Iron Mountain Defeats Lawsuit Over Clutter Holdings Foreclosure

Iron Mountain Inc. prevailed Tuesday in litigation over its $15 million acquisition of Clutter Holdings Inc., a moving-and-storage unicorn once backed by SoftBank Group Corp. that was allegedly worth $1.2 billion a year earlier.

A Delaware judge threw out the case, rejecting claims that Iron Mountain exploited its stockholdings, influence over the board, and side agreements with Clutter to buy it for pennies on the dollar after a creditor foreclosed on its assets. The records storage company’s 27% stake, single board representative, and vaguely described contracts didn’t make it a controlling stockholder that owed fiduciary duties to investors like ...