Sirius Stamps Out Shareholder Suit Over XM Merger

Law360, New York (May 30, 2012, 9:55 PM EDT) -- A New York federal judge on Wednesday granted Sirius XM Radio Inc.’s bid to toss a shareholder derivative suit accusing CEO Mel Karmazin and its directors of facilitating a monopolistic merger by making false assurances that the union would not increase prices.

U.S. District Judge Jed. S. Rakoff granted Karmazin’s request for summary judgment, staying the case by shareholder Robert Michael Shenk until an opinion detailing the the reasons for the ruling, along with a final judgment dismissing the case, is issued.

The judge tossed Shenk's...
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