Demand Letter Stymies McGraw-Hill Derivative Suit

Law360, New York (March 12, 2010, 2:54 PM EST) -- A judge has dismissed a shareholder derivative action against the directors and several officers of The McGraw-Hill Cos., saying the demand letter the plaintiff presented to the company's board of directors was inadequate.

Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York said in an order Thursday that Teamsters Allied Benefit Funds' complaint was inadequate on multiple grounds. However, the judge said the plaintiff can file an amended complaint by March 22 if it so chooses.

“We are pleased...
To view the full article, register now.