Court favors Nokia in shareholders' suit

Finland's Nokia recently won a legal suit filed against the company by shareholders in 2004.

In a statement, the handset leader said Judge Kenneth M. Karas of the US District Court for the Southern District of New York granted Nokia's motion to dismiss all claims made in the class action securities litigation filed against Nokia and several of its executives two years ago.

Nokia said the judge dismissed each and every claim against the handset maker and the individual defendants.

In a 77-page opinion, Karas reviewed each of the plaintiffs' allegations and found none of them to be substantiated by fact, Nokia said.

By dismissing the claims with prejudice, Karas had denied the plaintiffs the opportunity to raise these again, the company said.

In April 2004, a number of Nokia shareholders filed a class action lawsuit after Nokia's handset sales fell despite a projected rise.