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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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Sixth Circuit Affirms Dismissal for Morgan Keegan & Co. in Case of First Impression

Client Type: Public Company

We represented Morgan Keegan & Co. in two cases brought by investors in certain Morgan Keegan Funds stemming from investment fund company losses in the wake of the global credit crisis. The United States Court of Appeals for the Sixth Circuit, in a case of first impression for it, affirmed the district court dismissal, ruling that the plaintiffs were barred by the applicable statutes of repose (three and five years under the Securities Act of 1933 and the Securities Exchange Act of 1934, respectively). The decision is important because it underscores a circuit split over the issue of whether a securities plaintiff can rely on a pending class action to toll a repose period. The cases are Stein v. Regions Morgan Keegan Select High Income Fund Inc. and Starnes v. Regions Morgan Keegan Select High Income Fund Inc., case numbers 15-5903 and 15-5905, in the U.S. Court of Appeals for the Sixth Circuit.

The case was covered by various media outlets, including:

Morgan Keegan (formerly NYSE: MOR) was a national broker-dealer institution. In April 2012, Morgan Keegan & Co was acquired by Raymond James Financial.

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