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August 26, 2013

Judge Tosses "Absurd" Suit

A U.S. district judge in Manhattan dismissed a securities class action against an automotive supplier, saying the plaintiff’s attorneys’ complaint “bordered on the absurd.”  The suit accused the company of hiding problems at its facilities, but the judge wrote “it is hard to fathom precisely what more information defendants could have disclosed to render their statements not misleading” and her lengthy ruling “extensively quoted the disclosures to highlight the total lack of even arguable merit to plaintiff’s claims,” the American Lawyer reports.

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