Danier Leather Inc. Class Action Dismissed

The Ontario Court of Appeal has thrown out a lower court decision against the company after the trial judge made several errors in finding the company should compensate shareholders in a class action suit. Danier's Initial Public Offering closed May 20, 1998, but share prices dropped dramatically after June 2 the same year. Shareholders filed a securities fraud class action and won a proposed $4 million settlement through an Ontario Superior Court judge. Danier appealed the decision and the case has now been dismissed. (Dec-15-05) [CBC NEWS]