Court Tosses Ceridian Shareholder Suit

Law360, New York (June 7, 2007, 12:00 AM EDT) -- A district court has thrown out a securities lawsuit against human resources firm Ceridian Corp., dismissing it as a “sprawling jumble” of an action that mistakes incompetence for fraud.

The suit, first filed by shareholders in the Minnesota district court in August 2004, was based on allegations of hundreds of unconnected accounting errors, not orchestrated mischief, Judge Patrick Schiltz ruled Tuesday.

In his order granting Ceridian's motion to toss the case, Judge Schiltz said the plaintiffs were guilty of “seeing fraud, where others might see incompetence,...
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