Rent-A-Wreck Securities Suit Breaks Down In 4th Circ.

Law360, New York (February 2, 2009, 12:00 AM EST) -- A federal appeals court has upheld the dismissal of a securities case in which the founder of Rent-a-Wreck of America Inc. accused company principals of breaching their fiduciary duty in a series of actions that led to the low-cost car renter's 2006 merger.

Plaintiff David Schwartz had appealed the case to the U.S. Court of Appeals for the Fourth Circuit after a district court concluded in August 2007 that, under legal precedent, Schwartz could not challenge the fairness of the merger after tendering his shares and...
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