11th Circ. Dumps Home Depot Charge-Back Fraud Case

Law360, New York (October 9, 2008, 12:00 AM EDT) -- A federal appeals court on Wednesday dismissed a class action alleging that Home Depot Inc. fraudulently obtained excessive rebates from vendors, leading to significant stock losses when the company had to restate three years' worth of earnings report.

A three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit agreed with a lower court ruling that the plaintiffs, led by the Bucks County Retirement Board, did not persuasively suggest that a reasonable person would infer that the company and its highest-level executives orchestrated the...
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