By Andy Mukherjee
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
On Tuesday, the 2nd U.S. Circuit Court of Appeals sent a securities class action against Deutsche Bank and several underwriters back to U.S. District Judge Deborah Batts of Manhattan for reconsideration in light of the U.S. Supreme Court's March 2015 decision in Omnicare v. Laborers District Council. Judge Batts had tossed the case in 2013, ruling that under 2nd Circuit precedent in Fait v. Regions Financial, Deutsche Bank's estimation of its exposure to mortgage-backed securities in offering materials for a stock issue was an opinion that could not give rise to securities fraud liability. After Omnicare, in which the Supreme Court set new rules for when opinions are actionable, the Supreme Court remanded the Deutsche Bank case to the 2nd Circuit, which, in turn, passed it to Judge Batts.
NEW YORK (Reuters) - Global equity markets fell on Wednesday, pulled lower by a weak revenue forecast at Apple Inc, the world's largest company, while a rebounding dollar after its biggest decline in a month weighed on gold and some stocks.