Investors Take CBS Fraud Action To 2nd Circ.

Law360, New York (June 23, 2011, 7:12 PM EDT) -- Omaha, Neb., and other investors on Wednesday appealed to the Second Circuit the dismissal of a putative fraud class action claiming CBS Corp. delayed taking an impairment charge against its assets for the personal benefit of Chairman Sumner Redstone.

The appeal came a month after U.S. District Judge P. Kevin Castel threw out the suit in New York for a second time, awarding final judgment to CBS and Redstone, as well as CEO Leslie Moonves and two other individual defendants.

"While the amended pleading sets forth...
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