The U.S. Court of Appeals for the Third Circuit on Sept. 18 unanimously upheld a Delaware judge's rejection of billionaire investor Kirk Kerkorian's claims that he was defrauded in the 1998 merger of DaimlerBenz and Chrysler Corp. The Court of Appeals held that there were no misstatements in the Proxy Statement. This case was the largest securities claim ever tried in federal court - involving compensatory damages of more than $1.35 billion sought by Kerkorian's investment company, Tracinda Corp., and selected by The National Law Journal as the country's "Top Defense Win of 2005."
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates