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NEW YORK — Lawyers representing Omnicom Group sought dismissal of a lawsuit alleging insider trading in documents submitted in New York State Supreme Court today, as attorneys for 11 plaintiffs suing the company in a federal class-action suit have requested that a federal judge put all state court activity on hold, sources said.
Sources close to both cases say that Omnicom lawyers and lawyers for the plaintiffs in the federal suit have asked a federal judge to grant a “stay” in the state court proceedings, which would require that that lawsuit to be held in abeyance until the federal case is concluded.
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