Judge Nixes Securities Suit Over Chinese Paging Co.

Law360, New York (October 6, 2008, 12:00 AM EDT) -- A federal judge has dismissed a lawsuit filed by a former president of Colgate-Palmolive Co. Inc. alleging securities fraud in a failed one-way paging operation in China.

Judge Paul A. Crotty of the U.S. District Court for the Southern District of New York ruled Friday that ACL Holdings Ltd. and its directors did not mislead William S. Shanahan, the former Colgate-Palmolive president, about the financial status of Phoenix Telecommunications Ltd. when Shanahan pumped more than $5 million into the one-way paging operation between 2000 and 2002....
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