Judge Cans Bid-Rigging Suit Over $5.3B Del Monte LBO

Law360, New York (August 31, 2011, 10:45 PM EDT) -- A California federal judge on Wednesday dismissed a shareholder class action claiming Barclays Capital Inc., Goldman Sachs Group Inc. and three private equity firms rigged bids to block competitors from the $5.3 billion leveraged buyout of food manufacturer Del Monte Foods Co. in March.

U.S. District Judge Claudia Wilken found that the plaintiffs could not prove that Barclays, acting as Del Monte’s financial adviser, orchestrated the buyout to win transaction fees from the company and a cut of the buy-side financing from the private equity firms....
To view the full article, register now.