Interpublic Case to Proceed

The New York Law Journal reports that Judge Cote of the S.D.N.Y. (who is also the judge in the Worldcom case) has denied most of the motion to dismiss in the securities class action against Interpublic Group of Cos. Interpublic is a New York holding company that ranks as the second-largest owner of advertising agencies in the world. The case is the result of a restatement Interpublic announced last August for the five years from 1997 to 2001, which corrected inter-company charges that had been wrongly declared as income for the European offices of one of Interpublic’s agencies. (Thanks to the Securities Law Beacon for the link.)