A securities class action suit that had been brought against Cendant Corp., New York, has been dismissed. The suit had been brought against the company on behalf of purchasers of American Bankers Insurance Group common stock, in an attempt to recoup losses relating to a proposed acquisition of ABIG by Cendant.
The United States District Court for New Jersey in Newark found that the class action failed to state a claim upon which relief could be granted. In October 1998, Cendant and ABIG announced their mutual decision to terminate their merger agreement.
Cendant Corp. provides consumer and business services.
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