TXU Faces Class Action Suits Over Buyout

Law360, New York (March 2, 2007, 12:00 AM EST) -- Several class action lawsuits have been filed by TXU Corp. shareholders who are challenging the $32 billion leveraged buyout of the energy company by private equity firms.

The lawsuits, which were revealed in TXU’s annual report filed with the U.S. Securities and Exchange Commission Friday, accuse TXU’s directors of breaching fiduciary duties by approving the merger agreement.

The suits claim that TXU’s directors and officers failed to ensure that the transaction was in the best interest of the company and that the directors’ loyalties were divided...
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