2nd Circuit Interprets Scienter Requirement in Class Actions

In Teamsters Local 445 Freight Division Pension Fund, v. Dynex Capital, Inc., and Merit Securities Corporation, the Second Circuit Court of Appeals analyzed the scienter requirements for actions brought under the Public Securities Litigation Reform Act. Between 1996 and 1999 Dynex and one of its subsidiaries, Merit, made loans to people seeking to buy manufactured […]