First Horizon Derivative Suit Time-Barred, 6th Circ. Says

Law360, New York (September 11, 2012, 5:03 PM EDT) -- The Sixth Circuit on Friday upheld the dismissal of a shareholder derivative suit against First Horizon National Corp. and a host of its officers over losses from allegedly risky lending practices, ruling the case was time-barred.

The three-judge panel found U.S. District Judge S. Thomas Anderson had correctly determined that plaintiff Cranston Reid’s June 2010 suit had been brought more than a year after he should have known about the defendants’ loan practices, which is outside of the Tennessee statute of limitations.

“While it is not...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.