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Ex-Loral CEO Wins Shareholder Suit Over Bankruptcy

Law360 (February 25, 2009, 12:00 AM EST) -- A federal judge has awarded summary judgment to the former CEO of Loral Space & Communications Ltd. in a suit filed against him by a class of the company's shareholders, ruling that financially troubled companies are not obligated to disclose contingency bankruptcy preparations.

On Wednesday, Judge Victor Marrero of the U.S. District Court for the Southern District of New York ruled in favor of ex-CEO Bernard L. Schwartz on the cross-motions for summary judgment.

The lead plaintiffs representing a class of investors who purchased Loral stock...
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