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March 6, 2021
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KerKorian's Claim
(2007-09-19)
(wgvu) - An appeals court has upheld a Delaware
judge's rejection of Kirk Kerkorian's claims that he was defrauded
in the 1998 merger of DaimlerBenz and Chrysler.
The federal court also has affirmed a $556,000 sanction against
DaimlerChrysler for the late production of documents. That error
had forced the halt of a 13-day bench trial in December 2003.
The billionaire investor had sued DaimlerChrysler AG in 2000,
claiming DaimlerBenz engineered a takeover of Chrysler, then
cheated him out of billions by casting the deal as a merger of
equals.
Kerkorian's wholly owned Tracinda was Chrysler's largest
shareholder at the time.
Tracinda's demand for a jury trial was rejected. A U.S. District
Court judge ruled in favor of DaimlerChrysler in 2005.
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