CBS Shakes $14B Write-Down Delay Suit In 2nd Circ.

Law360, New York (May 10, 2012, 2:43 PM EDT) -- The Second Circuit refused Thursday to revive a putative class action claiming CBS Corp. and its top brass defrauded shareholders by delaying a $14 billion write-down in 2008 for the personal benefit of the media giant’s chairman.

A three-judge panel denied an appeal by the city of Omaha, Neb., and other CBS investors, keeping in place a New York federal judge’s dismissal of the suit in May 2011. The complaint stems from the company’s decision in October 2008 to take the impairment, which represented one-third of...
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