WASHINGTON--The Supreme Court yesterday issued a decision that places restrictions on securities lawsuits, an action welcomed by insurers who provide directors and officers liability coverage.
In Stoneridge Inv. Partners, LLC vs. Scientific-Atlanta Inc., No. 06-43, the court in a 5-3 decision threw out a lawsuit by Charter Communications Inc. shareholders against two of the companies' suppliers, Motorola Inc. and Scientific-Atlanta Inc.
The plaintiffs in the case had sued Motorola and Scientific-Atlanta, two cable television equipment suppliers involved in a deceptive transaction that helped Charter, a cable television company, inflate its earnings and hide its failure to achieve its financial goals.
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