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| 2000
News and Press Releases |
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HEADLINE ARCHIVED:
Jury finds Computer Associates Violated Takeover Rules in 1991 Deal
New York. September 1, 2000
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A federal jury ruled software maker Computer Associates International
Inc. paid On'Line Software International Inc.'s founder and chief
executive more money for his shares than other shareholders when
Computer Associates acquired the company in 1991. The judgment could
cost Islandia, N.Y. based Computer Associates about $12 million, nearly
$6 million for the actual judgment to nearly 1,500 shareholders and
almost the same amount in interest if awarded by the judge, the
plaintiff's attorneys said.
The plaintiff's law firm said it believe the jury's verdict is the first
one in favor of any class-action lawsuit brought under the Securities
and Exchange Comission's "Best Price Rule," which requires shareholders
involved in a tender offer to get the best price offered to any
shareholder.
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