MBNA Shareholder Derivative Suit Settled For $7M

Law360, New York (July 24, 2009, 3:14 PM EDT) -- A settlement in a shareholder derivative suit on behalf of MBNA Corp. will provide the company with $7 million to put toward a $25 million deal it reached last month to resolve a related securities class action.

The derivative plaintiffs asked the U.S. District Court for the District of Delaware on Thursday to preliminary approve the deal, which will provide $7 million in insurance proceeds to MBNA Corp. and parent company Bank of America.

The settlement will reduce the amount the defendants will pay investors that...
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