The U.S. Court of Appeals for the Second Circuit on May 10 rejected claims by a proposed class of CBS shareholders that company executives violated securities laws by ignoring red flags that CBS needed a stress test to assess its financial state as the economic crisis gained steam in 2008.
The ruling upholds a decision by Southern District Judge P. Kevin Castel (See Profile), who granted a motion by CBS’s lawyers at Weil, Gotshal & Manges to dismiss the suit last May.
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