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Daimler seeks to end suits
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May 10, 2001: 8:50 a.m. ET
Automaker files motions to dismiss investors' suits stemming from merger
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NEW YORK (CNNfn) - DaimlerChrysler AG filed motions to dismiss investor lawsuits, saying management changes at its Chrysler unit and public statements by its chairman didn't violate the company's description of the 1998 combination of the two automakers as a "merger of equals," according to a published report Thursday.
The Wall Street Journal reported the motions were filed in U.S. District Court in Wilmington, Del., Wednesday, as Dieter Zetsche, president of the company's U.S. unit, said the outlook for Chrysler's growth in its share of the European auto market will be scaled back.
In the motions, the German-American automaker said the lawsuits made baseless claims that the company and its top executives deceived investors and violated securities laws when they described the creation of the company as a merger of equals rather than a takeover of Chrysler Corp. by Daimler-Benz AG (DCX: Research, Estimates), the paper said.
 The automaker's motion to dismiss the $8 billion lawsuit by investor Kirk Kerkorian's investment arm, Tracinda Corp., Daimler's largest U.S. shareholder,
was expected, the report noted. Company officials have contended the suit is without merit, the Journal said.
DaimlerChrysler's motion also sought to throw out a suit filed in January by Glickenhaus & Co. In a second motion Wednesday, Daimler seeks to dismiss a lawsuit that originated as separate suits filed by several smaller investors, the paper said.
Seth Glickenhaus, partner at Glickenhaus & Co., and a Tracinda spokesperson said they expected the DaimlerChrysler motion and that they intend to continue to pursue the suits, the Journal said.
Shares of DaimlerChrysler lost 10 cents to close at $49.80 Wednesday on the New York Stock Exchange. 
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