ESSI Board Member's Backdating Suit Heads To Trial

Law360, New York (January 13, 2010, 5:02 PM EST) -- The U.S. Securities and Exchange Commission's stock options backdating case against a former board member of Engineered Support Systems Inc. will proceed to trial, now that a federal judge has denied most of the defendant's summary judgment bid.

Judge Jean C. Hamilton of the U.S. District Court for the Eastern District of Missouri issued an order Tuesday denying most of Michael F. Shanahan Jr.'s motion for summary judgment, but agreed to toss a claim related to recordkeeping.

The claim alleged Shanahan, the son of former ESSI...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.