Directors, Bank Want Out Of Puda Coal Securities Fraud Suit

Law360, New York (June 1, 2012, 6:51 PM EDT) -- Two independent directors of scandal-plagued Puda Coal Inc. and a merchant bank asked a New York federal judge on Friday to dismiss shareholders' putative class action against them over the allegedly secret sale of the company to a Chinese private equity firm.

C. Mark Tang and Lawrence Wizel, two U.S.-based former independent directors for Puda, a Chinese supplier of coal for Chinese steel manufacturers, asked U.S. District Judge Barbara S. Jones to toss claims against them, contending they are as much victims of the alleged fraud...
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