Court OKs Tracinda Suit Despite Time-Barred Claims

Law360, New York (June 21, 2007, 12:00 AM EDT) -- An appeals court has ruled that executives who allegedly trade on insider information can be liable for damages suffered by other, unsuspecting traders, even when the predicating claims of insider trading have been tossed out.

The opinion, handed down Wednesday by the U.S. Court of Appeals for the Ninth Circuit, allows shareholders of car company DaimlerChrylser to pursue their lawsuit against executives of private investment firm Tracinda Corp., the company that recently offered to buy Chrysler for $4.5 billion.

In affirming a California district court's ruling,...
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