and on behalf of all others Similarly situated, Plaintiff, Ethan Gold, individually and on behalf of all others similarly situated, Movant-Consolidated Plaintiff, v. The ROYAL BANK OF SCOTLAND GROUP, PLC, Sir Thomas Fulton Mckillop, John Cameron, Defendants-Appellees, Sir Frederick Anderson Goodwin, Defendant-Consolidated Defendant-Appellee, The Royal Bank of Scotland PLC, Sir, Lawrence K. Fish, Gordon F. Pell, Guy R. Whittaker, Colin A.M. Buchan, James Currie, Sir Stephen A. Robson, Robert A. Scott, Peter D. Sutherland, Archibald Hunter, Charles J. Koch, Joseph P. Machale, Merrill Lynch, Pierce, Fenner & Smith Corporated, Greenwich Capital Markets, LLC, Wachovia Capital Markets, Inc., Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC, RBC Capital Markets Corporation, Banc of America Securities LLC, Frederick A. Goodwin, Sir Thomas Mckillop, Janis Kong, Mark Fisher, James McGill Currie, William M. Friedrich, Defendants, Sir Thomas Fulton Wilson McKillop, John Alistair Nigel Cameron, Consolidated Defendants.

United States Court of Appeals, Second Circuit.

Decided: April 15, 2015.


Attorney(s) appearing for the Case

Joseph D. Daley ( Theodore J. Pintar,   Jason A. Forge,   Darryl J. Alvarado,   Samuel H. Rudman, on the brief), Robbins Geller Rudman & Dowd LLP, San Diego, CA, and Melville, N.Y., for Plaintiffs-Appellants.

Seth P. Waxman ( Matthew Guarnieri,   David S. Lesser,   Andrea J. Robinson,   Nolan J. Mitchell, on the brief), Wilmer Cutler Pickering Hale and Dorr LLP, Washington, DC, New York, N.Y., and Boston, MA, for Defendants-Appellees.

Judge LEVAL concurs in part and dissents in part in a separate opinion.


In this putative securities class action, investors who purchased or acquired American Depository Shares ("ADSs") of The Royal Bank of Scotland Group, PLC ("RBS") allege that RBS and several of its top executives made false and misleading statements that inflated the ADSs' prices. They brought this action below under, inter...

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