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Securities

May 21, 2010

SEC Settlement Serves as Ammunition

Defense lawyers trying to kill a federal shareholder class action against Verifone Systems Inc. over a series of accounting errors have picked a strange bedfellow for help: The Securities and Exchange Commission.

By Gabe Friedman

Daily Journal Staff Writer

Defense lawyers trying to kill a federal shareholder class action against Verifone Systems Inc. over a series of accounting errors have picked a strange bedfellow for help: The Securities and Exchange Commission.

In their motion to dismiss, defense lawyers argue the SEC settlement with Verifone, which the attorneys negotiated, actually "undermines" shareholders trying to pur...

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