Circuit Court Shields Vendors In Class Action

Law360, New York (April 13, 2006, 12:00 AM EDT) -- In a setback for plaintiffs attorneys in major securities fraud lawsuits, a federal appeals court has handed down a precedent-setting ruling that further protects vendors and customers from being roped into cases against allegedly fraudulent companies.

The ruling, from the U.S. Court of Appeals for the 8th Circuit, removed communications equipment makers Scientific-Atlanta Inc. and Motorola Inc. from a contentious shareholder lawsuit against cable provider Charter Communications Inc.

The manufacturers were accused of entering into sham transactions with Charter in an effort to help the company...
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