Calif. Appeals Court Rejects Yahoo Securities Suit

Law360, Los Angeles (October 23, 2013, 10:20 PM ET) -- A California appeals court on Wednesday affirmed a lower court's decision to toss a shareholder derivative suit, saying the plaintiff hadn't adequately shown the board of directors of Yahoo Inc. had been unduly influenced by ex-CEO Jerry Yang.

The appellate panel refused to revive the suit, finding that Miguel A. Leyte-Vidal hadn’t sufficiently shown that more than half of Yahoo’s board was not independent or that they were so influenced by Yang that they couldn’t manage the company, according to Wednesday’s decision.

Leyte-Vidal successfully argued that...
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