Hertz Execs Escape Investor Fraud Suit At 3rd Circ.
Law360 (October 14, 2020, 5:39 PM EDT) -- The Third Circuit has rejected an attempt by Hertz Global Holdings shareholders to revive a 2013 suit alleging top executives lied about the company's financial condition, saying the shareholders were attempting to bring in new evidence too late in the game.
In an unpublished opinion issued Tuesday, the panel said the two pension funds can't use Hertz's 2018 settlement with the U.S. Securities and Exchange Commission and the company's 2019 suit against three former executives to revive their own suit, saying it is "newly discovered" evidence despite the settlement and suit dating to after a New Jersey district court dismissed the...
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