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US Drops Fraud Suit Against Collins & Aikman Execs

Law360 (January 9, 2009, 12:00 AM EST) -- Federal prosecutors have dropped all securities fraud charges against former Collins & Aikman CEO David Stockman and three other former executives, saying continued prosecution of the defendants would not be in the interests of justice.

The U.S. Attorney's Office for the Southern District of New York said the government had filed a proposed order of nolle prosequi in the Manhattan federal court Friday for each of the four defendants — Stockman, former vice chairman J. Michael Stepp, ex-senior vice president David Cosgrove and former purchasing executive...
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