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In re RAIT Financial Trust Securities Litigation

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA


December 22, 2008

IN RE RAIT FINANCIAL TRUST SECURITIES LITIGATION

The opinion of the court was delivered by: Legrome D. Davis, J.

ORDER

AND NOW, this 22nd day of December 2008, upon consideration of Defendant Grant Thornton LLP's Motion to Dismiss (Doc. No. 70), Defendants Edward S. Brown, Frank A. Farnesi, S. Kristin Kim, Arthur Makadon, Daniel Promislo, John F. Quigley III, and Murray Stempel III's Motion to Dismiss (Doc. Nos. 71-75), Defendants RAIT Financial Trust, Betsy Z. Cohen, Daniel G. Cohen, Ellen J. DiStefano, and Jack E. Salmon's Motion to Dismiss (Doc. No. 76), Defendants Friedman, Billings, Ramsey Group, Inc., FBR Capital Markets Corp., Bear, Stearns, & Co., Inc., UBS Securities LLC, RBC Capital Markets Corp., KeyBanc Capital Markets, Stifel, Nicolaus & Co., Inc., BMO Capital Markets Corp., Piper Jaffray & Co., and RBC Dain Rauscher's Motion to Dismiss (Doc. No. 77), Lead Plaintiff's Opposition in response to these motions to dismiss (Doc. No. 78), Defendant Grant Thornton LLP's Reply (Doc. No. 87), Defendants Edward S. Brown, Frank A. Farnesi, S. Kristin Kim, Arthur Makadon, Daniel Promislo, John F. Quigley III, and Murray Stempel III's Reply (Doc. No. 88), Defendants RAIT Financial Trust, Betsy Z. Cohen, Daniel G. Cohen, Ellen J. DiStefano, and Jack E. Salmon's Reply (Doc. No. 89), Defendants Friedman, Billings, Ramsey Group, Inc., FBR Capital Markets Corp., Bear, Stearns, & Co., Inc., UBS Securities LLC, RBC Capital Markets Corp., KeyBanc Capital Markets, Stifel, Nicolaus & Co., Inc., BMO Capital Markets Corp., Piper Jaffray & Co., and RBC Dain Rauscher's Reply (Doc. No. 90), Defendants RAIT Financial Trust, Betsy Z. Cohen, Daniel G. Cohen, Ellen J. DiStefano, and Jack E. Salmon's Supplemental Brief Noting New Authority (Doc. No. 94), Lead Plaintiff's Response to this Supplemental Brief (Doc. No. 97), Defendants' Second Supplemental Brief (Doc. No. 101), and Lead Plaintiff's Response to this Second Supplemental Brief (Doc. No. 105), it is hereby ORDERED that the Motions are GRANTED in part and DENIED in part as follows:

1. Defendants' motions to dismiss are GRANTED with respect to Plaintiffs' claim alleging a duty to update or a duty to correct under Count One. Defendants' motions to dismiss are otherwise DENIED with respect to Count One.

2. Defendants' motions to dismiss are GRANTED with respect to Counts Four, Five, and Six. These Counts are DISMISSED without prejudice for lack of standing.

3. Defendants' motions to dismiss are DENIED with respect to Counts Two, Three, Seven, and Eight.

It is further ORDERED that Plaintiffs shall file any amended complaint on or before Friday, January 30, 2009.

20081222

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