Nestlé wins Ohio appellate affirmance of summary judgment in putative class action involving entitlement to interest on merger consideration from Ralston Purina merger
Clients Nestlé Holdings, Inc.
On May 1, 2008, the Eighth District Court of Appeals affirmed summary judgment for Jones Day client Nestlé Holdings, Inc. in a putative class action. The case was brought by a former Ralston Purina shareholder who sought in excess of $15 million on behalf of a worldwide class. Plaintiff claimed that he and all book-entry shareholders were entitled to interest on merger consideration from Nestlé's December 2001 merger with Ralston Purina. The court of appeals unanimously affirmed the trial court's grant of summary judgment for Nestlé on all of plaintiff's claims, which included breach of contract, unjust enrichment, a violation of Missouri statutory law, conversion, and constructive trust.
Ruschel v. Nestle Holdings, Inc., Case No. 89977, 2008-Ohio-3025, 2008 WL 1903856 (Cuyahoga Cty. App.); No. 02-4215, 89 Fed. Appx. 518 (6th Cir.)