Broker-dealer Morgan Keegan and Exis Capital Management, now known as Raymond James Morgan Keegan, won dismissal of a $3.2 billion lawsuit by insurer Fairfax Financial Holdings over what it said was a campaign of false negative information.

Fairfax, which owns stakes in Canadian and US insurers, claimed the company coordinated with stock analysts to drive down its share price by spreading false rumors in a so-called bear raid.