Pension Funds Sue Dole Over Alleged Merger Fraud

Law360, New York (December 10, 2015, 8:35 PM EST) -- Two California investment funds that traded Dole Food Co. stock lodged a complaint in Delaware federal court on Wednesday accusing Dole executives of a purported fraud aimed at driving down the company’s price before a 2013 take-private deal, echoing claims that were settled earlier this week.

The San Antonio Fire and Police Pension Fund and Fire & Police Health Care Fund San Antonio, reiterated claims that Dole CEO David Murdock made a series of moves to shrink the company's value before taking it private, contending that the alleged fraud not only harmed shareholders but also prevented sellers of the stock from...

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