SAIC Shakes Investor Claims Over CityTime Kickback Scam

Law360, New York (June 10, 2013, 8:05 PM EDT) -- A New York federal judge on Monday killed shareholder derivative claims accusing Science Applications International Corp. directors of ignoring signs of wrongdoing that allegedly led to kickbacks through New York City's CityTime project, finding the plaintiffs did not clearly accuse the directors of knowing about the scheme.

U.S. District Judge J. Paul Oetken granted nominal defendant SAIC's motion to dismiss the suit, ruling that the shareholders needed to specifically claim that the directors had acted in bad faith by knowing about the alleged wrongdoing tied to...
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.