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

State Law Preempted In Suit V. Dana Board: 6th Circ.

Law360 (January 20, 2009, 12:00 AM EST) -- A federal appeals court has affirmed the dismissal of a former shareholder's lawsuit against the board of recently reorganized auto parts maker Dana Corp., finding that federal bankruptcy law preempts the plaintiff's state law claim for breach of fiduciary duty.

Judge Eric L. Clay of the U.S. Court of Appeals for the Sixth Circuit ruled Thursday on behalf of a three-judge panel that the plaintiff's lawsuit was effectively a derivative lawsuit. Since all prepetition Dana shares were canceled when the company's Chapter 11 reorganization plan was...
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.