On August 18th, the Seventh Circuit reinstated AnchorBank's and Plumb Trust's securities fraud complaint. Plaintiffs allege that defendant, an employee of AnchorBank, collusively traded the units of a fund for which Plumb Trust was the trustee and offered by AnchorBank's retirement plan. Defendant's collusive trading resulted in amplified and dramatic fluctuations in AnchorBank's stock price. Reversing the dismissal of the securities fraud complaint, the Seventh Circuit holds that plaintiffs adequately pleaded scienter and loss causation. It is sufficient that plaintiffs pleaded that at least a part of their losses were attributable to defendant's activities. AnchorBank, FSB v. Hofer.