Citing Janus, Judge Trims Fraud Suit Against Dana Execs

Law360, New York (September 1, 2011, 8:09 PM EDT) -- An Ohio federal judge on Thursday dropped one claim from a shareholder class action accusing four former Dana Holding Corp. executives of accounting fraud in connection with a 2005 restatement, partially reversing his previous opinion.

U.S. District Judge James G. Carr said that in light of the U.S. Supreme Court's decision in Janus Capital Group Inc. v. First Derivative Traders — which curtailed liability for defendants who do not have ultimate authority over allegedly misleading financial statements — the defendants could not be held liable for...
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