Underwriters Successfully Oppose Motion to File Amended Complaint

Skadden, representing a syndicate of underwriters, successfully opposed a motion seeking to file a second amended complaint of a previously dismissed federal securities class action (also handled by the firm) brought on behalf of purchasers of certain securities issued by Bank of America Corporation. On February 15, Magistrate Judge Henry Pitman of the U.S. District Court of the Southern District of New York denied the plaintiff's motion, ruling that the plaintiff's proposed amended allegations were time-barred and did not sufficiently allege any actionable misstatements or omissions.