Eaton shareholders file lawsuit
Eaton Corp. is facing another shareholders' lawsuit in Cuyahoga County arising from a lengthy court fight in Mississippi against a rival in the aerospace parts business.
The lawsuit filed Friday claims investors lost millions of dollars because they purchased Eaton shares at artificially inflated prices -- prices that later declined when Eaton said its lawyers failed to turn over documents in its trade-secrets fight against Frisby Aerospace in Jackson, Miss.
The lawsuit in U.S. District Court in Cleveland was filed by the Florida Carpenters Regional Council Pension Plan. The plaintiffs want the court to certify the suit as a class action representing everyone who bought Eaton stock between 2009 and 2012.
Cleveland Plain Dealer
Posted August 7, 2012 - 8:04 am