Dana Shareholder Suit Tossed Again

Law360, New York (August 27, 2009, 1:17 PM EDT) -- A judge has dismissed a securities class action against two senior executives of bankrupt auto parts maker Dana Corp. for a second time, a ruling that comes less than a year after a federal appeals court rejected the judge's pleading standard for scienter and revived the case.

Judge James Carr of the U.S. District Court for the Northern District of Ohio on Tuesday again tossed the action against former Dana CEO Michael J. Burns and former chief financial officer Robert C. Richter, saying the shareholders' complaint...
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