Verizon, JPMorgan Shake Idearc Class Action In 3rd Circ.

Law360, New York (November 14, 2011, 8:18 PM EST) -- The Third Circuit on Monday denied an appeal by a class of Idearc Inc. shareholders who claimed Verizon Communications Inc. and JPMorgan Chase Bank NA created Verizon spinoff Idearc with the intention of raising cash and unloading Verizon debt onto the bankruptcy-bound corporation.

The case was dismissed by the Eastern District of Pennsylvania in February, after the judge ruled that the class action had been inadequately pled, lacking necessary dates, figures and details, including an explanation of when, how and at what price the shareholders obtained...
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