Raymond James Financial has won the dismissal of a class action after the judge in the case said the complaint was too long and didn't contain enough facts.
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The lawsuit accused the brokerage of reserving too little cash for loan losses, but U.S. District Judge Robert Patterson in Manhattan said Monday he did not feel there were enough facts to prove that Raymond James intended to defraud investors by purposely underfunding, and then misleading them about the adequacy of its reserves.
In his ruling, Judge Patterson said most of Raymond James' alleged misstatements were too general to mislead investors. He also said the length of the plaintiff's complaint, which reached 112 pages, was grounds for dismissal.
