Former Texas Air Investor Sued: A New...
From Times Staff and Wire Reports
Former Texas Air Investor Sued: A New York shareholder filed a class-action lawsuit accusing Loomis, Sayles & Co, one of Texas Air’s biggest shareholders until last week, of insider trading. The suit, also filed against Loomis parent New England Mutual Life Insurance Co., charges that the money management firm sold its stock on Jan. 24 knowing that Texas Air’s Eastern Airlines unit would file an unpopular reorganization plan the next day, causing the stock price to drop. Eastern is operating under bankruptcy law protection. Loomis officials could not be reached for comment.
