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Top court ruling goes against investors

Top court ruling goes against investors

by Toby Lucich on January 16, 2008

The US Supreme Court put new limits on shareholder suits against a company’s banks and business partners in a ruling that may thwart efforts to recoup billions of dollars lost in frauds at Enron Corp. and HealthSouth Corp.
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The justices, voting 5 to 3, threw out a lawsuit by Charter Communications Inc. investors against two of its suppliers, Motorola Inc. and Scientific-Atlanta Inc. The court said the shareholders didn’t show they relied on the alleged deception by the suppliers in making investment decisions.

The ruling is a triumph for business groups in what they called their highest priority in the court’s 2007-08 term. Trade groups representing banks, accounting firms, and law firms took an especially keen interest, saying their members might present tempting targets for shareholder lawyers.

Top court ruling goes against investors

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