A Ford Motor Co. investor obtained the voluntarily dismissal of his suit against the board after telling a federal court that he’ll ask the directors to initiate a lawsuit themselves.
Judge Linda V. Parker ordered the dismissal of Richard Rich’s derivative suit in the US District Court for the Eastern District of Michigan on Thursday. Rich alleged in his suit that Ford board members are responsible for the automaker’s failure to disclose quality control problems and higher-than-expected warranty costs stemming from those issues.
- Their actions harmed Ford by causing it to overpay for stock repurchases by about $116 million and ...
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