Shareholder Suit Over United Rentals Deal Nixed

Law360, New York (March 12, 2009, 12:00 AM EDT) -- A federal court has dismissed a proposed securities fraud class action related to a 2007 buyout deal gone bad between United Rentals Inc. and Cerberus Capital Management LP, saying the plaintiffs failed to meet the pleading standards established by the Private Securities Litigation Reform Act.

In a ruling issued Tuesday, Judge Janet C. Hall of the U.S. District Court of the District of Connecticut said the plaintiffs – shareholders of United Rentals – had failed to adequately allege that the defendants knowingly made misstatements or omissions...
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