Wis. Rule Shields Ladish Board From Damages: 7th Circ.

Law360, New York (January 26, 2012, 7:24 PM EST) -- The Seventh Circuit on Thursday refused to revive a putative shareholder class action stemming from Ladish Co. Inc.'s $778 million sale to Allegheny Technologies Inc., saying Wisconsin's business judgment rule doesn't allow an award of damages to shareholders unless they allege willful or intentional misconduct.

A three-judge panel affirmed a Wisconsin federal judge's March dismissal of the suit brought by Ladish shareholder Irene Dixon. U.S. District Judge Joseph P. Stadtmueller ruled that the decision by the board of the metal components maker was protected by the...
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