Supreme Court Refuses To Touch Dana Fraud Suit

Law360, New York (November 9, 2011, 6:04 PM EST) -- The U.S. Supreme Court on Monday refused to consider the Sixth Circuit's revival of a shareholder class action accusing two former Dana Corp. executives of accounting fraud in connection with a restatement the auto parts maker made in 2005.

The high court rejected the defendants' contention that the Sixth Circuit decision warranted review because the complaint failed to meet the heightened securities fraud pleading requirements under the Private Securities Litigation Reform Act.

“The Sixth Circuit's particularly lax approach to pleading scienter provides an especially urgent reason...
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