Ford's $100M Overbilling Lawsuit Dismissed Again; Automaker Vows Appeal
F sits 45% above its 52-week low of $8.441 on light trading volume (0.2× avg).
Summary
A federal judge has for the second time dismissed Ford Motor Company's lawsuit alleging that plaintiffs' lawyers fraudulently extracted over $100 million in unearned legal fees under California's Lemon Law. The judge ruled the lawyers were immune under the Noerr-Pennington doctrine, barring Ford from filing an amended complaint after a similar dismissal in November. This development means Ford's attempt to recover a significant sum has been thwarted, at least at the district court level, and underscores ongoing legal challenges and potential costs for the automaker. Ford has stated its intention to appeal the decision, indicating the legal battle is far from over.
At the time of this announcement, F was trading at $12.28 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $49B. The 52-week trading range was $8.44 to $14.80. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.