Collins & Aikman Sues Former Execs, Board

Law360, New York (May 17, 2007, 12:00 AM EDT) -- Collins & Aikman Corp. has targeted former executives and members of its board of directors in a lawsuit alleging they played a key role in the auto parts maker’s crash into bankruptcy.

The Southfield, Mich.-based company filed the suit in the U.S. District Court for the District of Delaware on Wednesday, also making allegations against Heartland Industrial Partners LP, a $1 billion private equity firm which held 41% of Collins & Aikman as of January 2005, and auditors PriceWaterhouse Coopers LLP and KPMG LLP.

The suit...
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