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09.27.16

MoneyGram Investor Suit to Remain in Federal Court

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A Delaware federal judge overseeing a class action lawsuit brought by investors against MoneyGram declined the investors’ efforts to remand the case back to Delaware state court, holding instead that such claims belong in federal court.

U.S. District Judge Leonard Stark of the District of Delaware made his ruling under the amended Securities Act of 1933. The case involves a Walmart plan from 2015 to set up what the plaintiffs called a service that would rival MoneyGram’s offerings. Earlier this month, MoneyGram and Walmart launched an online money transfer product through Walmart.moneygram.com

The suit was filed in April 2015 by the Workers District Council of New England Pension Fund, the Thomas H. Lee Partners LP (Boston-based private equity firm) and investment banks. The plaintiffs said they suffered from depressed stock prices when Walmart launched its service.

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