GM Board Member Accused Of Illegal Trading

Law360, New York (October 18, 2011, 3:05 PM EDT) -- A General Motors Co. stockholder filed suit in New York federal court Thursday accusing Leucadia National Corp. CEO Ian M. Cumming of illegal short-swing trading in connection with a board appointment.

Plaintiff Donna Ann Gabriele Chechele filed the suit against Cumming, with GM listed as a nominal defendant, seeking to recover more than $200,000 she says the CEO realized in violation of federal securities laws.

According to the complaint, Chechele is a shareholder in GM and its General Motors Financial Co. Inc. unit, formerly known as...
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