Cluett, Peabody won a round in Superior Court.

To counteract an unwelcome takeover offer by California investors Paul Bilzerian and William Brodovsky, the New York-based apparel manufacturer has offered to exchange a package of cash and securities for 8.4 million shares of its common stock. A class-action suit filed in Los Angeles Superior Court by Robert L. Mayer, Richard Hickmann, the Carlton Group and on behalf of other shareholders unsuccessfully sought an order from Judge Norman R. Dowds to temporarily prevent Cluett, Peabody from closing that exchange offer before the Bilzerian offer expires.