European Metal Recycling obtains dismissal of shareholder derivative action
Clients European Metal Recycling
Jones Day represented European Metal Recycling, Ltd. ("EMR"), in a derivative action brought by a shareholder of Metal Management, Inc. ("MMI") alleging that EMR and a co-defendant violated Section 16(b) of the Exchange Act by acting as a Section 13D group and engaging in short-swing transactions, thereby subjecting the profits from those transactions to disgorgement in favor of the company. After having obtained dismissal of all claims in the district court, Jones Day successfully defended the dismissal of all claims against EMR, receiving in June 2007 an affirmance of the decision despite the fact that all claims against the co-defendant were reinstated and the case was remanded to the district court for further proceedings.
Roth v. Jennings, et al., No. 03-CIV-7760 (S.D.N.Y.)