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Class-action suit against David Lerner Associates dismissed. A federal judge has dismissed a class-action lawsuit against Syosset-based financial adviser David Lerner Associates and several real estate investment trusts. U.S. District Judge Kiyo Matsumoto this week ruled that investors had received sufficient disclosure to understand the risks of investing in the trusts. Six investors who bought the securities -- and unexpectedly found themselves unable to cash in their shares -- alleged that they had been misled by the adviser about the risks and had suffered financial harm. The Brooklyn judge rejected those arguments.

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