URI Hit With Class Action Over Failed Cerberus Deal

Law360, New York (January 25, 2008, 12:00 AM EST) -- A proposed class of United Rentals Inc. shareholders is suing the company under federal securities laws, alleging that in late 2007 it withheld, for almost three months, the news that its proposed $6.6 billion purchase by Cerberus Capital Management LP had soured.

On Tuesday, two institutional trading firms filed a complaint in the U.S. District Court for the District of Connecticut on behalf of all URI investors from Aug. 29, 2007 to Nov. 14, 2007 against URI and 14 of its executives and directors.

On the...
To view the full article, register now.