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Arconic wins dismissal of Grenfell Tower investor lawsuit

Jun. 21, 2019 5:11 PM ETArconic Corporation (ARNC) StockARNCBy: Carl Surran, SA News Editor21 Comments
  • Investors cannot pursue claims that Arconic (NYSE:ARNC) hid the unsafe use of a company product linked to the deadly 2017 Grenfell Tower fire in London, a U.S. District Court judge ruled today.
  • ARNC's Reynobond PE paneling was part of Grenfell's exterior cladding system and allegedly contributed to the fire's spread, but investors did not adequately show that the company hid or misled them about sales of the product for unsafe uses, the court said in dismissing the class action suit.
  • While the investors' accusation that ARNC did not inform them of the Reynobond PE sale that resulted in the product ending up as part of Grenfell Tower "may well form the basis of a products liability claim," the suit failed to show it "provides a basis for a securities law claim," the court said.

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