Bondholder Drops Cerberus From GMAC Action

Law360, New York (June 12, 2009, 12:00 AM EDT) -- A GMAC LLC bondholder alleging that the financing company unfairly swapped certain bonds for higher-priority notes, leaving the rest more likely to go unpaid in the event of bankruptcy, has dropped claims against major stakeholder Cerberus Capital Management LP in the putative class action.

Plaintiff S. Black Murchison filed an amended complaint Thursday in the U.S. District Court for the District of Delaware, reiterating claims including breach of indenture, unfair dealings, equitable rescission and subordination and claims under the Trust Indenture Act of 1939 against the...
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