We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Class Cert. Bid Fails In Centerline Derivative Suit

Law360 (December 3, 2008, 12:00 AM EST) -- A judge has denied class certification to shareholders of alternative asset manager Centerline Holding Co. in a shareholder derivative suit arising from a $131 million stock transaction that allegedly unfairly benefited corporate insiders.

In a decision filed Monday in the U.S. District Court for the Southern District of New York, Judge Shira A. Scheindlin said the primary plaintiff in the suit — investor John Carfagno — lacked standing needed to meet the standards for certifying a class in a derivative action under Delaware law.

“While it...
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.