6th Circ. Tosses GMAC Bond Purchasers Class Action

Law360, New York (December 8, 2008, 12:00 AM EST) -- An appeals court has dealt a blow to bondholders who accused General Motors Corp. of misstating its performance with regard to a series of SmartNote debt securities by affirming the lower court’s decision to dismiss the putative class action.

Judges Cornelia G. Kennedy, Boyce F. Martin Jr. and R. Guy Cole Jr. of the U.S. Court of Appeals for the Sixth Circuit on Friday echoed the district court, holding in an amended opinion that the General Motors Acceptance Corp. did not materially misrepresent the bond offerings...
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