Delaware Chancery Court Travis Laster ruled Wednesday that the Employees’ Retirement System of Rhode Island, which owns Paramount (PARAA) (PARA) shares, showed there is a “credible basis to infer potential corporate wrongdoing” tied to the pending takeover Skydance Media, Jef Feeley of Bloomberg reports. Laster’s decision overturns an August ruling by a magistrate judge who rejected the fund’s request for records, Bloomberg adds. The Rhode Island pension fund “is entitled to obtain books and records that are both necessary and sufficient to fulfill its purpose” of investigating whether Redstone could have cut a better deal for minority investors.” the judge said.
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