Metro Bank Seeks To Toss $1.2B American OTC Stock Suit
Law360 (March 11, 2020, 6:13 PM EDT) -- British financial services company Metro Bank PLC on Tuesday sought to terminate a proposed £900 million ($1.2 billion) securities class action, telling a California federal judge that it shouldn't have to face an American suit when it had nothing to do with unlisted American trades of its shares.
The company asked U.S. District Judge Terry J. Hatter Jr. to dismiss with prejudice the complaint filed by lead plaintiffs Angelo and Stella Lavdas, who accused the company of hurting investors by misstating risks associated with a class of its loans.
"Such an exercise of jurisdiction would violate due process, as defendants could...
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