J.Crew Settles Shareholder Action Over $3B Sale

Law360, New York (January 19, 2011, 5:33 PM EST) -- Clothing retailer J.Crew Group Inc. has agreed to pay $10 million and implement other measures to settle a putative shareholder class action that challenged its $3 billion acquisition by private equity firms TPG Capital and Leonard Green & Partners LP.

J.Crew said Tuesday that it had entered into a memorandum of understanding to settle the consolidated case, which was pending in the Delaware Chancery Court.

Under the settlement, which is still subject to court approval, J.Crew or its insurers will fork over a one-time payment of...
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