Judge Katherine Forrest has denied class action status in a securities fraud lawsuit against Deutsche Bank AG after ruling expert Michael Marek was not qualified to give an opinion on whether the market for the banking giant's shares was efficient as reported by Nate Raymond for Reuters:
The judge said Marek's training instead "appears to have been one year he spent working for a firm after college and then his work for an economist who was later indicted for submitting false declarations." The economist, John Torkelsen, pleaded guilty in 2008 to lying to judges about secret payments he took from plaintiffs' law firms. Among the firms he worked for was Milberg, which at the time was at the center of a massive kickback scandal. Robbins Geller, which represents the Deutsche Bank plaintiffs, spun out of Milberg in 2004.
Shareholders still may bring individual suits.
Further reading that may be of interest: