8th Circ. Backs Dismissal Of Ceridian Shareholder Suit

Law360, New York (September 12, 2008, 12:00 AM EDT) -- An appeals court on Thursday affirmed a lower court’s dismissal of a consolidated shareholder suit against Ceridian Corp., holding that the plaintiffs failed to show that the payroll processing company and its officers acted recklessly or with intent to defraud.

Judges James B. Loken, John R. Gibson and Michael J. Melloy of the U.S. Court of Appeals for the Eighth Circuit echoed the district court’s determination that the consolidated shareholders’ complaint described a "sprawling jumble" of accounting errors but did not adequately infer scienter.

The investors...
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