New Disclosures Won't Cut It In $2.7B Merger Suit, Court Says

By Darcy Reddan (April 12, 2019, 6:24 PM EDT) -- A New York appellate court on Thursday rejected a bid to approve a class action settlement in a suit over Martin Marietta Materials' $2.7 billion purchase of cement producer Texas Industries, finding additional disclosures wouldn't benefit shareholders.

The appellate panel refused to grant final approval of the settlement, finding that investment partnership City Trading Fund has not shown that additional disclosures regarding Martin Marietta Materials Inc's. purchase of Texas Industries Inc. would provide any benefit to shareholders. 

CTF asked the court to approve a deal that would provide more disclosures to shareholders pertaining to the since-completed merger, as well as $500,000 in attorney...

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