Newspaper article St Louis Post-Dispatch (MO)

Judge Allows Class Action in Mamtek Lawsuit (Print)

Newspaper article St Louis Post-Dispatch (MO)

Judge Allows Class Action in Mamtek Lawsuit (Print)

Article excerpt

COLUMBIA, Mo. * A federal judge will allow a securities fraud lawsuit tied to the sale of bonds for the failed Mamtek factory in Moberly to proceed as a class action.

Class-action status is the most efficient way to resolve legal questions for investors in the project, U.S. District Judge Nanette Laughrey ruled Tuesday in a lawsuit filed by an Alabama man against investment banking firm Morgan Keegan and legal adviser Armstrong Teasdale.

The suit, filed in October 2012, seeks returns of investments from 133 people who bought $39 million in bonds between July 2010 and September 2011.

Laughrey noted that the class members live in 19 states.

"Under the circumstances, and given the predominance of common questions, the alternatives to class litigation are more burdensome for individuals than participating in class litigation," Laughrey wrote.

The Moberly Industrial Development Authority agreed in 2010 to issue $39 million in bonds to fund construction of a plant in Moberly that was to produce the low-calorie sweetener sucralose. …

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