First Horizon Derivative Suit Time-Barred, 6th Circ. Says

Law360, New York (September 11, 2012, 5:03 PM EDT) -- The Sixth Circuit on Friday upheld the dismissal of a shareholder derivative suit against First Horizon National Corp. and a host of its officers over losses from allegedly risky lending practices, ruling the case was time-barred.

The three-judge panel found U.S. District Judge S. Thomas Anderson had correctly determined that plaintiff Cranston Reid’s June 2010 suit had been brought more than a year after he should have known about the defendants’ loan practices, which is outside of the Tennessee statute of limitations.

“While it is not...
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