Class Action Against PrivateBancorp Underwriters Dismissed

Skadden secured the dismissal of a putative shareholder class action against a group of PrivateBancorp, Inc. underwriters, including J.P. Morgan Securities, Keefe, Bruyette & Woods, Robert W. Baird & Co., SunTrust Robinson Humphrey and William Blair & Company. The complaint alleged that materials of certain PrivateBancorp securities offerings contained misstatements and omissions related to the company’s lending practices. On November 3, Judge William T. Hart of the U.S. District Court for the Northern District of Illinois dismissed the action with prejudice, ruling the shareholders failed to plead sufficient facts in support of their allegations that the offering materials were false or misleading.