Corporate raider Asher B. Edelman failed to preserve the confidentiality of material used in a 1999 takeover bid, an appellate court in Manhattan has ruled in rejecting his damage claims against a company that allegedly exploited the information six years later.
Writing for the unanimous panel of the Appellate Division, First Department, Justice Helen E. Freedman (See Profile) concluded that Mr. Edelman’s claim for misappropriation of proprietary information “falls short” because his placing of a “confidential” stamp on documents given to a potential partner in the 1999 deal was “by itself, inadequate under the circumstances.”
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