Centerline Derivative Suit Misses Mark Again

Law360, New York (August 7, 2009, 2:27 PM EDT) -- Calling the plaintiffs' amended complaint an exercise in artful pleading, a federal judge has dismissed a suit against alternative asset manager Centerline Holdings Co. for a second time and denied the plaintiffs the opportunity to file another revised complaint.

In a ruling Tuesday in the U.S. District Court for the Southern District of New York, Judge Shira A. Scheindlin said that the plaintiffs had again failed to make sufficient allegations that Centerline executives withheld information about a $131 million stock transaction that plaintiffs say unfairly benefited...
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