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NY Judge Rejects 'Utterly Useless' Deal In Merger Lawsuit

Law360 (February 9, 2018, 10:23 PM EST) -- A New York judge on Thursday again rejected a settlement in a class action suit that claimed Martin Marietta Materials Inc.'s $2.7 billion purchase of cement producer Texas Industries Inc. failed to make proper disclosures, blasting the deal’s proposed remedies as “utterly worthless” to shareholders.

Plaintiff City Trading Fund sought approval of a deal that would provide additional disclosures to shareholders pertaining to the since-completed merger, as well as $500,000 in attorneys' fees to the plaintiffs’ attorneys at the Brualdi Law Firm PC.

Judge Shirley Werner...
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