Law360, New York (February 02, 2011, 3:44 PM ET) -- A federal judge has dismissed a shareholder suit claiming Verizon Communications Inc., with JPMorgan Chase Bank NA's help, spun off Idearc Inc. with the intention of leaving it saddled with debt and bound for bankruptcy.
In a ruling that criticized named plaintiff Talbott Barnard and other Idearc investors for bringing an inadequately pled action, Judge Gene E.K. Pratter threw out all of the claims against both defendants with prejudice Monday in the U.S. District Court for the Eastern District of Pennsylvania.
"The second amended complaint is...
Investor Suit Over Verizon's Idearc Spinoff Gets Boot
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