New York, NY: Several class action lawsuits were filed against Wall Street Banks alleging securities fraud. The suits were filed in 2001 during the Internet boom and alleged the large investment banks had conspired to drive up initial public offering prices of technology companies during the late 1990s boom. A three judge panel of the Federal Court of Appeals for the Second Circuit in Manhattan rejected the cases noting the federal judge overseeing the lawsuit had erred in granting class action status. (Dec-06-06) [WASHINGTON POST: WALL STREET IPO]
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