Eaton Aims to Drop $3B Shareholder Suit Over Spinoff
Law360, New York (February 14, 2017, 3:17 PM EST) -- Eaton Corp. PLC urged a New York federal court on Monday to toss allegations that it cost investors $3 billion in stock value because it couldn’t spin off its vehicle component business tax-free after a merger with Cooper Industries PLC, saying it can’t be sued over hypothetical consequences of a transaction that never happened.
In its motion to dismiss, Eaton took issue with several components of the proposed shareholder class action, including the fact that it repeatedly denied rumors that it would sell its automotive parts business after a $12 billion merger with Ireland-based Cooper in 2012. Because Eaton still owns...
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