Shareholders Abandon Tribune Co. Poison Pill Suit

Law360, New York (September 29, 2006, 12:00 AM EDT) -- Shareholders of Tribune Co. have dropped their lawsuit against eight Tribune directors less than two weeks after they accused the media holding company of using a stock buyback plan to ward off a takeover attempt, after a federal judge questioned the case’s subject matter jurisdiction.

In court documents filed late Wednesday, U.S. District Judge Milton Shadur of the U.S. District Court for the Northern District of Illinois granted the plaintiffs’ motion for voluntary dismissal without prejudice, terminating the civil case.

Shadur had already attacked the case’s...
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