Law360 (June 25, 2021, 7:40 p.m. EDT) – A Divided Ninth Circuit on Friday overturned a California district court decision to keep alive claims that Volkswagen tricked a pension fund into buying overvalued bonds in not mentioning its emissions fraud scandal in the offering documents, clarifying the narrow scope of a key trust standard in securities fraud cases.

In a 2-1 decision, the Ninth Circuit said U.S. District Judge Charles Breyer should not have turned down Volkswagen AG’s offer of summary judgment in a long-standing lawsuit against the principal plaintiff of Porto government employees. Rico and the administration of judicial pension systems. The majority of the panel determined that the pension fund’s allegations could not be characterized primarily as allegations of omission, …

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