British City Council Files Class Action Suit Against Dell

Posted: Feb 26 2007, 12:00am CST | by , Updated: Aug 11 2010, 1:06am CDT, in News | Notebooks and PCs

British City Council Files Class Action Suit Against Dell
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A class action lawsuit is being filed against Dell by the British City Council with California law firm, Lerach Coughlin.

Patrick Daniels, an attorney with Lerach Coughlin law firm, has alleged that on Channel 14 News last night Dell executives had conducted “one of the largest cases of insider trading in US history.”

The accusation is that the fund claimed that between February 2003 and September 2005, Dell executive falsely inflated the price by selling between 70 and 100 percent of their eligible shares during that period. Michael Dell sold only 27 percent of his shares worth nearly $3bn.The computer giant is accused of improperly reporting loyalty payments Intel made to Dell in return for the privilege of being its sole supplier of PC microprocessors.

More details at The Register

By Eric Raby

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
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