In re Colonial BancGroup Inc.
Jan
07
2010
Ruling
Court declined to extend stay to non-debtor co-defendant in securities litigation.
Procedural posture
A lead plaintiff brought suit against defendants, underwriters, corporation, officers, directors, and limited liability company, pursuant to §§ 10(b) and 20(a) (15 U.S.C.S. § 78j(b) and 78t(a)) of the Securities Exchange Act of 1934, and Rule 10b-5, 17 C.F.R. § 240.10b-5. The underwriters moved to extend the automatic stay provisions under 11 U.S.C.S. § 362(a) beyond the corporation to all the parties in the suit.
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Court
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