2nd Circ. Nixes Mechel Shareholder Suit Over Monopoly Probe

Law360, New York (April 11, 2012, 8:50 PM EDT) -- The Second Circuit on Wednesday refused to revive a shareholder class action against Russian miner Mechel OAO, saying the company's stock purchasers failed to show Mechel intended to deceive them by withholding information about an investigation into a monopoly in the coking coal industry.

In a summary order, the Second Circuit affirmed a New York federal judge's dismissal of a class action accusing Mechel of violating the Securities Exchange Act of 1934 by failing to disclose that a portion of its income and revenue during the...
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