FleetCor Leaders Dodge Insider Trading Suit Over Fuel Card Fees

FleetCor Technologies Inc. board members escaped litigation over the company’s alleged scheme to hit its fuel card customers with hidden fees, when a federal appeals court in Atlanta ruled Wednesday that the investor leading the case should have demanded an internal investigation first.

The US Court of Appeals for the Eleventh Circuit upheld a decision by Judge Leigh Martin May, who dismissed the shareholder derivative lawsuit in October 2020 after rejecting claims that a majority of FleetCor’s board faced too much personal legal exposure to conduct an internal probe fairly.

Judge R. Lanier Anderson III, writing for the appeals court, ...