Judge Tosses 'Defective' Centerline Shareholder Suit

Law360, New York (January 13, 2009, 12:00 AM EST) -- Finding that the lead plaintiffs in a shareholder derivative suit against alternative asset manager Centerline Holdings Co. failed to show fraudulent intent, a federal judge has dismissed the complaint but given the plaintiffs a chance to replead their case.

U.S. District Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York signed an order Monday dismissing the complaint, one of several filed against Centerline claiming that a $131 million stock transaction unfairly benefited corporate insiders.

Calling the lead plaintiffs' allegations...
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