German Court Nixes $324M Ruling Against Daimler

Law360, New York (October 15, 2010, 2:39 PM EDT) -- A German appeals court has reportedly handed a victory to Daimler AG, overturning a lower court ruling that had ordered the automaker to pay about $324 million to former shareholders to resolve a dispute stemming from Daimler's ill-fated 1998 merger with U.S.-based Chrysler Corp.

An appeals court in Stuttgart on Friday tossed the 2006 lower court ruling, saying the trial court had improperly found that the shareholders' Daimler stock had been undervalued at the time of the merger, according to the Associated Press.

The Stuttgart court...
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