Securities Action Over Metaldyne Deal Gets The Boot

Law360, New York (September 30, 2010, 7:53 PM EDT) -- A federal judge has dismissed a putative class action accusing Heartland Industrial Partners LP of mismanagement and misleading investors when it acquired MascoTech Inc. in 2000 to form now-bankrupt Metaldyne Corp.

Judge John O'Meara of the U.S. District Court for the Eastern District of Michigan ruled Tuesday that Heartland had made adequate disclosures and that the plaintiffs lacked standing to bring a suit because they had sold all their stock.

The plaintiffs, former employees and shareholders of MascoTech, filed suit on July 14, 2009, saying that...
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.